Do the following production functions have increasing, decreasing, or constant returns to scale? Show work. (i) Q = 3K+2L (ii) Q = 6KL

Q: QUESTION 6 Which of the following production functions exhibit constant rehurns to scale? In each…

A: Given: The various production functions are, as: 1) Y = K1/2L1/3 2) Y = 3K1/2L1/2 3) Y = K1/2 + L1/2…

Q: Use the following information on a hypothetical short-run production function to answer questions…

A: The law of diminishing marginal returns states that, in a production process, the successive…

Q: A firm produces output according to a production function:Q = F(K,L) = min {6K,2L}.a. How much…

A: Given: Q = F(K,L) = min {6K,2L} K=2, L=3 Therefore, Q= min(6*2,2*3) Q=min (12,6) Therefore, out of…

Q: H8. Which of the following production functions exhibit(s) constant returns to scale?​I. Q = Min…

A: There are CRS if the doubling the all inputs result in the double of output.

Q: . Suppose that a firm’s production function is f(L, K) = L + K. Does this production function…

A: Returns to scale is the measurement of the proportion by which the output changes when the inputs…

Q: Which of the following are true (check all that apply) Note: IRTS=increasing returns to scale,…

A: Cobb-Douglas production function represents the relationship between the inputs used and the total…

Q: 2. Suppose that a firm uses both labor (L) and capital (k) as inputs and has the long-run production…

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Q: Which of the following production functions exhibit(s) constant returns to scale? I. Q= KL K+L II. Q…

A: Given:  There are three production functions: 1. Q=KLK+L2. Q=2K+L3. Q=K0.8L0.2

Q: 1. Suppose a chair manufacturer is producing in the short run (with its existing plant and…

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

Q: Which of the following can wę conclude when production has diseconomies of scale? Average fixed cost…

A: please find the answer below.

Q: If a firm quadruples (4x) in size and output triples(3x), what is the returns to scale?  a.…

A: The markets are the place where the buyers, and the sellers of the goods, services, and other…

Q: Suppose a firm produces cars and the minimum efficient scale is 2,000,000 cars. The inputs are labor…

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Q: 1. What area represents the firm's profit? 2.At which output level are economies of scale…

A: STEP1 The profit-maximizing level of output/quantity produced is Q4. In case of monopoly, the…

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: мса 32 If production conditions are such that a 10% increase in both the labour and capital inputs…

A: Production function shows the combinations of inputs that can be used to produce the output.

Q: Suppose, inputs input prices do not change. If a given firm decides to double all its inputs, as a…

A: In a market, a firm uses input resources to generate output and the returns from input changes with…

Q: Complete the following table by calculating marginal product and average product.       Plot the…

A: INPUTS OF LABOR TOTAL PRODUCT MARGINAL PRODUCT AVERAGE PRODUCT 0 0 0 - 1 15…

Q: A firm faces the production function: q=10L^0.32 K^0.56  (a) What kind of returns to scale does…

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Q: a. Is it possible to have diminishing returns to a single factor of production and constant returns…

A: a. The diminishing marginal returns to factor indicates the reduction in the marginal product of…

Q: please help

A: Production technologies or production function defines a relationship between the output and inputs.…

Q: 4. A firm producing cars. The production function for shoes (Q) is: Q = K"² L"² where K is capital…

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Q: hen a production function exhibits constant returns to scale, it means that: A. a proportional…

A: Constant returns to scale production function means that the production function is…

Q: Does the production function 10 q = 1000L – K exhibit increasing, decreasing, or constant returns to…

A: Production function: The link between the number of productive inputs (such as labor and capital)…

Q: 2. A firm has a production function given by the following table: Units of Labor 1 2 3 4 5 K=1 15…

A: Diminishing marginal returns occur when an increase in Labor led to increasing in output at…

Q: Which of the following is an implicit cost of production?   16:   A)  the utility bill paid to…

A: please find the answer below.

Q: Suppose that Hyundai increases the amount of capital, labor, and other inputs it uses by 10% and as…

A: When product is manufactured and put into production process, cost  takes place and process of…

Q: 2. A firm has a production function given by the following table: Units of Labor 1 2 3 4 5 K=1 3 8…

A: Diminishing marginal returns occur when an increase in Labor led to increasing in output at…

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: Returns to scale can be classified into three categories; 1- Increasing returns to scale (IRS) 2-…

Q: Which of the following statements are true regarding the concept of returns to scale? [Check all…

A: Let production function  Q = F(L, K) Double the inputs by a scalar z > 0. Q = F(zL, zK) If F(zl,…

Q: Under what conditions do the following production functions exhibit decreasing, constant, or…

A: When an increase in inputs results in a proportional increase in output, there occurs constant…

Q: 3.3 Consider the following production function: F(K,L) = K L Find out what relation should exist…

A: Given Production function  FK,L=KaLb         ... (1)

Q: Which of the following production functions exhibits constant return to scale?

A: The production function exhibits constant returns to scale when there is a proportionate change in…

Q: A. SHORT-RUN CHANGES IN PRODUCTION SHOWING FACTOR PRODUCTIVITY Units of Y Employed Output Quantity…

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Q: ? SAC А. В. SAC С. SAC AC AC АС ? ? ? SAC D. Е. F. SAC АС SAC АС AC ? ? 1. Of the graphs shown…

A: Returns to scale express the long-run returns as the production scale increases, when the level of…

Q: A firm faces the following production function q = 100L0.6K0.6 The wage rate, w, is $4.00 and the…

A: A firm uses different combinations of factors of production such as labor and capital to produce…

Q: Question 5 Which of the following production functions exhibit increasing return to scale?…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: 72. The resulting increase in the total output as X and Y inputs increase per unit at a time is…

A: The production function refers to functional relationship between the factors of production (or…

Q: 3. An electronics plant's production function is Q = 5LK, where Q is its output rate, L is the…

A: Given:- Here we have, Q=5LK, where labour = L=$1 per unit and capital = K=$2 per unit also Q=1000…

Q: Suppose the production function is Q = 8L + 15K where Q is the quantity of output, L is the quantity…

A: Since you have asked multiple questions, we will solve first question for you. If you want any…

Q: Given the production function y=(l^p + k ^1/p )^1/p , what is the technical of substitution, the…

A: Technical of substitution. The marginal pace of technical substitution (MRTS) is a monetary theory…

Q: diminishing returns to a single factor of production and constant returns to scale at the same time

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Economic1. For each of the following production functions, determine whether there areincreasing,…

A: Returns to scale refers to the proportional change in output when, in the long-run, all factors of…

Factors of Production

Factors of production – in simple words means the factors that are used for producing any product or service. This includes the resources which are necessary for the manufacturing of products. Factors of production are also known as the building blocks of the economy.