For the following items, consider the given production schedule. Here, the production of a good (Q) can be attributed to three types of input: capital (K), general labor (L.), and specialized labor (L.). K L1 L2 Q 1 1 12 2 1 2 2 3 57 4 2 3 3 1 3 1 66 The given production schedule was generated using the production function F(K,L1,L2)=K(2Li+5L2)F(K,L1,L2)=K(2L1+5L2). 1. What is X? 2. Holding both capital and general labor fixed at 2 units, what is the marginal product of the second unit of specialized labor? 3. If output is zero, then we can always conclude that: a. There is no capital. b. There is no general laborer. c. There is no specialized laborer. d. None of the other choices.

For the following items, consider the given production schedule. Here, the production of a good (Q) can be attributed to three types of input: capital (K), general labor (L.), and specialized labor (L.). K L1 L2 Q 1 1 12 2 1 2 2 3 57 4 2 3 3 1 3 1 66 The given production schedule was generated using the production function F(K,L1,L2)=K(2Li+5L2)F(K,L1,L2)=K(2L1+5L2). 1. What is X? 2. Holding both capital and general labor fixed at 2 units, what is the marginal product of the second unit of specialized labor? 3. If output is zero, then we can always conclude that: a. There is no capital. b. There is no general laborer. c. There is no specialized laborer. d. None of the other choices.

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter9: Production Functions

Section: Chapter Questions

Problem 9.2P

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