Draw an isoquant representing Y = 140 for each of the following ca and K denotes units of capital. A. Y = Min (2L, 7K). Find the TRS at L = 80 and K = 20
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- Consider the augmented production function Y equals A K to the power of 1 divided by 3 end exponent open parentheses H N close parentheses to the power of 2 divided by 3 end exponent, where Y is output, A is total factor productivity, K is capital, N is the number of workers, and H is average years of education. Suppose that A=2, K=8, and N=1000. What is the average product of labor (or output per worker) if H is 15.7?The Marginal Rate of Technical Substitution for isoquants in a fixed-proportion production function is:A. zero or undefinedB. always oneC. always a constant other than zero or oneD. K/LThe production function is the Select one: a. relationship between the quantity of inputs and output. b. increase in the amount of output from an additional unit of labor. c. marginal product of an input times the price of output. d. shift in labor demand caused by a change in the price of output.
- Let be a production function. The average product of factor L (labour force) is equal to:(1) q=35L + 40K (2) q=L.5K.5 For the production functions of (1) and (2) create the isoquants for q = 100, and for q = 144 with K on the vertical axis and L on the horizontal axis.The states that the marginal physical product of a variable input will decline as more of the input is employed with a given quantity of other fixed outputs. law of increasing returns labor market efficiency rule minimum wage requirement law of diminishing returns
- Please calculate the marginal product of labor at the steady stateIf the total product of two workers is 80 and the total product of three workers is 90, then the average product of the three workers is ________ and the marginal product of the third worker is ________. a. 20; 30 b. 160; 110 c. 30; 10 d. 20; 3.33 e. All the other answers are wrong.The term defined by more units of the variable factor of production are added to the fixed quantities of the other factors, the additional output generate by the employment of each additional unit of labour decreases
- Suppose a hole can be dug in one hour with a small shovel and in half an hour with a large shovel. What is the Rate Technical Substitution of labour time for shovel size? What does the ‘‘one hole’’ isoquant look like? How much time would it take a worker to dig a hole if he or she used a small shovel for half the hole, then switched to the large shovel?The isoquants for inputs that are perfect complements for one another consist of a series of:explain four properties of isoquants