Question A: Determine the production function (TP) and the marginal production function (MP) graphically as well as mathematically. Are these short run or long run production functions? Explain? Question B: What is the "Law of diminishing returns" and when does it set in for the company above? Question C: At what number of labour units (L) does the company achieve the highest possible production (Q)?

Q: Under what conditions do the following production functions exhibit decreasing, constant, or…

A: In a market, the production function represents the nature of the input resources in terms of their…

Q: Consider the following equation: Y = F (K, AN) Based on this equation, explain the concepts of…

A: Given,  Y=F(K, AN)where, Y is output K is Capital and AN is Effective Labor.Here, Y is a function of…

Q: The production function of a firm is x= A* l^a* k^(1-a-b)*e^b. l is labor, k is capital, e is…

A: Hello. Since you have posted multiple parts of the question and not specified which part needs to be…

Q: Consider the following production function: Q 3K + 6L where K represents Capital, L represents…

A: Since you have posted multiple question, as per answering guideline, we will solve first question…

Q: How are increasing returns to scale for a long-run production function and a downward sloping…

A: The increasing returns to scale means that the output is rising in a larger fraction than the rise…

Q: For the production function Q = 0.7L + K, returns to scale: a. Can be increasing, decreasing, or…

A: A production function q=f(L,K) is in constant return to scale if q'=f(λL,λK)=λf(L,K)=λq

Q: Determine the returns to scale implied by each of the production function. Q = 0.4Y1/2 +…

A: Q (Y,A,B) = 0.4Y1/2 + 0.3A1/4B1/4 + 2.0B1/2 To determine the returns to scale, we will multiply Y,…

Q: If a firm has a constant returns to scale production function F(K,L), then the ratio of inputs K L…

A: In long run firm experiences return to scale on its production function which are 1.Constant return…

Q: onsider the following production function: Q = 2K + 6L where K represents Capital, L represents…

A: Production function shows the different combinations of inputs that a firm uses in order to produce…

Q: Which of the following production functions exhibits decreasing returns to scale? A) Q=K^1/2 L^1/2…

A: Returns to scale are used to describe how production scale changes when all the factors of…

Q: which one is true If a firm uses 10 units of labour and 20 units of capital to produce 10 units of…

A: The marginal product of labor refers to the increase in the total output by the addition of one more…

Q: Include correctly labeled diagrams, if useful or required, in explaining your answers. A correctly…

A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: Suppose a short-run production function is described as Q=30L-0.05L^2 Where L is the number of…

A: Given: Q=30L-0.05L^2 We know, MPL = dQ/dL Therefore, dQ/dL = 30 - L  So, MPL= 30-L = 0 L=30 units

Q: A firm has a short run production function: Q = 16L^(1/2) where q = units of output, L = units of…

A: Answer: Given, Production function: Where, Q=units of output and L=units of labor The expression…

Q: Assuming a Cobb-Douglas production function with constant returns to scale then, as K rises with L…

A: Cobb-Douglas is a specific functional form of the production function, generally used to represent…

Q: Include correctly labeled diagrams, if useful or required, in explaining your answers. A correctly…

A: We are going to use Marginal returns to a factor and Marginal Cost relationship to answer this…

Q: Which of the following production function exhibits Economies of Scale? Q = K/2 + L O Q = K? + L Q =…

A: A production function depicts the relationship between the inputs used and the output produced in a…

Q: Answer all the following seven parts. (a) Show the conditions for a Cobb-Douglas production function…

A: The term "long-run" refers to a period during which the production function is determined solely by…

Q: The law of diminishing marginal returns will occur in a competitive firm as labor input is varied…

A: According to the law of diminishing marginal return, marginal return of labor will decline if we…

Q: The production function y =2( K0.3 L0.2 ) exhibits constant returns to scale.

A: Production function shows relationship between output produced and inputs used in the production.

