Answer All Questions 1. A firm has the following short run production function Q = 50L + 6L² – 0.5L = Quantity of output per week L = Labour (number of workers) Where Q i. Compute the level of output at which the law of diminishing returns take effect 证 Show that at the maximum value of APL, MPL = APL %3D Determine the level of labour at which output is maximized. iii.

Q: Use the following information on a hypothetical short-run production function to answer questions…

A: The law of diminishing marginal returns states that, in a production process, the successive…

Q: 1. A firm producing hockey sticks has a production function given by q = 2Vkl The price of labor is…

A: Given information q=2KL Price of labor=W Price of capital=V Short run cost function SC=Wq24K1+VK1…

Q: An industry can be characterized by the following production function: Q= 2.5L 60 C-40 (a) What is…

A: Q = 2.5 L .60 C .40

Q: shoes (Q) irm producing car labor. The price of K is $8 and the price of L is $2. production vhere K…

A: A firm producing cars. The production function for shoes is :        Q= K1/2 L1/2 .…

Q: Suppose that a firm’s production function is q =L0.5K0.5. This means that the marginal rate of…

A: The production function shows the relationship between the factors of production to be used and the…

Q: 5. Fixed Proportions Production > The production function for gizmos is: Q = min {2L, 3K} > Graph…

A: Given  Production function  Q=min{2L,3K}             ... (1)

Q: The table below shows the weekly relationship between output and number of workers for a factory…

A: (a) Number of workers Output MPL 0 0 NA 1 50 50 2 110 60 3 300 190 4 450 150 5 590…

Q: Explain fully the law of diminishing returns. Does this occur in the short run or the long run? How…

A: In economics, the short run is a time period where atleast one factor of production is fixed while…

Q: MICROECONOMIC THEORY II, ECON 202- PROBLEM SET I A firm produces a good by using a linear production…

A: Since you have posted the question with multiple sub-parts, we are answering the first three for…

Q: A firm has a short-run production function as Q = 50 L + 6 L2 – 0.5 L3 Where Q = Quantity of…

A: The short-run is the time period where at least one factor is fixed and others are variable. In…

Q: 1. A firm's production function is Q = 50L – 0.01L , where L denotes the size of the workforce. Find…

A: Given information:  Q = 50L - 0.01L2 The formula for MPL = aQ/aL 50 - 0.02L2-1 50 - 0.02L

Q: Assume that production function of company is given with the following Cobb-Douglas production…

A: We have been given the following production function : Y=0.4*K0.8L0.2 MPK = ∆Y / ∆k =…

Q: A firm has the following short-run production function: Q = 50L+6L2 -0.5L3 where Q = Quantity of…

A: here we  can find out the given things as follow

Q: Include correctly labeled diagrams, if useful or required, in explaining your answers. A correctly…

A: We are going to use Marginal returns to a factor and Marginal Cost relationship to answer this…

Q: a. Is it possible to have diminishing returns to a single factor of production and constant returns…

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

Q: Question 8: Profit maximization A firm's short-run production function is given with Q(K,L) = L02K².…

A: a)   An isoquant is the set of all the combinations of inputs which yield the same level of output.…

Q: Question 7 7.1. Consider the following short-run production function: TP = f(K,L) where TP = Total…

A: 7.1.1)The short-run refers to a period of your time during which quantities of 1 or more factors of…

Q: onsider the following short-run production function, where bor (L) is the variable input and capital…

A: Given Q(L) =(6L2 −0.4L3)  We need to calculate maximum value of labor (L),

Q: A firm's production is given by q = 5L 3 K 3. (a) Calculate APL and MPL. Determine if the production…

A: The law of diminishing returns refers back to the idea that the greater we make use of something,…

Q: Asap   A firm has the following linear production function: Q = 6K + 9L The firm currently owns…

A: Answer: Given, Production function: Q=6K+9L K = 10 units L = 30 units (A). Marginal product of…

Q: A. SHORT-RUN CHANGES IN PRODUCTION SHOWING FACTOR PRODUCTIVITY Units of Y Employed Output Quantity…

A:

Q: which of the following statements about the short-run production is true   A. Total product starts…

A: We have to find true statement of short run production function.

