3. Consider the following production function: q = 2L +3/K Assume K = 16, derive the marginal product schedule for L. What direction is it moving? a. %3D What returns to scale does the production function exhibit? Explain Let w = $4, r= $2, and K = 16; for the given values of q determine average fixed costs, average variable costs, average total costs, and marginal costs: C. K L AFC AVC ATC MC 12 16 14 16 15 16 16 16 666D6 gN34 56 b.

Q: 1. Consider the production functions for good X and good Y: X = K? + L ; Y = 20\KL A. Show and…

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Q: (5) Consider the Cobb-Douglas production function f(x1, x2) = Axqx½. (a) For what valucs of a and b…

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Q: 3. For each graph given below is it possible that the solid curve is the short-run average cost…

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Q: Define constant, decreasing and increasing returns to scale.

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A:

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Q: please help

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Q: 3. Suppose that the production function is Q-L7»K¢»_ a) What is the average product of labor holding…

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Q: 2.)Do fixed costs refer to the long run or short run? Why?

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A: The following problem has been solved as follows:

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Q: diminishing returns to a single factor of production and constant returns to scale at the same time

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

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