i need the answer quickly is Labour and C is Capital. Find the slope of isoquant. What will be the slope when L= 2012L3/4. K1/4, where Q is Output, L%3DExample 6: A production function is given by Qand K = 20.

An isoquant is a graphical representation of combinations of capital and labor that a firm can use…

Answered: is Labour and C is Capital. Find the…

Survey Of Economics

10th Edition

ISBN:9781337111522

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter6: Proudction Costs

Section: Chapter Questions

Problem 3SQP

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You are given the production function: Q(k,L)=10KaLB a) What is the average product of labour, holding capital fixed at K? Simplify fully b) What is the marginal rate of technical substitution (MRTS)? Simplify fully Does the above function exhibit increasing, decreasing or constant returns to scale? Illustrate why and explain what this means
Suppose the production function for widgets is given by KL – 0.5K2 – 0.1 L2 , where q represents the annual quantity of widgets produced, K represents annual capital input, and L represents annual labor input. (a). Suppose K=5; what is the average productivity of labor (Average product of Labor, MPL) (b). Suppose K=10; at what level of labor input does the total output reach the maximum?
y = F(L,K) = min(L,3K) Show if the leontief production function displays constant returns to scale.
(1) q=35L + 40K (2) q=L.5K.5 For the production functions of (1) and (2) create the isoquants for q = 100, and for q = 144 with K on the vertical axis and L on the horizontal axis.
Given the linear production function: Log (Q) = Log (0.5) + Log (L) + Log (K) Where Q is the level of output, L is the units of labor and K is the units of capital employed. a. Transform the above expression from log linear form to Cobb Douglas form. b. Interpret the returns to scale concept of the Cobb Douglas function. c. What is the percentage increase in output if labor and capital increase by 20%?
Suppose the production function for widgets is given by q=KL+6L²-0.1L³ where q represents the annual quantity of widgets produced, K represents annual capital input and L represents annual labor input. A) Suppose K=10. At what level of labor input does average product of labor reach a maxiumum? How many widgets are produced at that point? B) Again assuming that K=10, at what level of labor input does MPL=0? C)Determine and show whether the production process exhibits law of diminishing returns.
Consider the augmented production function Y equals A K to the power of 1 divided by 3 end exponent open parentheses H N close parentheses to the power of 2 divided by 3 end exponent, where Y is output, A is total factor productivity, K is capital, N is the number of workers, and H is average years of education. Suppose that A=2, K=8, and N=1000. What is the average product of labor (or output per worker) if H is 15.7?
If the production function is Q = 30 + 22L + 44K, what’s the most you can produce with 9 workers (L) and 2 unit of capital (K)?Enter as a value.
Assuming a Cobb-Douglas production function with constant returns to scale, then, as L rises with K and A constant, it will be the case that: (a) Both the marginal product of labour and the marginal product of capital will fall(b) The marginal product of labour will fall and the marginal product of capitall will rise(c) Both the marginal product of labour and the marginal product of capital will rise(d) The marginal product of labour will rise and the marginal product of capital will fall
Does this production function q = 9K0.8L0.1 exhibits [increasing return to scale, constant return to scale, decreasing constant return to scale]
Given: Y = 20(L.5K.4N.1) L is labor K is capital N is land L = 100 K = 100 N = 100 Does this production function exhibit constant returns to scale? Explain using numbers
For each of the following production functions, determine whether it exhibits increasing, constant or decreasing returns to scale: a) Q = 2K + L b) Q = 3L + L/K c) Q = Min(2K,L) d) Q = L*K

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is Labour and C is Capital. Find the slope of isoquant. What will be the slope when L= 20 Example 6 : A production function is given by Q = 12L 3/4. K1/4, where Q is Output,L and K = 20.