Q: a) What is the Long-run cost function if the production function is q = L+ K ? b) Many marginal cost…

A: MARGINAL COST CURVE: A graph that depicts the link between a firm's incremental cost within the…

Q: THEMATICAL ECONOMICS (IKT216) IZ EXAM -APRIL 27, 2022-16:00 RATION: 65 MINUTES ERE ARE 10 QUESTIONS.…

A:

Q: Consider a short run production function q = cL+K,using L units of labour and K units of capital:…

A: Return to scale exhibits proportionate increase in productivity when there is change in all input by…

Q: A plant's production function is Q = 2KL. For this production function, MPx = 2L and MPL = 2K. The…

A: Given production function Q=2KL MPk=2L MPl=2K W=4 r=6

Q: Consider the production function Y = K1/2 N12 a. Compute output when K = 49 and N = 81 b. If both…

A: Plugging given values, Y = (49)1/2 x (81)1/2 Y = 7 x 9 Y = 63

Q: A firm's production function is 0=50L – 0.01Ľ' , where L denotes the size of the workforce. Find the…

A: Given : Q=50L-0.01L2 The law of diminishing marginal productivity states that when an advantage is…

Q: Question 2: Suppose a firm has the following production function: Q(L,K)= min{K, 2L} Recall that the…

A:

Q: The production function of a company is q = 2 KO.5 L 0.5. %3D a) Assuming that capital is equal to…

A: Given Production function: q=2K0.5L0.5           .... (1) “Since you have posted a question with…

Q: 1. a. Suppose that the production function is Q = L"K, In the short-run, with capital held fixed at…

A: Given; The production function is; Q=L1/4K3/4 The short-run capital is fixed at K= 256 a) Total…

Q: Explain what a production function is, and state the production function for a cocoa producer. b.…

A: Answer a. The relationship between the quantity of productive inputs (such as labour and capital)…

Q: Diminishing returns* characterize all stages of production. eventually occur in all short-run…

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

Q: 3. The Cobb-Douglas production function F(x) = 0.2ln(x1) + 0.8ln(x2) is subject to dimin- ishing…

A:

Q: A firm faces the following production function q = 100L0.6K0.6 The wage rate, w, is $4.00 and the…

A: A firm uses different combinations of factors of production such as labor and capital to produce…

Q: onsider a short run production function q = cL+K where the value for c=3, sing L units of labour and…

A: Marginal productivity of labor depicts how there is change in output due to additional unit of…

Q: 1. What is the fixed input use in this production? 2. What is the variable input use in this…

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

Q: Consider a firm with the following production function where A is a constant that is more than zero:…

A: The firms, and businesses in the economies tend to operate with the motive of earning the maximum…

Q: suppose Mark operates the production of lawnmowers at Mark Mowers and Bros. Using inputs like labor…

A: The given production function Q=500*min (L,7K) is a perfect complement production function. It…

Q: Which situation below describes the increasing returns stage of the production function? a. Hiring…

A: Increasing returns to scale is a situation when the fixed factors are abundant compared to the…

Q: Q1. In the theory of production, diminishing marginal returns to labour holds in the short run…

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

Q: You are given the following short-run information for an individual firm. Labor (L) is the only…

A: Marginal product refers to the additional output obtained due to increasing one more unit of input.…

Q: Consider a short run production function q=5L+K, using L units of labour and K units of capital.…

A: Production function is a function which shows the relationship between the output and the number of…

Q: Explain how a change in the price of one input factor changes a firm’s long-run expansion path?

A: The firms, and businesses are the entities who are considered to be of utmost importance for the…

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.