Q: give me an example of marginal analysiss in a table
A: Marginal analysis is based on consumption of an additional unit of the good. The table below shows…
Q: mathematically derive the slope of isocost line and isoquant and interpret.
A: Answer: Isoquants are also known as equal product curves, along with an isoquant shows the same…
Q: Draw the production function of Bruno’s firm. Your diagram should have the number of workers on the…
A: Production function refers to the functional relationship between input and output.
Q: Q: Theoretically and graphically explain how firm choose optimum combination of inputs in short run…
A: Answer: Assumptions: Two inputs, Labor (L) and Capital (K) Price of labor, wage rate (W) Price of…
Q: 3. Determine elasticity of labour and elasticity of capital 4. Measure marginal product of labour…
A: Elasticity of a factor of production is calculated by studying the change in output caused due to…
Q: Let S represent the amount of steel produced (in tons). Steel production is related to the amount of…
A: Optimization problems can be solved by the application of langrange equations followed by…
Q: Why is the point of isoquant tangent to the isocost called the optimal combination?
A: An isoquant is a locus of points which shows different combinations of two inputs which can be used…
Q: The production function describesA) the relationship between quantity of inputs and quantity of…
A: The process of production is the combining of the raw materials and the skills and knowledge of the…
Q: Do the following functions exhibit increasing, constant, or decreasing returns to scale? Show your…
A: Since you have posted a question with multiple sub-parts, we will solve the first three subparts for…
Q: Present a graph of the following. Label your graphs completely 1. Using the isoquant map and…
A: Isoquant: Q=f(K,L) Q= Output L= Labor K= Capital Isoquant is the line which represents the same…
Q: Given a production function depicting the response of paddy rice to fertilizer application, Y = 3X+…
A: Production function : Y = 3X + 9X2 - X3 MPP(Marginal physical product ) refers to the additional…
Q: What is your marginal rate of substitution of $1 bills for $5 bills?
A: Definition : Marginal Rate Substitution is the rate at which some amount of one commodity…
Q: Find the rate of change of the function f(x) =x + 2 /1 − 8x with respect to x when x = 1. (ii) The…
A: Hi, thank you for the question. As per our Honor code, we are allowed to attempt only first…
Q: Calculate your marginal rate of substitution as a function of B and C. U(B,C)= B^(1/4)C^(3/4)
A: The marginal rate of substitution denotes the slope of the indifference curve and is defined as the…
Q: In a relationship among total, average and marginal products, where TP is maximized:
A: The Total product (TP) implies the sum total of output produced using each nit of variable factor.…
Q: which grpah is the correct graph for part 2
A: Price discrimination occurs when the seller is charging a different price to different consumers or…
Q: How many unit of X and Y will be produced?
A: We will have to substitute values of labor and capital in the functions in order to find the…
Q: Q1 a) Given a production function depicting the response of paddy rice to fertilizer application, Y…
A: Production function : Y = 3X + 9X2 - X3 MPP(Marginal physical product ) refers to the additional…
Q: Draw the diagram of the decreasing LAC curve an increasing LAC curve?
A: According to the given question LAC curve( Long run average cost curve) the shapes of the LAC curves…
Q: A firm is producing in Stage I of its production function. What advice would you give this firm? a…
A: 3rd stage of the production function is also called the stage of negative returns. In the third…
Q: Consider the production process represented by the total product curve (TP'), the average product of…
A: Holding all other input constant, the final out and one variable input shows a functional relation…
Q: The point of tangency between a convex isoquant and an isocost line represents an optimal…
A: Isocost line represents all input combinations that yields the firm the same cost
Q: The movement from point A to point B on the graph is caused by O a decrease in the price of the…
A: Supply: Supply for a commodity can be defined as the sum total of the amount of good that is being…
Q: Discuss the Law of Diminishing Returns.
A: The Law of Diminishing Returns is also called the law of the variable proportion
Q: Output Refer to the above graph. Curves 1, 2, 3, and 4 represent the: MC, ATC, AVC, and AFC curves,…
A: ATC or the average total cost is indicated to be as the given amount of the sum total of the…
Q: y = (3 - x)6 + 7 apply the function in economic optimization concept
A: Function refers to the equation where the relationship between two or more variables are given. Some…
Q: Find the marginal & the average functions for each of the following total function, evaluate them at…
A: In Economics, Marginal Functions or Marginal analysis is one of the uses of derivatives in a…
Q: S-Curve. Clearly draw and label the curve with a working example.
A: The supply curve could be a graphic representation of the correlation between the price of a decent…
Q: You have been hired by Kia as manager for its Pakistan operations. Assume following is the…
A: (I) Stage I Stage I ends when APL = MPL. APL = Q/L = 10L - 0.5L2 MPL = dQ/dL = 20L - 1.5L2 10L -…
Q: Let S represent the amount of steel produced (in tons). Steel production is related to the amount of…
A: Given input prices W=50 and r= 100
Q: A laundry cleans white clothes using a production function q = B + 2G, where B is the number of cups…
A: The production function is given as follows: Putting B=0, then; Putting G=0, then; The isoquant…
Q: Suppose that a firm’s production function is Q =10 K^(3/4)L^(1/4). The cost of a unit of labor is $1…
A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…
Q: (i) Find the rate of change of the function f(x) =x + 2/ 1 − 8x with respect to x when x = 1.(ii)…
A: Hi, thank you for the question. As per the Honor code, we are allowed to attempt only first…
Q: What does the marginal rate of substitution (MRS) measure? What is your MRS of $1 bills for $5…
A: In a market, when a consumer enters the market and purchase a product for consumption purposes, he…
Q: You have been hired by Kia as manager for its Pakistan operations. Assume following is the…
A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…
Q: A firm uses corn and protein supplement to mix a particular type of hog feed. Corn costs $0.08 per…
A: Iso cost curve shows all the possible combination of factors of production which a firm can afford…
Q: Explain Isoquant curve. Explain Isocost line. The difference between the two and what should be…
A: Answer: Isoquant curve: it is a curve that shows different combinations of capital and labor that…
Q: Problem 1 Technology a) The local cleaner launders white clothes using the production function q =…
A: Given; q=3B+G Marginal Product (MP) is the change in the output when an extra unit of the input is…
Q: The inflection point refers to the point where a marginal curve has a slope of zero. O a. True O b.…
A: # A point where the curve alters it's slope is referred to be as inflection point.
