The of an input is the output per unit of the input

Q: his refers to the ratio of a small increment of cost and a small increment of output. a. Increment…

A: Below is the formula for marginal cost:

Q: Fill in the gaps in the table below. (Enter your responses rounded to two decimal places.) Quantity…

A: Step 1:The general formulas to determine the total output (TP), the marginal production cost of…

Q: Consider production function f(L, K) = 10VLK and input prices w :10,r = 90.

A:

Q: The slope of an isoquant is known as

A: Meaning of Production Function: The term production function refers to the situation under which a…

Q: An isoquant slopes

A: To find:  An isoquant slope is:

Q: Construct the cost schedule

A: Cost schedule refers to the table that shows the total cost of production at different levels of…

Q: With reference to returns to scale: a) Explain what is meant by returns to scale. b) Use an isoquant…

A: a) Returns to scale refers to how the output changes as the input changes. There are three types of…

Q: e le öf inputs.

A: Aggregate supply curve is defined differently according to different economists. The classical…

Q: Production function of a company is given by f(x;y)= root of x + root of y where x is labor and y is…

A: Given:  f(x;y)= x+yCost of labor = w=2 currency unitsCost of capital =r= 1 currency unit

Q: Explain the Law of Returns to Scale with the help of an example.

A: Long run refers to a period of time in which all the input of the firm are totally variable, that…

Q: Draw the isoquant map for the technology q = √LK. Be precise.

A: Isoquant shows all the different combinations of the two inputs that can used in order to produce…

Q: Cost A company buys and retails baseball caps, andthe total cost function is linear. The total cost…

A: Marginal cost shows the increment in the total cost by producing an additional unit of the cap.

Q: The first unit of a product took 1,000 hours to build and the learning curve is 85%. How long will…

A: To produce the first unit takes 1000 hoursTo produce second unit = TN=T1(Nb) T2=1000×(2log2 0.85)=…

Q: Find 10 problems related to variable cost and solve it.

A: Variable cost is such a cost which vary directly with the level of output. They can be of two types…

Q: Economies of Scale

A: All the firms total cost meeps on increasing.

Q: Input Total Product 20 32 42 50 55 58 8. 58 56 1. From the table given above, answer the following…

A: AP is the average product which is the ratio of total product and input.MP is the Marginal product…

Q: Find the cost function for the marginal cost and fixed cost. Marginal Cost Fixed Cost (x = 0) dC…

A: Marginal cost: Marginal cost can be defined as the cost that is incurred on the production of an…

Q: When the quantity of a variable input is increased from 3 units to 4 units the total output…

A:

Q: Which of the following is an example of a Variable Cost? A. an employee who makes $40,000 a year B.…

A: Fixed cost is the cost that remain same at all levels of output. Variable cost is the cost the…

Q: Define production function

A: Production is the process of merging numerous material and immaterial inputs (plans, information) to…

Q: Output (units) (units) (units) (units) |(dollars) (dollars) (dollars) 1 $500 $0 1 1 10 (A). $500…

A: We know ,      TC = TFC + TVC      TC = 500+ 600       TC = $1100

Q: Differences between implicit cost and explicit cost

A: Explicit costs are defined as those costs which leads to an outlay of cash from the business. It is…

Q: When the quantity of a variable input is increased from 4 to 6 units, the total output increases…

A:

Q: Consider the production function f (L,K) = 10(L + 3K) a. Draw the isoquant qo 600, being careful to…

A:

Q: A technology firm has determined that their lowest total cost production technology is $880. If…

A: The lowest total cost of production technology is $880 The machines cost is $100 The company has…

Q: A firm has the production function f(x, y) = x³yº.3, where a>0.7. This firm has Select one: O a.…

A: Given  Production function : f(x,y) = x^a × y^0.3 , where a>0.7. To check whether it has what…

Q: 1. Economies of scale Vision Source is a cable television provider. In the long run, Vision Source…

A: Average total cost (ATC) = Total cost (TC) / Output (Q) When Q = 20,000, ATC = 700,000 / 20,000 = 35…

Q: 10. A firm has the production function f(x, y) = 60x45 yl15. The slope of the firm's isoquant at the…

A: The isoquant is the slope of the firms combination of the output which can be produced with the…

Q: Find total cost if output is 39 units and average cost is $22

A: The Given information is as follows:- Output of firm = 39 units  Average cost = $22  We have to find…

Q: Define economies of scale

A: Economy of scale is a microeconomic term used as an important element of productivity growth.…

Q: Describe the relationship between the marginal product and the total product of a firm [

A: Total product can be defined as the total output produced by all the workers while the marginal…

Q: As the marginal physical product of a variable input increases, the marginal cost decreases. a.…

A: The cost of one additional unit of output is known as marginal cost. The concept is used to…

Q: Consider the production function Q = 10KL. Will the MRTS for this production function remain…

A: Here,  Q = 10KL And, MRTS which is marginal rate of technical substitution is defined as the the…

Q: Consider production function f(L, K) = 10VLK and input prices w = 10,r = 90.

A:

Q: An is a collection of input bundles that yield the same output level

A: An Isoquant is a collection of the input bindles that yield the same output level

Q: A firm has the production function f(x, y) = 20x/5 y/5. The slope of the firm's isoquant at the…

A: The production function is given by , f(x,y)=20x1/5y4/5

Q: Determine the multifactor productivity for the combined input of the labor and the machine time…

A: Multifactor productivity is the ratio of output and combined costs of inputs and it determines the…

Q: If the cost of an oven is $500, what is the marginal product per dollar spent on capital for the…

A: Labor and capital are factors of production to produce total product.

Q: Give relation between average product and marginal product.

A: Average Product is the total product per unit of output. Average Product =Total ProductOutput…

Q: A cost that changes with the level of production is called a(n)____cost a.variable b.average total…

A: Ans. The cost is the expenditures that are incurred during the production of the goods and services.…

Q: "Isoquants and isocosts are tools of optimization." Analyse the statement.

A: The firm uses inputs in the production process which is called factors of production. There are four…

Q: Imagine a smartphone company has the following costs when they produce 200 phones: $50 in average…

A: When some product is manufactured, cost  takes place and process of business gets accelerated.…

Q: Emco Company has an assembly line of fixed size A. Total output is a function of the number of…

A: MPL = Change in Q / Change in L APL = Q / L L Q MPL APL 0 0     1 10 10 10 2 35 25 17.5…

Q: What is the difference between a fixed input and a variable input?

A: Inputs are the resources that are used in the production of output. There are generally four inputs…

Q: Assume that it costs a company approximately C(x) = 400,000 + 180x + 0.001x2 dollars to manufacture…

A: Answer: Given, Cost function: Cx=400,000+180x+0.001x2 (a). To find the marginal cost function let us…