technology can exhibit constant returns to scale and diminishing marginal product to each factor. True or False? Briefly explain.   1b. A technology can exhibit different kinds of returns to scale at different ranges of production. True or False? Briefly explain.

Q: Draw the production function graph illustration the three stages (diminishing returns) in the…

A: Incrementing returns, falling returns and negative returns are the three stages of production. The…

Q: Complete the following table and answer the short discussion question. Average Cost (AC) Average…

A: In economics, TFC is the cost incurred when the output production is zero; therefore, here, TFC is…

Q: 4. Consider the following input-output table for a certain economy consisting of three sectors (all…

A: We are going to solve for technology matrix in part a) and solve for feasible production level in…

Q: 4. Given the equation for the Cobb-Douglas production function Y = AK"L'- where 0< a < 1, A 2 0, K 2…

A: Cobb Douglas Production function: Y = AKα L1-α. Where Y is output; A is total factor productivity; K…

Q: A- what is prodcution technology? and give an example for the concept. B- What is the…

A: Technology plays a crucial role in influencing production. during this context, technology…

Q: hat is the difference between technology and technological​ change?   A. Technology is the…

A: Technology refers to the processes a firm uses to turn inputs into outputs of goods and services. On…

Q: Superconductor technology is becoming a widespread and indispensible component of the machines we…

A: Given,  Superconductors play a vital role in the manufacturing of machines. They are found in each…

Q: Three managers of APISYONADO Company are discussing a possible increase in production who do you…

A: MR.NADO is correct as according to him  the extra revenues from selling the additional perfume…

Q: 16. Consider the production process undertaken by a firm. Which of the following would imply that…

A: A long run is a situation where inputs are variable and prices are adjusted. Firms can expand or…

Q: (a) Explain how a firm uses resource price and value data to determine the appropriate combination…

A: Production function plays an important role to determine the nature of production of a firm and…

Q: Which of the following would be exhibited if a doubling of output can be achieved without doubling…

A: Usually, this happens only with increase in the productivity or technological advancements.

Q: For the following industries, state whether the long-run average cost curve has an extended range…

A: Returns to scale is the quantitative change in outputs of an industry or firm in response to an…

Q: Question 15 Consider the following figure (The following is a description of the figure: it shows a…

A: The process of production is the combining of the raw materials and the skills and knowledge of the…

Q: 16. Explain how the following events would affect the cost curves in the graph from the previous…

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

Q: Fill in the marginal product of labor in the table below. ​(Enter your responses as​ integers.)

A: Production function depicts the relation between the inputs used by a firm and the output produced…

Q: 6. Duane breeds parrots for a living. He has discovered that the production function for parrot…

A: Part d) Q = k1/2 l1/2 MPK = 1/2 (l1/2 k -1/2) Yes, capital obeys "the law of diminishing returns"…

Q: hich of the following statements are true? A basic assumption of the theory of production is that:…

A: The process of the combination of various material and immaterial inputs into output for the purpose…

Q: 1. Marty's Frozen Yogurt is a small shop that sells cups of frozen yogurt in a university town.…

A: a.Fixed input:Fixed input refers the quantity do not change as quantity of output changes, which is…

Q: 1. Describe and provide a graphical illustration of the theory of induced technological innovation.…

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

Q: Define average product and marginal product. Briefly explain reasons for a diminishing marginal…

A: We will answer the first question since the exact one was not specified. Please submit a new…

Q: On September 28, 2012. The Wall Street Journal reported that in the second quarter, the number of…

A: Let the total prepaid consumer b xNow,Number of prepaid customers grew about 11.7% to 71…

Q: For an increase in output, average costs change by more in the short-run than in the long-run, but…

A: find below the answer.

Q: what is the importance of long run and short run production in production theory?

A: A production function is a functional relationship between the inputs which are used in the process…

Q: The condition for profit maximization in the short run is to equate short-run marginal cost with…

A: The total revenue earned by a firm operating in a market is the sum of all payments received from…

Q: In economics, the cost of production is defined as the expenditures incurred to obtain the factors…

A: 1) When a firm pays the annual allowance of $10,000to the accountant, is an economist cost. This is…

Q: An economy can produce leather using labor and capital and wheat using labor and land. The total…

A: In the business examination, the production possibility frontier (PPF) is a bend showing the…

Q: At low levels of production, marginal productivity of labor increases as labor increases. At high…

A: The law of diminishing marginal returns expresses that when a benefit is acquired in a factor of…

Q: When it comes to the question on how long the short run is (in the context of production and cost),…

A: Factors of production: - The inputs that are used to produce goods and services are known as the…

Q: respond to changes in another? Why would a profit-maximizing firm expand the use of each input…

A: DISCLAIMER  “Since you have asked multiple question, we will solve the first question for you. If…

Q: According to data from the Longitudinal Survey of Companies of 2017, labor productivity in Chile is…

A: Disclaimer: Since you have asked multiple questions, we will solve the first question for you. if…

Q: Suppose a firm is currently producing where MPL=5 and MPK=10.  The cost of labor is w=40 and the…

A: MPL = 5 MPK = 10  Cost of labor w = 40  Cost of capital r = 60

Q: Draw labeled graph according to the question: The change in the optimal capital-labor ratio if both…

A: If both the inputs(labour and capital) are perfect complements in production, they are to be used…

Q: There are two factors of production, X and Y. They are being used to produce a fixed amount of…

A: Equilibrium is where isocost is tangent to isoquant.

Q: 1. The production function for the personal computers of DISK, Inc., is given by q =…

A: a. Let us make an assumption that Q is the output of Company D, q2 be the output for Company F and X…

Q: Complete the sentences to illustrate how economists and accountants view profit differently.…

A: We have to find following given questions.

Q: Please don't copy ans                      Economics You are the owner of a motorbike company that…

A: Production function of old firm : f(o) = mL0.5 Of new firm : f(n) = nL0.5 Cost functions are the…

Q: For an increase in output, average costs change by more in the short run than in the long run, but…

A: Average cost is the total cost per unit of output.  AC=TCQ

Q: 4. Which of the following industries do you think are likely to exhibit large economies of scale?…

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

Q: In a paragraph with a maximum of three sentences, explain the difference between an ordinary…

A: Business: The term business refers to an organization which has element occupied with business, or…

Q: 1. Suppose the production function for automobiles is given by q = kl-0.8k² -0.21² where q…

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

Q: Explain why the marginal cost of production must increased if the marginal product of the marginal…

A: The marginal cost of production refers to the change in total cost due to produce an extra unit of…

Q: Briefly explain the difference between economies of scale, economies of scope and returns to scale.

A: Answer to the question is as follows :

Q: Consider a production process where flowers are grown​ (the output) using gardeners​ (labor) and…

A: The Marginal Product of n labour = (total Product of n labour - total Product of p labour )/(n-p)…