For a production function, diminishing marginal product says that O holding one factor fixed, as more of the variable input is employed, the total output will eventually decrease O holding one factor input fixed, the technical rate of substitution will diminish as that variable factor input increases O holding one factor input fixed, the marginal product of the other factor will decreases as that variable input increases as a firm increases both factor inputs, total output will increase at a decreasing rate

Q: Beginning with a capital input of 4 and a labor input of 49, show that the marginal product of labor…

A: q = 100 x K0.75L0.25 Marginal product of labor, MPL = dq / dL = 100 x 0.25 x (K / L)0.75 = 25 x (K /…

Q: Q2) Complete the table and show your calculation No. of Total product Marginal product of Average…

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Q: With its current levels of input use, a firmʹs Marginal Rate of Technical Substitution is 5 (when…

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Q: 1. A firm's production function is given by q = KL² - L³ for K>0 and L>0. Suppose K is fixed at…

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Q: The marginal product of labor can be determined using the total product of labor curve. Production…

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Q: What is an isoquant? What is a marginal product? What is the technical rate of substitution? Explain…

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Q: • Consider a production function f(r1, 12) = min{r1, 12}: When r1 < r2, please calculate the…

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A: Since there are multiple questions posted, we will answer first question with four subparts. If you…

Q: The following table gives total output or total product as a function of labor units used.…

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Q: Suppose that output is a function of labor and capital. Assume that labor is the variable input and…

A: Marginal Product of Labor (MPL): - it is the change in total production due to the employment of an…

Q: Q = 180√LK^0.8 L=5, K = 10 1)  construct marginal product of labour and marginal product of capital…

A: we have different formulas for different parts of this question  MPL = partial derivative of Q with…

Q: Consider the production function q=5L^(0.3) K^(0.5)  The marginal product of labor is…

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Q: Suppose a firm is operating at an input combination such that MRTS,LK How should the firm adjust its…

A: Firm will maximize profits when MRTS is equal to price ratio of two inputs.

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)…

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Q: F(L, K) = LK^3 and F(L,K) = L+3K for each of these production functions: a) draw the corresponding…

A: Hi! Thank you for the question, As per the honor code, we are allowed to answer three sub-parts at a…

Q: A firm’s short-run marginal product of labour function is MP = -3L^2 + 22L - 5. Use indefinite…

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Q: For each of the following examples, draw a representative isoquant. What can you say about the…

A: Marginal rate of technical Substitution is the slope of isoquant curve. And it is denoted by  MRTS =…

Q: Which of the following is incorrect when there is one input (labor) in the production? The…

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Q: Consider the production function of the firm below. Which of the following is NOT true? The marginal…

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Q: Question 4: Consider the following production function: Q = (3L + K) ¹/4 1. What is the Marginal…

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Q: The short-run production function for a manufacturer of flash memory drives is shown in the table…

A: a) Average product is the output produced per unit of labor.Formula for calculating average product:

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