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Q: Production Function (CH7) Name: The production function shows the relationship (a mathematical…
A: MPL=∆Y∆LTC=FC+VCFC=TC-VCVC=TC-FCAFC=FCYAVC=VCYATC=TCYMC=∆TC∆Y
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- Complete the table directly below by calculating MP and AP. Inputs ofL TP MP AP 0 01 152 343 514 655 746 807 838 82 Plot the TP, MP and AP and explain in detail the relationship between eachpair of curves. Explain why PM first rises, then declines, and ultimatelybecomes negative.How firm choose optimum combination of inputs in short run and in logn run explain theoritically and graphically?i wil 5 upvotes. do fast no use chagpt answer.
- In looking at this diagram...please solveWrite out an example Cobb-Douglas production function. Derive the signsfor the relationship between labor and output and for marginal product oflabor and labor, holding other inputs fixed. Explain with economic intuition.What shifts on the graph provided? 1st Blank options are fall or rise 2nd Blank options are a decrease or an increase
- Pls answer both to get upvote-)10. Consider the following isoquant - isocost diagram (i.e., graph). K a. C. MPL b. = W a MPL Z W O a Ob Od С MPK r MPK d. The slope of the isocost is not e. MPL must be greater than MPK. d MPK r e 31> 90 W Lcan someone pls explain if marginal product function (i.) and (ii) are either convex or concave? what is their economic implication?
- Consider this production function. Study hours 2. 4 10 11 12 14 15 or more 13 Grade 20 33 42 50 57 63 69 73 78 81 84 86 88 89 90 1007 90 - 80 70 60 S0 40 30 20 10 Hours of study per day Select one or more: a. The average product of labour is falling as hours of study increase. O b. The marginal product of labour is constant as hours of study increase. O c. The marginal product of labour is rising as hours of study increase. U d. The marginal product of labour is zero beyond 15 hours. Final grade 9-The following three kinds of technologicall change influence production and cost in the very lon OA larger K. improved inputs, and new products OB. new techiniques, improved inputs, and new products. OC. larger K, larger L, and new products. O D. new techniques, substitution of K for L, and new products. DE. new techniques, improved products, and larger K.Asap plzz ... I vll give thumbs up