Consider the production function Q = 32K L (a) By dividing by L, find the Average Product of Labour (you must show every step of your method) (b) Sketch this function with on the vertical axis and on the horizontal axis. (c) Using language from economics, give an interpretation of what your graph is showing.

Q: Margeʹs Hair Salon production function is Q = f(K, L) = K0.5L0.5 where K is the number of hair…

A: As given Production function is Q = K0.5L0.5 Return to scale of production function is determined by…

Q: Suppose that the production function for DVDS is given by Q = KL2 - L3, where Qis the number of…

A: As per the question, Q=KL2-L3. When K=600, this production function can be written as Q=600L2-L3.…

Q: When a firm is using a technically efficient input combination, the firm is also producing in an…

A: False statement

Q: Again referring to the table above, assuming 5 workers per day, the total cost of producing pizzas…

A: We know,  Total cost(TC) = Fixed cost (FC) + Variable Cost(VC)

Q: In the short run with fixed amount of at least one input, the law of diminishing returns must apply,…

A: When the one input is fixed then the firm experience diminishing returns because adding one more…

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: Which of the following production functions exhibits decreasing returns to scale? A) Q=K^1/2 L^1/2…

A: Returns to scale are used to describe how production scale changes when all the factors of…

Q: Let the production function be given by Bq_iqj. There are two workers with the skill level of…

A: In terms of economics, a production function is a relation stated with the physical output of a…

Q: Consider the following production function: Q = K² L²

A: ‘Economies of scale’ is nothing but the cost advantage that a firm obtains due to its production…

Q: Which of the following production function exhibits Economies of Scale? Q = K/2 + L O Q = K? + L Q =…

A: A production function depicts the relationship between the inputs used and the output produced in a…

Q: A Cobb-Douglas production function means that as long as either of the 2 input is nonzero, the…

A:

Q: Suppose the production function is given by Q4K + 3L What is the average product of labor when 10…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: Production Point Capital (K)  Labor (L) Output (Q) A 1 1 2 B 2 2   C 1 3   D 2 4   E 1 5   F 2 6   G…

A: According to the guidelines, we will answer the first question for you, for the other question to be…

Q: Q4 The output of a production process, Q, is given by the function KL K+ 2L where K and L denote…

A: Given, Q= KL/K+2L

Q: Output is produced according to a production process given by: Q = 4LK, where L is the quantity of…

A: A production function represents the relationship of the manufacturing output with the given factors…

Q: If the fixed input is the two hectare of land and the variable input is fertilizer explain how the…

A: The law of diminishing marginal utility states that when an individual absorbs an object or a good,…

Q: A lot of companies use the marginal cost function for their business models to determine the…

A: 1. We know, Average cost = AC(x) = C(x)/x  Marginal cost MC(x) = C’(x) At the critical points of…

Q: If an increase of an equal percentage in all factors of production increases output by the same…

A: The marginal product of labor (MPL) represents the effort put by the labor resource in the…

Q: The Cobb-Douglas production function for a particular product is N(x,y) = 80x0.60 4 where x is the…

A:

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: Consider the production function f (L, K) = LVK

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Q: The following production function describes the production of buttons made of plastic: q = (4K0.5…

A: Production function is given by q = (4K0.5+L0.5) r = 10000 w = 5000   The marginal rate of technical…

Q: If a firm's production function is given by Q = 700Le -0.02L, %3D find the value of L that maximizes…

A: The firm's production shows the maximum amount of output a firm can produce by using the different…

Q: Suppose that workmen are assembling a particular product for 40 working hours. Then they work on…

A: Learning curves capture the benefit that arises when workers and organizations get efficient at…

Q: Suppose the production function is given by Q = 3K + 4L. What is the average product of capital when…

A: Average Product of Capital = Total Output/Capital Q = 3K + 4L We know K=5 and L=10 So Q = 3*5 + 4*10…

Q: In a production process, an excessive amount of the variable input relative to the fixed input is…

A: Short-run production: Under the short-run production, there are both factor inputs i.e. Fixed and…

Q: Assume the production function is given by: f(x1, x2) = (2x9.253.r5)³. What is the absolute value of…

A: A production function is a mathematical relationship between the physical output of a production…

Q: The production function has the following form q= K + 2L where q is output, K is capital input and L…

A: Answer: Given, Production function: q=K+2Lw=5v=2q=6 units The following condition must satisfy to…

Q: Let the production function be given by q=2(square root of L)(square root of K)} and Price of K be 8…

A:

Q: If the production function is f(x1,x2) = x1,x2. a. Show whether this production function exhibits…

A: a.  The production function is f(x1,x2) = x1.x2 f(x1,x2) = x1.x2f(λx1,λx2) = λx1 λx2f(λx1,λx2)…

Q: Suppose that firms face the following production function: Q = L+7* +K+/*. Suppose also that price…

A: A firm optimal production occurs at the following point: (MPL / MPK) = (w /r)…

Q: Assume the following production function for maize: Q=3K^1.2 L^0.5, where Q is the number of bags of…

A: We are going to find MRTS, factor intensity and returns to scale to answer this question.

Q: Which of the following production functions do not exhibit constant returns to scale? A. F(K, L)= AK…

A: Introduction Returns to scale refers to the how much output changes given a proportional change in…

Q: The Cobb-Douglas production function for a company building widgets is given by Y = AL K*- where Y…

A: Given: β = 0.81Y = ALβK1-β

Q: Find the marginal product of capital for the following production function and show if it has…

A: Returns to scale explain how production evolves over time in response to an increase in all inputs.…

Q: For the production function Q = 0.2L2  returns to scale is: a.Constant Returns to Scale…

A: Returns to scale exhibits what happen to scale of production in long run when its factor of…

Q: A Firms production function is given by Q=L?K +1/L when L 2 1 and K 2 1). Find out AP , MPL , MPx…

A:

Q: Does the MRTS of the production functions Q=L,K decrease? In this case, does the marginal product of…

A: Answer -

Q: Suppose the production function is given by Q = 5K + 3L. What is the average product of capital when…

A: Given: The production function is:  Q = 5K + 3L

Q: A firm produces quantity Q of breakfast cereal using Labour L and material M with the production…

A: A firm has constant returns to scale when change in inputs is equally proportional to change in…

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: In the long run, the farmer can change both his amount of land and his amount of labor. Suppose he…

A: The graph between labour and output is represented by the table given below, the production function…

Q: The production function q = 9K0.8L0.1 exhibits: a. increasing retruns to scale  b. constant…

A: The relationship between ou>tput and proportional increase in all the inputs is referred to as…

Q: Show that the following production function has constant returns to scale. It can be through a…

A: Given  Production function  y=5x11/2x21/2 We have to show that production function has constant…

Q: Consider the following production functions and match them to the word that describes their returns…

A: When considering the production function and test their returns to scale. We multiply the production…

Q: If the production function is Q = K5L.5 and capital is fixed at 1 unit, then the average product of…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: An electronics plant’s production function is Q = 5LK, where Q is its output rate, L is the amount…

A:

Q: Suppose the production function for a product is given by q = 100KL. If the price of capital is $81…

A: Given:  Production Function : q=100KL Price of capital (r) = $81 per day Price of labor (w) = $27…