Q: Consider the production function f(x1, X2) = 4x1x2, where x1 and x2 are the quantities of inputs 1…
A: Increasing return to scale arises when the change in input leads to a change in output more than…
Q: The movement from point A to point B on the graph is caused by O a decrease in the price of the…
A: The demand curve is a graphical representation of demand plans that portrays the different amounts…
Q: Suppose that a firm’s production function is . The cost of a unit of labor is $20 and the cost of a…
A: 1. The following information is given: Labor cost (w) $20 an hour. Machinery cost (r) $80 per hour…
Q: The following diagram is an example of a
A: Supply is the total quantity of products and services that the producer manufacture to sell in the…
Q: A firm has the production function f(X, Y) = X/2 y!/2, where X is the amount of factor x used and Y…
A: The production function of the firm: f(X, Y)=X^1/2Y^1/2 The isoquant for such type of production…
Q: Given the following production function Y=X+4X^2-0.2X^3. At what level of X does the Average…
A: A firm uses various inputs to convert them into finished output using productive techniques. These…
Q: What is the marginal Physical Productivty (MPP) of the inputs given the function Q= 18x21+2x1x2+2x22…
A: What is the marginal Physical Productivity (MPP) of the inputs given the function Q=…
Q: Let S represent the amount of steel produced (in tons). Steel production is related to the amount of…
A: The quantity of steel to be produced is 60,000 tons of steel. The minimum cost has to be obtained to…
Q: Law of Diminishing Return and Shape of the curve
A: Total product is defined as the total amount of final output which is produced by a firm using the…
Q: You have been hired by Kia as manager for its Pakistan operations. Assume following is the short-run…
A: Answer: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the…
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- Will upvote plz answer bothConsider the following production function TPL = 12L2 – 0.8L3 Find the value of L that maximizes TPL Find the value of L that maximizes APL Find the value of L that maximizes MPLConsider the fictitious firm, Icelandic Investment Managers (IIM). The company hire investment managers as workers and laptop computers with artificial intelligence (AI) as capital to offer investment advice to clients. Both managers and the AI can provide advice, but they are not perfect substitutes. Draw representative isoquants for the two inputs. What assumptions are you making when you draw the isoquants? If the AI gets smarter, and as a consequence the inputs are more substitutable, what should happen to the shape of the isoquants? Both inputs are costs; managers have to be paid a wage, called “w” and the AI needs electricity, the price of which is “Pe”. This will generate an isocost line for a particular cost level C*. Please draw this, explaining carefully and fully the purpose of the axes. Now we can put these together. For a given output level of advice, A*, show what the optimal level of inputs are for IIM in a diagram. What is the economic interpretation of the intersection…
- Draw the diagram of the decreasing LAC curve an increasing LAC curve?How do I graph this? My equilibrium I'm getting P=14 but when I plug that into the equations I'm getting Qs= 21 and Qd= 7.Constrained Optimization using Lagrange Multiplier: Cost MinimizationA clothing company produces two goods namely pants (P) and sweaters (S) whose combined cost function is C = 6P2 + 10S2 − PS + 30.In a day, the clothing company is limited by a production quota of 34 units of output only. Inequation form: P + S = 341. State the cost minimization problem of the clothing company.
- Amazon sets a demanding pace on the job Adapted from: Byers, S.M. & Stanberry, K. (2018). Business Ethics. OpenStax. In a visit to an Amazon distribution center, a group of business students and their professors met with the general manager. After taking them on an extensive tour of the five-acre facility, the general manager commented on the slowness of the visitors’ walking pace. He described the Amazon Pace, a fast, aggressive walk, and confirmed that the average employee walks eight or nine miles during a shift. These employees are called “pickers,” and their task is to fill an order and deliver it to the processing and packing center as quickly as possible. The design of the center is a trade secret that results in a random distribution of products. Therefore, the picker has to cover a number of directions and distances while filling an order. Those who cannot keep up the pace are usually let go, just as those who would steal. Does the requirement to walk an average of…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).KINDLY ANSWER B. Solve for the marginal rate of transformation (MRT) for combinations A - B; B - C; C -› D; D ›E; E -› F; and F -› G. Round-up to two decimals and show complete solutions. C. Interpret the MRT for B -> C and F-> G. Please show COMPLETE SOLUTION
- A movement along the consumption function can be caused by aa. check from sold mutual funds.b. well performing stock market.c. decrease in taxes.d. newly found $100,000 inheritance.Find the rate of change of the function f(x) =x + 2 /1 − 8x with respect to x when x = 1. (ii) The number of units Q of a particular commodity that will be produced with K thousand dollars of capital expenditure is modeled by Q(K)=500 K 2/3"IGNORE constant returns to scale" What is true about a function that has decreasing returns to scale as well as increasing returns to scale?
