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- Shows the lowest possible input costs (combinations of labour and capital) at which different levels of production can be produced a. contraction curve b. contraction path c. expansion path d. expansion curveGiven the production function for labor and capital: Q = L^½(K^½), and q = 100. If the firm wants to increase all inputs by a common factor t, where t > 0. What happens to the output that the firm produces?A positive technological change will Group of answer choices shift the per-worker production function down. move the economy along a given per-worker production function to the left. shift the per-worker production function up. move the economy along a given per-worker production function to the right.
- Output is produced according to a production process given by: Q = 4LK, where L is the quantity of labor input and K is the quantity of capital input. If the price of K is $10 and the price of L is $5, then what is the cost-minimizing combination of K and L capable of producing 32 units of output?Which situation below describes the increasing returns stage of the production function? a. Hiring one more tailor results in three more suits produced per hour. b. Hiring one more baker results in the same output because there is now less than one oven available per baker. c. Buying one more office computer causes there to be more computers than workers. d.Extending the workday results in more tired and less productive workersFind the optimal solution to capital (K) and labour (L) given the function F(K,L) = AK^(t)(alpha)L^(t(1-alpha))
- Suppose that the production function q = f(L,K), shows that if L = 3 and K = 5 then q = 10. Is it possible that L = 3 and K = 6 yields q = 11 for this production function?Given the production function Y= AF (L, K, H, N), explain the determinants of productivity. ( Maximum100 words).The production function is the relationship between the maximum amount of output that can be produced and the inputs required to make that output. Comment.
- all possible combinations of labor and capital inputs at a given budget and prices of labor and capital is shown in choices -Isocost -Isoquant -Production possibility curve -production planWhich of the following statements best describes a production function? Group of answer choices all levels of inputs that could produce a given level of output the maximum profit generated from given levels of inputs the maximum level of output generated from given levels of inputs all levels of output that can be generated from given levels of inputsWhat is the difference between the labor intensive production and capital intensive production approach.