Safari File Edit View History Bookmarks Window Help 74% Tue 11:03 PM albany.edu Forum: Chapter 8: Hispanic Americans: Colonization, ... https://blackboard.albany.edu/bbcswebdav/pid-4093923-d.. My Questions | bartleby https://www.albany.edu/~by872279/micro/HW3.pdf 2. Draw isoquant maps for the following technologies. i) ƒ(L, K) = LK ii) g(L, K) = L + 2K iii) h(L, K) = min(2L, K) 3. Frisbees are produced according to the production function q where q =output of frisbees per hour, K =capital input per hour, L =labor input per hour. a) If K b) If K = 25, how much L is needed to produce 100 frisbees c) Graph the q defined in part a and part b. What is the RTS along this isoquant? Explain why the RTS is the same at every point on the isoquant. d) Graph the q = 50 and q = 200 isoquants for this production function also. Describe the shape of the entire isoquant map. e) Suppose technical progress resulted in the production function for frisbees becoming q = 3K + 1.5L. Answer part a through part d for this new production function and discuss how it compares to the previous case. 2K+L 10, how much L is needed to produce 100 frisbees per hour? per hour? 100 isoquant. Indicate the points on that isoquant 4. Consider the production function f(L, K) = L+K. a. Suppose K is fixed at 2. Find algebraic expressions for the total product of labor function TP(L), the average product of labor AP(L), and 187 25 PAGES 95 MAR 10

Microeconomics: Principles & Policy

14th Edition

ISBN:9781337794992

Author:William J. Baumol, Alan S. Blinder, John L. Solow

Publisher:William J. Baumol, Alan S. Blinder, John L. Solow

Chapter19: Labor And Entrepreneurship: The Human Inputs

Section: Chapter Questions

Problem 10DQ

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Question

Frisbees are produced according to the production function q = 2K+Lwhere q =output of frisbees per hour, K =capital input per hour, L =labor input per hour.

a) If K = 10, how much L is needed to produce 100 frisbees per hour? b) If K = 25, how much L is needed to produce 100 frisbees per hour?

c) Graph the q = 100 isoquant. Indicate the points on that isoquantd defined in part a and part b. What is the RTS along this isoquant? Explain why the RTS is the same at every point on the isoquant.

Safari
File
Edit
View
History
Bookmarks
Window
Help
74%
Tue 11:03 PM
albany.edu
Forum: Chapter 8: Hispanic Americans: Colonization, ...
https://blackboard.albany.edu/bbcswebdav/pid-4093923-d..
My Questions | bartleby
https://www.albany.edu/~by872279/micro/HW3.pdf
2. Draw isoquant maps for the following technologies.
i) ƒ(L, K) = LK
ii) g(L, K) = L + 2K
iii) h(L, K) = min(2L, K)
3. Frisbees are produced according to the production function q
where q =output of frisbees per hour, K =capital input per hour, L =labor
input per hour.
a) If K
b) If K = 25, how much L is needed to produce 100 frisbees
c) Graph the q
defined in part a and part b. What is the RTS along this isoquant? Explain
why the RTS is the same at every point on the isoquant.
d) Graph the q = 50 and q = 200 isoquants for this production function
also. Describe the shape of the entire isoquant map.
e) Suppose technical progress resulted in the production function for
frisbees becoming q = 3K + 1.5L. Answer part a through part d for this
new production function and discuss how it compares to the previous case.
2K+L
10, how much L is needed to produce 100 frisbees per hour?
per
hour?
100 isoquant. Indicate the points on that isoquant
4. Consider the production function f(L, K) = L+K.
a. Suppose K is fixed at 2. Find algebraic expressions for the total
product of labor function TP(L), the average product of labor AP(L), and
187
25
PAGES
95
MAR
10

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