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PLEASE DRAW THE APL AND MPL, thank you!
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- Can you put a solution to this? Instruction: (see other instructions below, for the submission of answer sheet) A. Complete the Column for MRS. Show your solution for each answer, Number each solution that corresponds to each unknown MRS. B. Graph the Labor-Capital function, making sure that Labor units are in the horizontal axis MRS = change in K/ change in L change in K = final K - initial K change in L = final L - initial L MRS = 26-30 /2-1 MRS = -4/1 MRS = - 4 Units of Labor Capital MRS 1 30 0 2 26 -4 3 22.5 (1) 4 19.5 (2) 5 17 (3) 6 15 (4) 7 13.5 (5) 8 12.5 (6) 9 12 (7) 10 12 (8)Production Function. Consider the Cobb-Douglas production function discussed in class:F(K, L) = AK1/3 L2/3. Suppose that parameters are initially A = 1, K = 150, and L = 10. D) Suppose that the quantity of labor L doubles. Calculate Y, w, r, Y/L, and K/L. Com-ment on how and why these numbers changed relative to (c) and why they did so.Production Function. Consider the Cobb-Douglas production function discussed in class:F(K, L) = AK^1/3 L^2/3. Suppose that parameters are initially A = 1, K = 150, and L = 10. d) Suppose that the quantity of labor L doubles. Calculate Y, w, r, Y/L, and K/L. Com-ment on how and why these numbers changed relative to (c) and why they did so. E) Suppose that the quantity of capital K doubles as well. (So now both K and L aretwice their previous value). Calculate Y, w, r, Y/L, and K/L. Comment on how thesenumbers changed relative to both their initial values, and their values in (d).
- Explain how a firm’s production function is related toits marginal product of labor, how a firm’s marginalproduct of labor is related to the value of its marginalproduct, and how a firm’s value of marginal productis related to its demand for laborConsider the following production functions, to be used in this week’s assignment:(A) F(L, K) = 20L^2 + 20K^2(B) F(L, K) = [L^1/2 + K^1/2]^2For each of production functions (A) and (B) given above, do the following steps.(i) Calculate the marginal product of labor MPL(L, K) = ∂F(L, K) / ∂L.(ii) Calculate the marginal product of capital MPK(L, K) = ∂F(L, K) / ∂K.(iii) Calculate the absolute value of the technical rate of substitution as the ratio of marginal products andsimplify as far as possible: |TRS(L, K)| = MPL(L, K) / MPK(L, K). PLEASE SHOW ALL WORKRefer to the provided graph showing the marginal product (MPL) and the average product of labor (APL). At which quantity of labor employed is total product maximized? Multiple Choice A B C D
- Suppose you are considering hiring another worker. Also assume that you are at a firm that is operating at a point where the marginal product of labor is 5 and the price of each unit of labor is $2, and the marginal product of capital is 20 and the price of each unit of capital is $10. Should you hire another worker? If you hire another worker, what will happen to the marginal product of labor and why?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?