A Iqbal production function takes the form: Q = min [5L, 6K]. What are the optimum values for L and K to produce an output level (Q) of 30 units? A. L = 6 and K = 0 B. K = 5 and L = 0 C. K = 5 and L = 6 D. Answer cannot be established without knowing the cost of L and K inputs

Q: Diseconomices of scale means As output increases, long run avearge cost (LRAC) decreases As output…

A: Economies of scale, diseconomies of scale, and the efficient scale depicts the relation between…

Q: The physical relationship between pipe flow-through and pipe circumference can be an explanation for…

A: This is used in chemical firm where there is Direct relationship between pipe flow capacity and…

Q: A fast food restaurant can produce a hamburger for $1.15. If the restaurant's daily sales are…

A: Given that, The increasing rate of Hamburgers = 30/day Cost of one Hamburgers = $1.15 The daily cost…

Q: Consider the production function Q = 0 + 6L + 5L2 - .2L3. The range of labor covering Stage II of…

A: The law of variable proportion is valid in the short-run time interval because all the factors…

Q: • A firm's production function is initially Q = VKL || • Over time, the production function changes…

A: a) The change takes place in the economy in the production function of the firm. The initial…

Q: Which of the following production functions demonstrates constant returns to scale? I. Q=5L+2K II.…

A: Constant returns to scale condition.Q(λK,λL)=λQ(K,L)

Q: 2. A company's production output P is given in tons, and is a function of the number of workers N…

A: Given, P(N,V) = 5N3/4V1/4 or it can be written as P(N,V) = 5N0.75V0.25 a) Workers = 80, so N = 80…

Q: For the following functions, show if they exhibit increasing, decreasing, or constant returns to…

A: For the following questions multiply the production function with variable h to check whether if it…

Q: Solve it correctly last time incorrect solution provides Q) The marginal products of capital…

A: Given the output, cost is minimized when the following condition is satisfied : MPL/PL =MPK/PK It…

Q: Q3) Production Functions Show that the Cobb-Douglas Production Function Yt = K" ( A: Nt )'1-a…

A: Given Cobb-Douglas production function Y=Kα(AN)1-α

Q: The output (Q) of a production process is a function of two inputs (L and K) and K is given by the…

A: Answer: Given, Production function: Q=0.50LK-0.10L2-0.05K2 Per unit price of L PL=$20Per unit price…

Q: The function for total production of a certain metal at a mining operation is modeled by P(KL) = 40…

A: We are going to use profit maximization method to answer this question.

Q: 3. Many production functions have a property called constant returns to scale, about constant…

A: In economics, the term "returns to scale" refers to the quantitative change in output that a company…

Q: Input Total Product 20 32 42 50 55 58 8. 58 56 1. From the table given above, answer the following…

A: AP is the average product which is the ratio of total product and input.MP is the Marginal product…

Q: According to Accountants cost of production consist of both explicit and implicit cost ---- a) Yes.…

A: According to Accountants cost of production consist of both explicit and implicit cost. This…

Q: 0. If all inputs are trebled and the resultant output is doubled, this is a case of

A: Returns to scale refers to the extent of change in output level when all the inputs are raised by…

Q: a) The production function q = 9KO.8LO.1 exhibi [ increasing returns to scale, constant return to…

A: Increasing returns to scale occurs when the output increases by a larger proportion than the…

Q: If a firm's production function is given by Q = K0.3L0.3 then it exhibits а. Decreasing returns to…

A: Returns to scale: - returns to scale, show the change in output due to the change in scale of…

Q: Economies production function is Y = AK0.3N0.7. If K = 2000, N = 100, and A= 1, then Y = ?

A: Production function; Y = AK0.3N0.7K = 2000N = 100A = 1

Q: Considering the Production Function →Y= 95 - 2X,2 + 3X1 + 5X,X2 - 6X22 + 18X2 Find the values of X,…

A: Given information, Production Function: Y=95-2X12+3X1+5X1X2-6X22+18X2 where Y is the output and X1…

Q: Suppose a firm has only three possible plant-size options, represented by the ATC curves shown in…

A: Production cost is the monetary value incurred on factor of production . And average total cost is…

Q: Labor, L, and capital, K, are the only inputs in each of the following production functions: a 91 =…

A: Given, Output combination: L = 2, K= 2; L = 4, K = 4; and L = 8, K = 8.

