Answered: Given the following production function…

Given the following production function Y=X+4X^2-0.2X^3. At what level of X does the marginal physical product (MPP) reach its maximum?

Microeconomics

13th Edition

ISBN:9781337617406

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter8: Production And Costs

Section: Chapter Questions

Problem 6WNG

See similar textbooks

Related questions

Q: Shows the lowest possible input costs (combinations of labour and capital) at which different levels…

A: The firms, and businesses are considered to be the important entities in the markets, as they assist…

Q: What is the marginal physical productivity (MPP) of the inputs given the function…

A: MPP or Marginal physical productivity refers to the change in the output that occurs due to the…

Q: Yj-2x11 Y2=3x12 Q 4. ( A) Consider the following production functions: y2 are products and xj is the…

A: Given information Y1=2X11 Y2=2X12 Y are the products X are inputs Total use of X= 1/2Y1+1/3 Y2

Q: Suppose the production function for a product is z = 65x2/5y3/5 where x is the capital expenditures…

A: The term “marginal” is used because it measures the change of production with a small change of…

Q: Write about the production function with two and more than two variables

A: A function is basically a mathematical relationship between the dependent and the independent…

Q: Assuming labor is the only variable factor and paid at a constant wage rate ? show that the average…

A: The productivity metrics (TP, AP, and MP) and the cost measures have some significant correlations.…

Q: Our closed economy has a production function Y = A•F(K,LxE), where Y, K, L, E & A all have their…

A: Note: As you have asked for the part B of the question we have done it, we value your precious time…

Q: The optimal level of production for any company is the level of production that either maximizes…

A: Total cost (TC): - it is the sum of fixed and variable costs incurred in the production process.…

Q: State how is the law of diminishing returns reflected in the shape of total product curve? What is…

A: Law of diminishing returns: It refers to the theory under which when the company will produce less…

Q: The following are correct statements about the Marginal Productivity of Labor (MPL), EXCEPT:…

A: The marginal product of labour in economics is the change in output that results from employing an…

Q: a) Distinguish between Cobb Douglas production function and Classical production function

A: Meaning of Microeconomics: The term macroeconomics refers to that situation under which the…

Q: What shapes would you generally expect a total product curve and a marginal product curve to have?

A: Answer to the question is as follows:

Q: 37. Which of the following is the interpretation of production function Y = F (K, L)? a. Output…

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

Q: Consider the following Cobb-Douglas production function: Y = AK“L® (1) where Y is aggregate output,…

A: Ans. The output elasticity of labour is the ratio of percentage change in total output and…

Q: Which of the following input resource(s) can be used to measure the productivity of a firm? a.…

A: The productivity shows the efficiency of the input used in production. In other words, it shows how…

Q: Some economists believe that the US. economy as a whole can be modeled with the following production…

A: As we know that Cobb-Douglas production function models represents the relationship among production…

Q: all possible combinations of labor and capital inputs at a given budget and prices of labor and…

A: We have to found following question.

Q: We often work with production technologies that give rise to initially increasing marginal product…

A: Production technology:True, because the slope of the production frontier is equal to the marginal…

Q: Which would shift the production function upward? Group of answer choices An increase in the price…

A: Production function is the relationship between the quantity produced and the factors used in…

Q: (b). Given the production function Q = 96K°°L07, find the MPPK, and MPPL functions. Is %3D MPPK a…

A: NOTE: We’ll answer the first question (Part b) since the exact one is specified. Given: The cobb…

Q: True or False A production function in "economics" summarizes the technological relationship…

A: Meaning of Cost: The term cost refers to the situation under which a firm occurs various expenses…

Q: n economy has the following Cobb-Douglas production function: ?=100?^(1/3)?^(2/3) . The economy has…

A: Marginal product of an input is calculated by differentiating the production function with respect…

Q: The period of a time when a firm is able to change all of inputs factors of production is called…

A: The period of time is important from the point of view of the producer, as time period limit his…

Q: one another (for example, capital can be used to reduce waste water), the more effective the fee…

A: The answer is A. Both I and II are true

Q: What is the Short run and long run period in the production function of the economics

A: In simple words we can say that the Short run period in the production function of the economics…

Q: Does additional input of labor entail a steady increase in the output of a firm? Why or Why not?

