Q(K, L) = 4K²L2 Type your answers in all of the blanks and submit The production function of good x is as follow: a. What is the marginal production of capital with 16 labor and 4 capital? Type your answer her b. Calculate the slope of the isoquant when the entrepreneur is producing efficiently with 10 labors and 400 units of capital. Slope = Type your answer here (absolute value.) c. If we increase the amount of labor we use in our production process from 10 to 1000 units, how much change in capital is needed for us to stay on the same isoquant? Change in K= Type your answer here (Actual value, negative if decrease and positive if increase) d. Is diminishing return a characteristic of this production function? For labor? (yes/no) Type your answer here ;For Capital (yes/no)? Type your answer here
Q(K, L) = 4K²L2 Type your answers in all of the blanks and submit The production function of good x is as follow: a. What is the marginal production of capital with 16 labor and 4 capital? Type your answer her b. Calculate the slope of the isoquant when the entrepreneur is producing efficiently with 10 labors and 400 units of capital. Slope = Type your answer here (absolute value.) c. If we increase the amount of labor we use in our production process from 10 to 1000 units, how much change in capital is needed for us to stay on the same isoquant? Change in K= Type your answer here (Actual value, negative if decrease and positive if increase) d. Is diminishing return a characteristic of this production function? For labor? (yes/no) Type your answer here ;For Capital (yes/no)? Type your answer here
Chapter11: The Firm: Production And Costs
Section: Chapter Questions
Problem 8P
Related questions
Question
Transcribed Image Text:Q(K, L) = 4K²L2
Type your answers in all of the blanks and submit
The production function of good x is as follow:
a. What is the marginal production of capital with 16 labor and 4 capital? Type your answer her
b. Calculate the slope of the isoquant when the entrepreneur is producing efficiently with 10 labors
and 400 units of capital. Slope = Type your answer her
(absolute value.)
c. If we increase the amount of labor we use in our production process from 10 to 1000 units, how
much change in capital is needed for us to stay on the same isoquant? Change in K=
Type your answer here
(Actual value, negative if decrease and positive if increase)
d. Is diminishing return a characteristic of this production function? For labor? (yes/no)
Type your answer her
;For Capital (yes/no)? Type your answer here
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