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- What is a production function?An economy has the following Cobb-Douglas production function: ?=100?^(1/3)?^(2/3) . The economy has 125 units of capital and 64 units of labor. d. Calculate the marginal product of capital MPK. e. Calculate the marginal product of labor (MPL).please asnwer the question in the image Some economists believe that the U.S. economy as awhole can be modeled with the following productionfunction, called the Cobb–Douglas production function:Y 5 AK1/3L2/3,where Y is the amount of output, K is the amount ofcapital, L is the amount of labor, and A is a parameterthat measures the state of technology. For this productionfunction, the marginal product of labor isMPL 5 (2/3) A(K/L)1/3.Suppose that the price of output P is 2, A is 3, K is1,000,000, and L is 1,000. The labor market is competitive,so labor is paid the value of its marginal product.a. Calculate the amount of output produced Y and thedollar value of output PY.b. Calculate the wage W and the real wage W/P. (Note:The wage is labor compensation measured in dollars,whereas the real wage is labor compensationmeasured in units of output.)c. Calculate the labor share (the fraction of the value ofoutput that is paid to labor), which is (WL)/(PY).d. Calculate what happens to output Y,…
- Is it possible to increase the labor productivity in a given production process which exhibits diminishing returns to labor? If so, how? Explain with a graphQuestion In the short run, a firm operates a factory which it leases for $2000 per annum. To increase output, the firm employs increasing amounts of labour at a wage rate of $500 per worker. The table below shows the relationship between the amount of labour employed and the amount of output produced in the factory. Labour Output (TPPP) APP MMP VC FC TC ATC MC 0 0 ____ ___ 0 _ _ 1 15 2 50 3 80 4 100 5 110 6 115 1. Plot the APP and MPP curves on the same graph 2. Plot the ATC and MC curves on the same graphSuppose that the production function for compact disc player is Q=100L 0.6K 0.4 Where ? is the total output, ? is the quantity of labor employed, and ? is the quantity of capital in place. a) Calculate TP, AP, and MP for the sixth, seventh and eighth units of labour employed if capital is fixed at 240units.
- I need help with econ multiple hw questions asap! 101) Typically, as a firm hires additional workers, what happens to the marginal product of labour and the value of the marginal product of labour? A. The marginal product of labour and the value of the marginal product of labour both decrease. B. The marginal product of labour decreases, and the value of the marginal product of labour increases. C. The marginal product of labour stays constant, and the value of the marginal product of labour decreases. D. The marginal product of labour decreases and the value of the marginal product of labour stays constant. 100) If the price of airline tickets falls, what will happen to the demand curve for flight attendants? A. The slope of the demand curve will decrease. B. It will shift to the left. C. It will shift to the right. D. The slope of the demand curve will increase.I need help with econ multiple hw questions asap! 48) Let L represent the number of workers hired by a firm and let Q represent that firm’s quantity of output. Assume two points on the firm’s production function are (L = 12, Q = 122) and (L = 13, Q = 132). What is the marginal product of the 13th worker? A. 122 units of output B. 10 units of output C. 8 units of output D. 130 units of output 47)Consider a firm that employs capital and labour and uses the productiontechnology Q = min[K, L] (think of taxi cabs: you need exactly one car and one driver per taxi).Factor prices are r for capital and w for labour.a) Draw the isoquant for Q = 100.b) Does this production function exhibit increasing, constant, or decreasing returns toscale? Show/explain.c) What is the optimal relationship between K and L? What is the input demand for Labour(L as a function of Output) and the input demand for Capital?d) Derive the long-run cost function: (eg C = wL + rK where L and K are optimal choices).e) What is the long-run marginal and average cost function with r = 4 and w = 4?f) What is the cost of Q=100? Q= 200?g) Does this cost function exhibit increasing, constant, or decreasing economies of scale?