A: "Factors of production are resources that are used to produce goods or services." There are various…

Q: For firm A, is the following an internal or external economy of scale? Firm A benefits from a pool…

A: Economies of scale- It is the cost advantage experienced by companies when production is efficient…

Q: What is economies of scale? What are differences between internal and external economies of scale?

A: Economies of Scale: When a company expands its production then usually the cost per unit falls.…

Q: TRUE or FALSE and explain your answer fully If the cost of production is minimized, then all inputs…

A: The marginal productivity (MP) is the additional increase in the total productivity when one more…

Q: Draw a well behaved production function and show the 3 stages of production. What distinguishes…

A: The production function shows the technical relationship between factor of production and final…

Q: Y=$10 trillion, K=$10 trillion, L=100 million workers Cobb-Douglas Production Function What is…

A: Production function shows the relationship between the physical output and physical inputs.…

Q: Why might marginal product be increasing at lower levels of output and decreasing at higher levels…

A: Marginal product (MP) is the extra output produced by one additional unit of input or raw material…

Q: Using examples, explain ways in which the Production function has evolved

A: A production function is a mathematical tool that can be used to study the relationship between…

Q: What is the law of diminishing marginal product, In which stages of production it manifest and What…

A: According to the rule of decreasing marginal returns, any manufacturing process will reach a point…

Q: Sam Malone is considering renovating the bar stools at Cheers.The production function for new bar…

A: Note:- Since we can only answer up to three subparts, we'll answer the first three. Please repost…

Q: Given the following production function Y=X+4X^2-0.2X^3. At what level of X does the Total physical…

A: Y = x + 4x2 -0.2x3 MPP=dY/dx = 1 + 8x - 0.6x2 APP = Y/x = 1 + 4x -0.2x2 (1)MPP is maximum when…

Q: • To illustrate the above concepts, we take an example of a specific or specific production…

A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…

Q: Give the three reasons that explain why the division of labor increases an economy’s level of…

A: The division of labor refers to the goods and services produced being divided into various tasks…

Q: Sam Malone is considering renovating the bar stools at Cheers. The production function for new bar…

A: "Since you have asked multiple question,we will solve the first question for you.If you want any…

Q: Suppose you are a producer and you need to identify what combination of labour and capital you…

A: An isoquant shows all the combinations of two inputs that a firm uses to produce any given level of…

Question

Given the following production function Y=X+4X^2-0.2X^3. At what level of X does the marginal physical product (MPP) reach its maximum?

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

True or False A production function in "economics" summarizes the technological relationship between inputs and outputs.
Which of the following statements best describes a production function? Group of answer choices all levels of inputs that could produce a given level of output the maximum profit generated from given levels of inputs the maximum level of output generated from given levels of inputs all levels of output that can be generated from given levels of inputs
Shows the lowest possible input costs (combinations of labour and capital) at which different levels of production can be produced a. contraction curve b. contraction path c. expansion path d. expansion curve
Which of the following statements are true? A basic assumption of the theory of production is that: A firm cannot borrow money to finance its input expenditures. A firm can buy as much labor and capital as it desires in the long-run A firm can reduce the number of workers it uses, but it cannot adjust how much capital it uses in the short-run When the marginal product of labour starts falling, the firm must cease production a. II only b. II and III c. I, III and IV d. II, III and IV
When do you think production is on the part of increasing returns on the production function? Explain.
What is the technological difference between straight line and strictly concave production curves? Show and explain.
Y=$10 trillion, K=$10 trillion, L=100 million workers Cobb-Douglas Production Function What is the production function ؟؟؟
Output is produced according to a production process given by: Q = 4LK, where L is the quantity of labor input and K is the quantity of capital input. If the price of K is $10 and the price of L is $5, then what is the cost-minimizing combination of K and L capable of producing 32 units of output?
An increase in the number of hours worked would shift the production function upward shift the production function downward shift the production function outward not shift the production function
A positive technological change will Group of answer choices shift the per-worker production function down. move the economy along a given per-worker production function to the left. shift the per-worker production function up. move the economy along a given per-worker production function to the right.
What is the law of diminishing marginal product, In which stages of production it manifest and What is the logical justification for the law of diminishing marginal
Why does more inputs not necessarily translate into more output?