Q: Q2. Determine the returns to scale of the following production function: Hand written plzz Y = 5K0.5…

A: Returns to scale: - returns to scale show the change in output due to the change in scale of…

Q: 3(a) A firm's production function is initially Q=VKL. Over time, the production function changes to…

A: Technological development is the cumulative of a new invention(s), discovery(s), and/or…

Q: Suppose a Cobb-Douglas Production function is given by the function: P(L,K)=8L^0.7K^0.3 Furthemore,…

A: Given  Production function: PL,K=8L0.7K0.3                        ...... (1) Cost function:…

Q: e Cobb-Douglas production function Y = AKO.3L0.7 is a(n) production function, if A, K A.…

A: Constant returns to scale occurs when increase in all factors of production leads to same…

Q: Diseconomices of scale means As output increases, long run avearge cost (LRAC) increases O if we…

A: When there is a decrease in average cost during a long run with an increase in production scale is…

Q: Please explain why the law of diminishing returns applies only in the short-term period.

A: The marginal product is the change in total production brought by hiring one more of the variable…

Q: The ff are true about economies of scale except one a. It is concept in cost function b. Costs…

A: Economies of scale arises from efficiency in labor productivity which causes long run average cost…

Q: 1. Find the returns to scale for the following production functions: a. q = K 34L_34 b. q = KLM c. q…

A:

Q: Cost to be incurred even in the absence of production is reflected on Variable Input. O True O False

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

Q: 1.1 - A firm trebles its inputs and discovers that its output rises by a factor of four. This is…

A: 1.1                         Option (c) is correct. 1.2                         Option (b) is…

Q: Which of the following production functions exhibits constant return to scale?

A: The production function exhibits constant returns to scale when there is a proportionate change in…

Q: have the production function Y = F(K, L) = KV³L2/3. %3D

A:

Q: b) Suppose a company has this Leontief production function Q = min(20K,50L) i) List a few…

A: The given production function is the complementary production function. It means the inputs are…

Q: For the CES production function q = (al° +[1 - a]K®) ° , a(APL) does have an unambiguous sign? ƏL…

A:

Q: Q2. Determine the returns to scale of the following production function: Y = 5K0.5 +3L0.5 (a)…

A: Returns to scale refers to how production of a good changes when units of both inputs change.

Q: Real GDP per hour worked, YIL $40 ic 8 60 Production function, Production function, Production…

A: Production function denotes the relationship between the real output and the quantity of resources…

Q: 0.7 The Cobb-Douglas production function for a particular product is N(x,y) = 80xyo, where x is the…

A: Production function:   N (x,y) = 80x0.7y0.3    Wage per labor (w) = $80   Rent per capital (r) =…

Q: The production function q = K1.2 + 3L1.2 exhibits [increasing return to scale, constant return to…

A: production function, in financial matters, is a condition that communicates the connection between…

Q: List some practical limits to economies of scale; that is, when should a plant stop growing?

A: Economy of scale is the improvement that a company acquires from the size or scale of manufacturing.

Q: - production function is given by: Q (K.L) min ven this production technology, returns to scale…

A: Return to scale depicts relationship between the input and output. Return to scale can be increasing…

Q: What is the parameter in the production function in the following equation? F(K,N) = K®N} a A. N O…

A: F(K,N) = KaN1-a

Q: A rainfed wheat farmer has available Rs.200. What will be the slope of iso-outlay line when, price…

A: A firm minimizes its cost of producing a given level of output by producing at a point where the…

Q: Returns to scale in production: Do the following production functions exhibitincreasing, constant,…

A: Note: Since you have asked multiple parts, we will solve the first 3 parts for you. If you want any…

Q: Does this production function q = 9K0.8L0.1 exhibits [increasing return to scale, constant return…

A: Given: q = 9K0.8L0.1

Q: 1). Consider the production function Q = 10K% L. (a) What is the output when K = 100000 and L = 243?…

A: Using a production function in economics, one may see how physical inputs and output quantities are…