1. For each of the following production functions, determine whether there areincreasing, constant or decreasing returns to scale.a) . Q = 3K + 4Lb) . Q = K + L + KLc) . Q = 18K^ 0.6 L^0.3

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: Margeʹs Hair Salon production function is Q = f(K, L) = K0.5L0.5 where K is the number of hair…

A: As given Production function is Q = K0.5L0.5 Return to scale of production function is determined by…

Q: Which of the following can we conclude when production has economies of scale? Marginal cost…

A: please find the answer below.

Q: If a firm has economies of scale, it must have increasing returns to scale. True or false? PLEASE…

A: Economies of scale means reducing production cost by increasing output at a large scale.

Q: An industry can be characterized by the following production function: Q= 2.5L 60 C-40 (a) What is…

A: Q = 2.5 L .60 C .40

Q: Question 2 Marge's Hair Salon production function is Q=f(K, L) = K0.5 10.5 where K is the number of…

A: Production function refers to a function that shows the technological relation between the factor of…

Q: Skylar owns a firm that produces holiday ornaments. Her production function is given by: f (L, K)…

A: Given- y = (min{x1, 2x2})^1/2 let, We increase X1, X₂ by some constant 'C' y' = ( min { CX₁ + 2 CX ₂…

Q: Which of the following production functions exhibit constant returns to scale? In each case y is…

A: Given: The production functions are: 1y=K12L132y=3K12L12(3)y=k12+L12(4)y=2K+3L

Q: MICROECONOMIC THEORY II, ECON 202- PROBLEM SET I A firm produces a good by using a linear production…

A: Since you have posted the question with multiple sub-parts, we are answering the first three for…

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

A: please find the answer below.

Q: Assuming that the production function [Y=A(K, L, N, H)] exhibits constant returns to scale we can…

A: In economics, the term "returns to scale" basically refers to the variation or change in…

Q: rising with output increase Long Run Average Total Costs are decreasing with output increase  Long…

A: Increasing returns to scale occurs when the output tends to increase in a greater proportion as…

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: Explain each of the following: constant returns to scale;  decreasing returns to capital; and…

A: The term "returns to scale" in economics describes the speed at which a change in output causes a…

Q: Explain why an increase in the price of an input must typically cause an increase in the long-run…

A: As we know in long run , firms can increase both factors simultaneously and due to this firm…

Q: Use the diagram of production function to explain why variable costs increases at a decreasing rate…

A: Cost are of production two types: Variable cost and the Fixed cost. Variable cost is the cost that…

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

A: There are three types of returns to scale- Increasing returns to scale The constant return to…

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: Consider a short run production function q=7L+K  using L units of labour and K units of capital.…

A: Consider a short-run production function q=7L+K  using L units of labour and K units of capital. 1)…

Q: Consider a short run production function q = cL+K,using L units of labour and K units of capital:…

A: Return to scale exhibits proportionate increase in productivity when there is change in all input by…

Q: Suppose a firm has a Cobb Douglas production function and is initially producing 50 units of output…

A: The Cobb-Douglas production function formula for a single good with two factors of production is…

Q: 1. For each of the following production functions, determine whether there are increasing, constant…

A: Returns to scale shows the proportional change in the output when the inputs are changed by a…

Q: Do the following production functions have increasing, decreasing, or constant returns to scale?…

A:

Q: A fixed input is one: Select one: a. that can never produce more or less in any period. b. that only…

A: In a broad sense, there are two types of inputs (factors) used in the production i.e. fixed input…

Q: Consider the production function Y = K1/2 N12 a. Compute output when K = 49 and N = 81 b. If both…

A: Plugging given values, Y = (49)1/2 x (81)1/2 Y = 7 x 9 Y = 63

Q: Consider a short run production function   q=cL+k   where the value for c is 4, using L units of…

A: Returns to scale exhibits increase in proportionate output when there is change in all variable…

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: The production function for soy beans is q = K 0.25 L 0.45. Dose this production function have…

A: Given  Production function.  q = (K)^0.25 × (L)^0.45

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 firm that employs labor and capital has production function q = LK. What returns to scale does the…

A: Q=LK the above production function exhibits q=lk where, Q= quantity of output L= Amount of labor K=…

Q: You are given the production function: Q(K,L)=10KαLβ Does the above function exhibit increasing,…

A: The since long run alludes to a time-frame where the production function is characterized based on…

Q: Q2. Determine the returns to scale of the following production function: Y = 5K0.5 +3L0.5 (a)…

A: Returns to scale refers to how production of a good changes when units of both inputs change.

Q: Determine whether the following statements are TRUE or FALSE. Explain your answer using graphs or…

A: Answer c) A constant return to scale is when an increase in input results in a proportional increase…

Q: Q2. Given a production function Q =f (K, L) = K+ 2L, both capital and labour are doubled, does this…

A: A production function shows the relationship between the inputs used and the output produced in a…

Q: Questions 3. For each of the following production functions, determine whether it exhibits…

A: "In economics, production function indicates the relationship between the factor inputs used in the…

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: Suppose that a production function for labor (L) and capital (K) is given by: q(L,K) = L K0.2  .…

A: q(L,K) = L K0.2   To find if it is increase, constant or decreasing returns to scale multiply both…

Q: When do you think production is on the part of increasing returns on the production function?…

A: Returns to scale is an economic term that defines what happens to long-run returns as production…

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: Provethatthetechnologyf(L,K)=L2+K2 exhibitsincreasingreturnstoscale. What is the formula for the…

A: Increasing Returns to Scale: When our inputs are increased by m, our output increases by more than…

Q: how that the two-input Cobb-Douglas production function (attached) has decreasing return in scale…

A: Answer to the question is as follows :

Q: In each blank type increasing, decreasing or constant to describe the returns to scale of the given…

A: Production function is said to have constant returns to scale when increasing the inputs by some…

Q: Show that the following production function has constant returns to scale. It can be through a…

A: Given  Production function  y=5x11/2x21/2 We have to show that production function has constant…

Q: Suppose the production function for T-shirts can be represented as q =  L0.25 K0.75. Show that the…

A: Meaning of Production Function: The term production function refers to the situation under which a…

Q: Assume that the production function for a firm is defined as: 5 2 3 1 Y = K L . Does this function…

A: The following problem has been solved as follows:

Q: 1) Suppose a firm uses capital, K, and labor, L, to produce output. Verify whether the following…

A: Note; Since we can only answer up to three subparts, we'll answer first three please repost the…

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…

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.