economy, discuss the concept of pareto optimality = Given, Q-100 Ks La,C Ksh1200, 40, w=30. Determine the quantity of labour and capital that the firm should use in order to maximize output. What is the level of output? (10mks) 110

Consider the production function Y=z.K^1/3,N^1/3,L^1/3 where Y is output, z is a parameter capturing technology, K is capital, N is labour and L is the area of land. We would need to increase capital input by a factor of 8 to double output. Select one: True False

A small rural hospital’s management assesses the following production and input price situation with respect to two types of labor (e.g., RNs with and without bachelor’s degrees) which can be imperfectly substituted for one another: MPL1 = 10; PL1 =5; MPL2 =4; PL2 = 4. The hospital is operating in the second stage of the production function with respect to each type of labor.  If the firm wishes to minimize cost for the current output, it should:   A. Make no change.   B. Increase L2 and decrease L1.   C. Increase L1 and decrease L2.   D. Increase both inputs.   E. Decrease both inputs.

1 Mzanzi-Ndizvo (Pty) is a vaccine manufacturing company that has the following costs of production. Cost of capital is R50 000, labour cost is R30 000, and the total cost the firm is willing to pay is R300,000. Identify the type of this production function and Illustrate it with a 2D graph.

Derive the per-worker production function for this economy if Y=zK2/3N1/3.

A production function defines the output that can be produced A. as technology changes over time. B. in a given time period if no additional inputs are hired. C. for the average firm. D. at the lowest​ cost, given the inputs available. E. if the firm is technically efficient. Why E is correct? Please explain every opinion for me. Thx~ Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.

Q. Table 3 above shows how output varies with only one variable input used in production. If the cost of a unit of labor is $500, what is the approximate marginal cost of the 230th unit of output?       a. $2.50       b. $8.50       c. $12.50       d. $50.00       e. $100.00

A company uses two inputs, unskilled labour (L) and capital (K), to produce its product. The wage rate for a unit of labour is €5, while a unit of capital cost €20. a)  Determine the equation and plot the isocost line for the company's expenditures on itsinputs of €1,000. Label the intercepts of the isocost with both axes. Draw a typical isoquant for an output level Q0 and indicate the optimal input levels of L and K. (Do not forget to label the axes). b)  Suppose the government introduces a minimum wage for unskilled labour of €6 per unit.Show graphically and explain shortly how much it would cost the firm in the short run, with capital input fixed at K, to keep its output constant at Q0. c)  Show graphically and comment shortly on the optimal factor mix that the firm would use to produce Q0 in the long run at the specified minimum wage of €6 per unit.

The table below shows the weekly relationship between output and number of workers for a factory with a fixed size of plant. P= 10$: w=100$  a) Calculate the marginal product of labor. b) At what point does diminishing returns set in? C) Calculate the average product of labor. D) Find out optimum level of variable input usage

Given Q=100k0.5L0.5 , C=1200 w=30   r=40 (a)Determine the quantity of labour and capital the firm should use in order to minimize the cost. (b)What is the level of output at this level.