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Determine the returns to scale for the following production functions.
a) ? = K + 7L
b) ? = KL3
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- Consider the production function: Q = 2K + 3L. The MRTSLK is:The function Q = L0.3 + K0.7 is an example of _____ returns to scale of production.The engineers at Morris Industries obtained the following estimate of the firm’s production function Q = F ( K, L ) = min { 3K, 4L } How much output is produced when 2 units of labor and 5 units of capital are employed?
- The production function q = K1.2 + 3L1.2 exhibits [increasing return to scale, constant return to scale, decreasing constant return to scale]For the production function Q = 0.2L2 returns to scale is: a.Constant Returns to Scale b.Decreasing Returns to Scale c.Increasing Returns to Scale d.Zero Return to ScaleIf 150 labor hours were required to produce the 1st unit in a production run and 40 labor hours were required to produce the 7th unit, what was the learning curve rate during production?
- 2-1 Consider the production function Y = X+4x2 – 0.2x3 a. Derive the exact marginal physical product and average physical product equationsA firm estimates its cubic production function of the form Q = AL^3 + BL^2 and obtains the following estimation results: A. What are the estimated total, average, and marginal product functions? B. At what level of labor usage is average product at its maximum?For the production function Q = 0.7L + K, returns to scale: a. Can be increasing, decreasing, or constant depending on the values of L and K. b. Is decreasing. c. Is increasing. d. Is constant.
- Only number 4b. Characterize the return of scale of production function cUsing the annual data for the period of 2000 and 2010, Prof Omanya applied a Cobb -Douglas production function to estimate the production for the Kenya's manufacturing sector using firms listed on Nairobi Securities Exchange. His results were given as: Q= K0.45 L0.55 Where Q = units of output; L = units of Labor; and K = units of capital What are the marginal products of Labor and Capital? Calculate the factor intensity and explain the technique of production that is being used by Prof Omanya How would you characterize the Kenya's manufacturing sector in terms of returns to scale? What are the main three causes of such returns to scale? Explain three significance of returns to scale in Managerial decision makingUsing the annual data for the period of 2000 and 2010, Prof Omanya applied a Cobb -Douglas production function to estimate the production for the Kenya's manufacturing sector using firms listed on Nairobi Securities Exchange. His results were given as: Q= K0.45 L0.55 Where Q = units of output; L = units of Labor; and K = units of capital What are the marginal products of Labor and Capital? Calculate the factor intensity and explain the technique of production that is being used by Prof Omanya How would you characterize the Kenya's manufacturing sector in terms of returns to scale? What are the main three causes of such returns to scale?