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- Y=$10 trillion, K=$10 trillion, L=100 million workers Cobb-Douglas Production Function What is the production function ؟؟؟Galaxy, a multinational corporation, has two plants, one in the United States and the other inMexico, and it cannot change the size of the plants or the amount of capital equipment in theshort run. The wage in Mexico is equivalent to US $5 per hour. The wage in the U.S. is $25 perhour. Given current employment situation, the productivity per worker in Mexico is 200 units perhour, and the productivity per worker in the U.S. is 400 units per hour.Is Galaxy maximizing output relative to its labor cost? If not, what should Galaxy docompute the marginal product of capital (MPK) and the marginal product of capital (MPL) of a. Q=3 K0.4+4 L0.3
- Relationship between the Quantity of inputs used to make a good and the quantity of output of that good is called ………… a) Production function b) None of the mentioned c) Import d) ExportWhich of the following equations does not represent a plausible production function? a.F(K,L) = 2KL b.F(K,L) = 2K-2L c.F(K,L) = 2(KL)0.5 d.F(K,L) = KLWhen do we reach equilibrium output?
- Consider a Cobb-Douglas production function, Y=zKα(Nd)1−α, with 0< α <1. (a) Show that this production function exhibits constant returns to scale. (That is, show that when K becomes xK and Nd becomes xNd, Y becomes xY for x > 0. (b) What is MPN? Is it increasing or decreasing in Nd?What is the difference between the short-run and long-run production periods? Why is it relevant to the economics analysis of firms? If different types of inputs are not as easy to adjust in a certain time period, what difference does this make to the graphs of cost curves for economic analysis?A19 Subject - economics Consider a constant returns-to-scale production function f(k, l). Show that f(k, l) = k ∂f/ ∂k + l ∂f /∂l
- Galaxy, a multinational corporation, has two plants, one in the United States and the other in Mexico, and it cannot change the size of the plants or the amount of capital equipment in the short run. The wage in Mexico is equivalent to US $5 per hour. The wage in the U.S. is $25 per hour. Given current employment situation, the productivity per worker in Mexico is 200 units per hour, and the productivity per worker in the U.S. is 400 units per hour.Is Galaxy maximizing output relative to its labor cost? If not, what should Galaxy do? Justify yourcompute the marginal product of capital (MPK) and the marginal product of capital (MPL) of b. Q=K2/ 5L3 /5Discuss “Land” as a special input of production?E xplain in deatail.