Q: Consider the following production function: Q = 2K + 6L where K represents Capital, L represents…

A: The linear production shows inputs are perfect substitutes, meaning only one of them is used.

Q: Determine the returns to scale of this production function: F (x1, x2) = [xỉ + x]\/2 A. Constant…

A: If change in inputs changes output by an equal proportion, production function has constant returns…

Q: (а) Show the conditions for a Cobb-Douglas production function under (i) increasing returns to scale…

A: The study of production is completely different according to the time frame which is very important…

Q: Given the production function, the portion of the total product curve,  which is concave upward…

A: In an economyz production possibility curve shoes the trade-off between two products to be produced…

Q: Consider

A: Constant return to scale refers to when there is equal increase in output to increase in input…

Q: Consider several production functions below and indicate whether they exhibit constant, increasing…

A: The markets are the place where the buyers of various goods and services tend to interact and meet…

Q: What is correct about the relation between the production function and costs?   Question 10…

A: The correct answer is given in the second step.

Q: Assume the following production function for maize: Q=3K^1.2 L^0.5, where Q is the number of bags of…

A: We are going to find MRTS, factor intensity and returns to scale to answer this question.

Q: Which of the following is incorrect when there is one input (labor) in the production? The…

A: Answer: The production function is concave when its slope (marginal product of labor) falls. So the…

Q: Answer questions number 15 and 16 on the basis of the following output data for a firm. Assume that…

A: Given Number of workers Units of output 0 0 1 40 2 90 3 126 4 150 5 165 6 180

Q: Discuss the main feature behind the long run average cost curve in terms of usage of input.

A: In the long run , all factors are variable and nothing is fixed.The long-run average cost curve…

Q: firm has a Cobb-Douglas production function q = f(K, L) = KαL 1−α and faces wages, w, and rental…

A: Answer- "Thank you for submitting the question.But, we are authorized to solve only 3 subparts .For,…

Q: The simple (and silly) production function q = K/2 L-/2 (where q is output produced, and K and L +…

A: a production function gives the technological relation between quantities of physical inputs and…

Q: Q2. The economist for the ABC Truck Manufacturing Corporation has calculated a production function…

A: We have  Production function: Q=1.3L0.75K0.3             .... (1) Also Labor Capital 100 50…

Q: Determine whether the following statements are TRUE or FALSE. Explain your answer using graphs or…

A: Answer c) A constant return to scale is when an increase in input results in a proportional increase…

Q: Distinguish between short-run and long-run production decisions and illustrate their impact on costs…

A: Average cost is total cost divided by total production while marginal cost is the change in total…

Q: Consider the following production function: q = (KL)^α, where α > 0.   (a) Confirm that the…

A: Answer -

Q: Suppose that the production of Y uses two inputs, L and K. L can be any positive real number, while…

A: Economics as a subject deals with the allocation of scarce resources among humans with unlimited…

Q: A firm's production function is Q = min ( K, 2L ) , where Q is the number of units of output per day…

A: Long-run average total cost (LRATC) is a business measure that indicates the long-run average cost…

Q: Which situation below describes the increasing returns stage of the production function? a. Hiring…

A: Increasing returns to scale is a situation when the fixed factors are abundant compared to the…

Q: Q1. In the theory of production, diminishing marginal returns to labour holds in the short run…

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

Q: Distinguish between economies of scale and constant returns to scale. What shape will the long-run…

A: Economies of scale – A downward sloping LARC (Long run average cost curve)The constant return to…

Q: Consider a short run production function q=5L+K, using L units of labour and K units of capital.…

A: Production function is a function which shows the relationship between the output and the number of…

Q: Consider the following production function: Q = 3K + 6L where K is Capital, L is Labour and Q…

A: Given production function  Q=3K+6L Where K is capital and L is labor

Q: Complete the table above Solve the short run production function every of the above table.

A: Marginal Product of worker shows the number of extra units of yield (amount) each extra worker…