(a) Find an example of a production technology that is such that two inputs must be used in fixed proportions (hopefully a different one from the examples discussed in class). Explain why you chose this example. Draw a typical isoquant of the example you found. (1) Fi

Q: Fill in the gaps in the table below. (Enter your responses rounded to two decimal places.) Quantity…

A: Step 1:The general formulas to determine the total output (TP), the marginal production cost of…

Q: The law of diminishing returns happens when each additional unit of a variable input results in a…

A: The law of diminishing returns is also known as law of variable proportion. It is applicable on…

Q: The long-run is a period of time long enough so that all inputs, including facility and equipment,…

A: PLEASE FIND THE ANSWER BELOW.

Q: An isoquant curve shows All the alternative combinations of two inputs that yield the same maximum…

A: The ‘isoquant curve’ shows all inputs that produces a specific level of output. It helps the firms…

Q: The maximum possible weekly average product of labor in the plant is

A: Formula for average product/output: Average product = Total product / Number of worker

Q: How are increasing returns to scale for a long-run production function and a downward sloping…

A: The increasing returns to scale means that the output is rising in a larger fraction than the rise…

Q: When the marginal product is greater than the average product, the average product is . .. . .. ..…

A: In a market when a firm produces output using variable inputs, there is a connection between total…

Q: In the short run with fixed amount of at least one input, the law of diminishing returns must apply,…

A: When the one input is fixed then the firm experience diminishing returns because adding one more…

Q: What is meant by an expansion path? Illustrate expansion paths for a normal input and an inferior…

A: The expansion path may be defined as the locus of the points of tangency between the Isoquant curve…

Q: Which of the following production functions exhibits decreasing returns to scale? A) Q=K^1/2 L^1/2…

A: Returns to scale are used to describe how production scale changes when all the factors of…

Q: If Boeing produces 9 jets per month, its long-run total cost is $9.0 million per month. If it…

A: Economics of scale: It refers to the situation when increasing production leads to falling per unit…

Q: When production function  q= 0.2 LK+ 2L2K- 0.05L3K and  K= 10 are given, find amount of labor at the…

A: Given that: Production function:  q= 0.2 LK+ 2L2K- 0.05L3K K= 10 find the amount of labor at the…

Q: When analyzing isoquants, if the marginal product of all inputs double, how would that change the…

A: Isoquants are the curve that depicts a various mix of labor (l) and capital (k) that can be used to…

Q: In a few words, name the reason that production function q = f(L,K) might have diminishing marginal…

A: Answer in step 2.

Q: 4. Draw the isoquant for the following production function and indicated level of output. Q = min…

A: Economics as a subject was developed to allocate scarce resources among humans with unlimited wants…

Q: Prunella raises peaches where L is the number of units of labor she uses and T is the number of…

A: Slope of isocost line is the negative price ratio between the two goods.

Q: An examination of the production isoquants in the figure at right reveals that A. the MRTS is…

A: Isoquants show different combinations of two inputs that can be used to produce a given level of…

Q: Define production function

A: Production is the process of merging numerous material and immaterial inputs (plans, information) to…

Q: The production function y =2( K0.3 L0.2 ) exhibits constant returns to scale.

A: Production function shows relationship between output produced and inputs used in the production.

Q: 1. For each of the following production functions, (a) F(L, K) = LK³ (b) F(L, K) = L+3K (c) F(L, K)…

A: Since there are multiple questions posted, we will answer first question with four subparts. If you…

Q: Suppose that a firm's production function is: 112 95 Its marginal product functions are: 84 MP =…

A: Production function is the maximum set of output(s) that can be produced with a given set of inputs.…

Q: Determine the returns to scale of this production function: F (x1, x2) = [xỉ + x]\/2 A. Constant…

A: If change in inputs changes output by an equal proportion, production function has constant returns…

Q: Consider the production function: Y=Z*F (K,L,A) where Y is output, z is technology, K is capital,…

A: Answer-

Q: Given the production function, the portion of the total product curve,  which is concave upward…

A: In an economyz production possibility curve shoes the trade-off between two products to be produced…

Q: Suppose the production function for T-shirts can be represented as q = L K" 025 a) What is the…

A: Isoquant curve shows the different combinations of labour and capital whic provides firm same level…

Q: In a production process, an excessive amount of the variable input relative to the fixed input is…

A: Short-run production: Under the short-run production, there are both factor inputs i.e. Fixed and…

Q: Economics students often confuse (a) diminishing returns related to the variable factors of…

A: The return to scale and economies of scale are two different concepts.  The law of diminishing…

Q: which of  the following functions satisfy the following properties: i) Increasing in both inputs.…

A:

Q: The production function has the following form q= K + 2L where q is output, K is capital input and L…

A: Answer: Given, Production function: q=K+2Lw=5v=2q=6 units The following condition must satisfy to…

Q: If the production function is f(x1,x2) = x1,x2. a. Show whether this production function exhibits…

A: a.  The production function is f(x1,x2) = x1.x2 f(x1,x2) = x1.x2f(λx1,λx2) = λx1 λx2f(λx1,λx2)…

Q: Q) The production function       Q = L1/2K   exhibits: Group of answer choices a) Increasing…

A: Given  Production function  Q= L1/2K       .......... (1) To know the return to scale, we increase…

Q: The production function Q=KOLP where 0 ≤ a, ß≤ 1 is called a Cobb - Douglas production function.…

A: When we increase the all factors of production in a given proportion (t), then the resulting output…

Q: Consider the Cobb-Douglas production function: 1. Derive the conditional input demands. 2. Derive…

A: Answer to  question 1 is:

Q: As the marginal physical product of a variable input increases, the marginal cost decreases. a.…

A: The cost of one additional unit of output is known as marginal cost. The concept is used to…

Q: A farmer raises apples using land (K) and labor (L), and has an output of ? (?,?) = ? 0.5 ? 0.5…

A: given, production function as: QK,L=K0.5L0.5 where Q is the level of output K is the level of…

Q: Question A: Determine the production function (TP) and the marginal production function (MP)…

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

Q: a production function exhibits constant returns to scale, average cost will increase as output…

A: Production function, in financial matters, condition that communicates the connection between the…

Q: What kind of returns to scale does this production function exhibit? f(z1, za) = z1(z2 - 8) for 21 >…

A: f(z1,z2) = z1(z2-8) z1>0 z2>8

Q: Assume there is a linear isoquant where the input combination  K = 10, L = 0 produces Q = 100.…

A: We have Linear Isoquant, a*L+ b*K = QWhen L=0 and K = 10, Q = 100a(0) + b(10) = 100b = 10;Therefore,…

Q: Assume there is a linear isoquant where the input combination  K = 10, L = 0 produces Q = 100.…

A: We are going to find the production function first to check whether these two inputs are perfect…

Q: Suppose a firm could produce data storage services using two inputs: high capacity hard drive (200…

A: Given information Firm firm could produce data storage services using two inputs: high capacity hard…

Q: tangency point between an isoquant and an isocost line identines a: The least costly combination of…

A: An isoquant shows the various combinations of factors of two inputs which help in the production of…

Q: A firm’s short-run production function is in the form of                        q = aLK +(bL^2)K…

A: Marginal production of labor (MPL) refers to the additional output that obtained by increasing one…

Factors of Production

Factors of production – in simple words means the factors that are used for producing any product or service. This includes the resources which are necessary for the manufacturing of products. Factors of production are also known as the building blocks of the economy.