How does the slope of the production function illustrate diminishing returns? The slope of the production function becomes steep as the quantity of increases because of diminishing returns. O A. more; capital B. more; labor O C. less; labor O D. less; capital

Q: a. Is it possible to have diminishing returns to a single factor of production and constant returns…

A: Law of diminishing returns and constant returns to scale are different concepts. Therefore both can…

Q: Please complete the following statement. When isoquants are convex O a. the marginal rate of…

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Q: 1. Consider the production functions for good X and good Y: X = K? + L ; Y = 20\KL A. Show and…

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Q: The shape of this production function suggests O A. a constant marginal product of capital. B. an…

A: Marginal product of capital is the additional output obtained by increasing capital by one unit. The…

Q: When both factor and non-factor input change, the period of production is O a. Mid-run O b. Long run…

A: Factors of inputs are used to produce finals goods for the consumers. since multiple questions are…

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

A: The production function given is a short-run production function as one factor of production (labor)…

Q: According to the law of diminishing return in short run O as we hire more labors, while other inputs…

A: the law of diminishing return is when the marginal product of the output decreases as a single…

Q: The figure shows the production function of a farmer who produces grain by working certain hours…

A: We have given a graph showing production curve of a farmer.  Labor hour is on x-axis and quantity of…

Q: What is the marginal product of capital (MPK) for the following production function Q = min {L, K} ?…

A: Production function: Q = min {L , K} The above production function depicts that input Labor (L) and…

Q: 2. Consider a Cobb-Douglas production function, f(K, L) = KªL® , where K is capital, L is labour,…

A: We are going to explain the process to identify how we choose capital and labor that maximizes the…

Q: The Cobb-Douglas production function with output Q and capital and labor inputs K and L,…

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Q: Units of Units of Labor, L Capital, K 1 2 3 4 1 50.0 66.7 75.5 80.0 2 66.7 100.0 120.0 133.3 3 120.0…

A: Answer: option c (long-run; can both be varied) Explanation: In the long run, both labor and capital…

Q: QI Suppose that TC0 = $2000, w = $90, and r = $60. a. Graph the isocost line corresponding to a…

A: What does it mean to be constrained by a tight budget? A budget restriction is a financial word that…

Q: Consider the production function q = f(L,K) = ALªK®, where A, a, b are positive constants. For what…

A: The link between the amount of productive inputs (such as labour and capital) needed and the amount…

Q: Emily owns a small dress factory. She notices that, when she added her brother to the payroll, the…

A: The measure that depicts the total output amount that a firm could be a product with the amount of…

Q: Suppose the production function in an economy is Y = KU.LO.S, where K is the amount of capital and L…

A: The production function is given as, `Y=K0.5L0.5 where the K is the amount of capital and L is the…

Q: Which of the following statements about labour productivity (Y/L), also known as the average product…

A: The productivity of labour plays an important role in the organization because it is the…

Q: Production Function. Consider the Cobb-Douglas production function discussed in class: F(K, L) =…

A: The Cobb–Douglas production function is a functional form of the production function that is widely…

Q: 1. Consider the production functions for good X and good Y: X = K? +L ; Y = 20/KL A. Show and…

A: The marginal product of labor is the ratio of change in output to the change in labor. It means as…

Q: 1. Consider the production functions for good X and good Y: X = K? +L ; Y = 20/KL A. Show and…

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Q: a) Given the production function y = (l'+K")P, what is the technical rate of substitution, the…

A: Answer is given below

Q: The difference between the short run and the long run is that: O A. In the short run all inputs are…

A: The long-run is best defined as a time period during which all inputs can be variable. It provides…

Q: This is a think and explain question. No math for this one. Suppose that the production function q…

A: Given: Production function: q=f(L,K) If, L=3 K=5 Output is: q=10

Q: The table below shows various values of labour (L), capital (K), and technology (T) for Economies A,…

A: Production function : Y = T ×KL constant returns to scale = When we increase all the inputs by a…

Q: hich 2 of the following statements are correct? elect one or more: O a. The higher capital per…

A: Production function shows how with increases in the input the output increases. It gives the…

Q: The figure below displays two level curves from a firm's production function. Assume that the…

A: It is given that capital gets doubled from2 to 4 and labor is increased but not doubled. Output is…

Q: A technological advancement will cause O a) the production function to shift downward. O b) the…

A: Production function creates a relationship between input and output of goods.

Q: QUESTION 8 Which of the following statements concerning the relationships between total product…

A: We can answer this question using subsequent graph of the Total Product, Marginal Product and…

Q: Consider the following diagram of the per-worker production function (output per worker as a…

A: Supply is the concept which shows the level of quantity that producers or sellers produce or supply…

Q: Suppose that a production function for labor (L) and capital (K) is given by: q(L,K) = %3D L K02 .…

A: Increasing returns to scale: - Increasing returns to scale means that the output increases in more…

Q: Using the information given in the table, draw the isoquant corresponding to an output level of 135.…

A: output of 135 can be produced by following combinations of labor and capital:

Q: Question 2 in the second stage of production function the TP and MP is O A. TP is increase and MP is…

A: MP is the derivative of TP. Therere are three stages of production which shows the increasing…

Q: hire any more workers? She estimates that the additional workers would generate th following output.…

A: Workers hired Total Product Average Product Marginal Product 0 0 -- -- 1 12 12 12 2 22 11 10…

Q: Question 2 All possible combinations of labor and capital that yields the same output level is…

A: In a market, when analyzing the supply-side economic variables, firms use different terms to explain…

Q: How does the slope of the production function illustrate diminishing returns? The slope of the…

A: Answer - Need to find- The slope of production function becomes "-----" steep as the quantity of…

Q: Refer to the graph shown. Within which section(s) of the production function is marginal product…

A: Here, the given graph shows the production function of a firm to explain the different phases of the…

Q: Moving along the total product curve, which of the following is held constant? Select one: a.…

A: The total product (TP) curve speaks to the aggregate sum of yield that a firm can create with a…

Q: Production function Capital equipment per worker ($ thousands) Which 2 of the following statements…

A: Production is the process by which final goods or services are created from the raw materials…

Q: A firm that always employs two workers for each unit of capital follows which type of production…

A: The technological relation that exists between quantities of the output of goods and the quantities…

Q: how the marginal product of labor and the average product of labor change as the quantity of labor…

A: Marginal product of labor is that the extra units of output produced with increase within the amount…

Q: When the total product curve is falling, the: O a. average product of labor must be negative. O b.…

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

Q: A firm's isoquant shows O A. The amount of labor needed to produce a given level of output with…

A: Isoquant Curve belongs to producer" Theory   and Producer can find equilibrium level of output at…

Q: The law of diminishing returns implies that, with the use of capital fixed, as the use of labor…

A: Answer to the question is as follows :

Q: According to the law of diminishing return in short run O If we double all inputs, output will…

A: 20) the law of diminishing return is measured when the marginal output of production decreases due…

Q: Suppose the production function is given by O= 10K - BL. What is the average product of capital when…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: a.)Suppose that labor is the only variable input in the production process. If the marginal cost of…

A: Note: You have uploaded two questions at a time . Hence, we shall answer only the first one for you.…

Q: The Cobb-Douglas production function with output Q and capital and labor inputs K and L,…

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Q: Explain intuitively what might cause the marginal product of labor to become negative. The marginal…

A: The correct answer is C. If workers get in each others way there would be a time where the…

Q: Can a firm have a production function that exhibits increasing returns to scale, constant returns to…

A: Production function shows the relationship between inputs and output. it shows how many inputs is…