(b) [2] For the production technology in this question and the initial point r1 = 10 and a2 = 20, what is the marginal product of a small increase in input 1?
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![(b) [2] For the production technology in this question and the initial point a1 = 10 and x2 =
20, what is the marginal product of a small increase in input 1?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff64a7f68-a8d8-4609-95aa-fce2c58ca2c5%2Fc3556524-ac8a-471e-81cd-cff517fcf129%2Fgnuf3ki_processed.jpeg&w=3840&q=75)
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- Consider a beekeeper. The beekeeper has the following production function where the input is the number of hives and the output is quantity of honey produced. Beehives 1 2 3 4 5 6 7 8 9 10 11 Honey 12 23 33 42 50 57 66 71 75 78 80 The cost of installing a beehive is $100 and the price of a unit of honey (whatever that is...) is $20. Also each beehive increases the output of apples at a nearby apple orchard by $40. What if we wanted to subsidize honey instead? How much should that subsidy be per unit? (Round to one decimal place.)A firm uses the inputs of Iron and labor to produce Cars. Suppose that the quantity of labor is fixed. The quantity of Iron and the number of Cars produced is given by the following table: Tons of Iron per week Number of Cars per week 0 0 10 50 20 100 30 170 40 220 50 250 60 260 70 250 80 200 What is the average product of Iron when 40 tons are used? What is the marginal product of the 60th ton Iron? Does this production function exhibit diminishing marginal returns? If so, at what quantity of Iron do they start to occur?Consider a beekeeper. The beekeeper has the following production function where the input is the number of hives and the output is quantity of honey produced. Beehives 1 2 3 4 5 6 7 8 9 10 11 Honey 12 23 33 42 50 57 66 71 75 78 80 The cost of installing a beehive is $100 and the price of a unit of honey (whatever that is...) is $20. Also each beehive increases the output of apples at a nearby apple orchard by $40. 4. Go back to assuming that the beehives and the orchard are owned by different people. Let's say we want to get the efficient quantity by putting a subsidy on beehives. How much should it be per hive? 5. What if we wanted to subsidize honey instead? How much should that subsidy be per unit? (Round to…
- Define the followingConsider a beekeeper. The beekeeper has the following production function where the input is the number of hives and the output is quantity of honey produced. Beehives 1 2 3 4 5 6 7 8 9 10 11 Honey 12 23 33 42 50 57 66 71 75 78 80 The cost of installing a beehive is $100 and the price of a unit of honey (whatever that is...) is $20. Also each beehive increases the output of apples at a nearby apple orchard by $40. QUESTION 1,2,3 have already been answer I only need the explaination and answer for question 4 and 5 1. What is the efficient number of beehives? 2. If there are barriers to negotiation between the beekeeper and the orchardist, how many will the beekeeper install? 3. What if the same…Firm ABC has estimated that it has the following production function: Q = 1.5LK – 0.3L2 – 0.15K2 Labor (L) has a price of €60 and capital (K) has a price of €75. ABC wants to maximize the production with a total cost of €2025. (a) Determine the quantities of labor and capital the firm should use. (round results to 2 decimal places) (b) What quantity of output will be produced at the optimal combination of factors of production?
- Suppose you manage a business that produces high-end dog food. The business produces 3,000 dog food cans per day, and can sell each can at $2.00/can regardless of how much is produced. Your firm currently employs 20 workers, each of whom earns $15/hour and work 8 hours per day. Inputs, like the meat for the food and the metal for the can, cost $1.00/can. Your overhead expenses, including rent, property taxes, insurance, etc., which does not vary with the number of cans produced, equals $250 per day. a. (3) Calculate your company’s current daily profit. You’re considering whether to hire additional workers to produce additional cans. Each worker would be paid $15/hr. and material costs remain constant at $1.00/can. You estimate the 21st employee would produce an additional 200 cans per day, and the number of additional cans from each additional worker would be decreasing by 40 (a 22nd employee could produce an additional 160 cans per day, a 23rd employee could produce an additional…Modified True or False: State whether each statement is true or false. If the statement is false, briefly explain why it is so, and then restate it to make it true. h. The optimal scale of plant is the scale of plant that maximizes average cost.13) Consider a technology exhibiting diminishing MRTS. If capital is fixed, but a firmvaries laborA) the firm stays on the same isoquant.B) the firm moves to a new isoquant.C) the firm might move to a new isoquant, depending on how much labor is added.D) the firm's output will not changeE) None of the above .
- Consider Graph #3 again. If the firm adopts the new technology, it must be the case that the cost of adopting the new technology is:Graph #3Select one:a. Less than B+C.b. Greater than B+C.c. Less than A+B.d. Greater than A+B.What is meant by an expansion path? Illustrate expansion paths for a normal input and an inferior input.Q2)Tony Keonte owns a factory that manufactures Eye-Games. His weekly profit (in thousands of dollars) is given by the following function: P(x) = -4x2 + 80x- 300. Where x is the number of Eye-Games sold. a) What is the largest number of Eye-Games that the company can sell and still make profit? (25 points) b) How many Eye-Games will the firm have to produce and sell in order to maximize profit? (25 points)
