For a short run production function q=10lnL if L=2 the extra labor needed to increase output by one (infinitely small) unit is....... (answer using decimals)

Q: The first two columns in the following table give a firm's short-run production function when the…

A: Given:- Price of capital=$2000 Price of labor=$500 Capital constant at 5 units

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: How are increasing returns to scale for a long-run production function and a downward sloping…

A: The increasing returns to scale means that the output is rising in a larger fraction than the rise…

Q: Consider the following short-run production function (where L = variable input, Q = output): Q = 6L…

A: Marginal product is the ratio of change in input to change in output. The average product is the…

Q: If a firm has a constant returns to scale production function F(K,L), then the ratio of inputs K L…

A: In long run firm experiences return to scale on its production function which are 1.Constant return…

Q: "Whenever a number which is less than the previous average of a total is added to that total, the…

A: In a market, it can be seen that the different cost curves are directly or indirectly related to…

Q: Given the following production function, complete the missing values. Labour Quantity of chicken per…

A: Total Production refers that total production by using the given factor and the average production…

Q: Modified True or False: State whether each statement is true or false. If the statement is false,…

A: The diminishing returns occurs in the short run. All factor of production are not variable in the…

Q: Include correctly labeled diagrams, if useful or required, in explaining your answers. A correctly…

A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: Draw a production function that exhibits diminishing marginal product of labor. Draw the associated…

A: The diminishing product of labor refers to the situation where increasing one additional labor…

Q: In short-run production where labor is a variable input, the relationship between marginal product…

A: We are given, Economy is in short run. Labor is the variable input. Marginal cost of production =…

Q: When the production function exhibits _________ returns to scale, the long-run average cost curve…

A: Economies of scale:   The economies of scale are the cost-benefit that the firm achieves by…

Q: Include correctly labeled diagrams, if useful or required, in explaining your answers. A correctly…

A: We are going to use Marginal returns to a factor and Marginal Cost relationship to answer this…

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: Suppose that the Law of Diminishing Returns sets in immediately (that is, there is no range of…

A:

Q: In the short-run, we assume that capital is a fixed input and labor is a variable input, so the firm…

A: The production function explains the relationship between the inputs and the resulted output. It…

Q: True or False? This marginal cost function is the derivative of the production function.

A: We have, Cw1,w2,y=w113+w2133y2 The marginal cost  MC = Cyw,y It means the C(w1,w2,y) function is…

Q: The production function in the image uses a variable amount of labor and a fixed a mount of capital…

A: Production function states the functional relationship among input and output produced. In the…

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: For the following industries, state whether the long-run average cost curve has an extended range…

A: Returns to scale is the quantitative change in outputs of an industry or firm in response to an…

Q: Which of the following statements is (are) correct? (x)  Economists distinguish between short run…

A: Short run and Long run are related to the time period of a business or firm.

Q: Suppose the production function is Q = 50 (KL)1/2. (Quantity = 50 times the square root of capital…

A: Q = 50 (KL)1/2 Q = 50 K1/2L1/2 In short run, some input factors are fixed and some are…

Q: The equation below is a production function,Q = (200)L + (100)K – (0.2)L2 – (0.1)K2     , where Q is…

A: Q = (200)L + (100)K – (0.2)L2 – (0.1)K2

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: The following table describes the various least cost combinations of two inputs from various…

A: Iso quant shows the different possibil combinations of inputs that give same level of output . And…

Q: If the production function is f(x1,x2) = x1,x2. a. Show whether this production function exhibits…

A: a.  The production function is f(x1,x2) = x1.x2 f(x1,x2) = x1.x2f(λx1,λx2) = λx1 λx2f(λx1,λx2)…

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: A plant's production function is Q = 2KL. For this production function, MPx = 2L and MPL = 2K. The…

A: Given production function Q=2KL MPk=2L MPl=2K W=4 r=6

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

A: A production function illustrates the relationship between the quantity of inputs used and the…

Q: Given: Y = 20(L.5K.4N.1) L is labor K is capital N is land L = 100 K = 100 N = 100 Does this…

A: Given data. Y = 20(L.5K.4N.1

Q: Which of the following describes the law of diminishing returns to labor?     A. When one more…

A: The law of diminishing returns to labour states that as more and more units of labour are hired 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: Discuss the main feature behind the long run average cost curve in terms of usage of input.

A: In the long run , all factors are variable and nothing is fixed.The long-run average cost curve…

Q: What kind of returns to scale does this production function exhibit? f(z1, za) = z1(z2 - 8) for 21 >…

A: f(z1,z2) = z1(z2-8) z1>0 z2>8

Q: Q.2 - a) Explain the five fundamental questions that economics attempts to answer. b) What is the…

A: "Since you have asked a question with multiple sub-parts, we will solve the first three sub-parts…

Q: The production function q = 9K0.8L0.1 exhibits: a. increasing retruns to scale  b. constant…

A: The relationship between ou>tput and proportional increase in all the inputs is referred to as…

Q: the envelope curve be tangential to the bottom of each of the short-run average cost curves? Explain…

A: In Economics, qualification is frequently made between the short-run and long-run. In the short-run…

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: A firm's production function is Q = min ( K, 2L ) , where Q is the number of units of output per day…

A: Long-run average total cost (LRATC) is a business measure that indicates the long-run average cost…

Q: Question 19 Which of the following statements best represents a difference between short-run and…

A: In economics, the concept of short-run and long-run is used to analyze the variability of various…

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: Given information Production table is given Production Point Capital (K)  Labor (L) Output (Q)…

Q: Complete the table above Solve the short run production function every of the above table.

A: Marginal Product of worker shows the number of extra units of yield (amount) each extra worker…