The production function for Good X:AP, = (O/KAverageProduct ofCapitalMarginalProduct ofLaborCapital OuiputCapital9.6.10575.75.702032426.716. 209.3065733.3401,07241.526 80501.52445.230.48601.97645.23293702,39141.534.1634.0533.239.802.72433.36.2,9911003,0485.730.481103,0161.227 421202.945-7.124.541) Is the production function for good X exhibited in the above table for the long run or the short run?Explain your answer.2) The marginal product of capital of producing 2991 units of outout (find point A) in the above table isequal to what?3) The production function for good X in the above table exhibits increasing marginal returns to capital overwhat outout range?4) The production function for good X in the above table exhibits negative marginal returns to capital overwhat outout range?5) The production function for good X in the above table exhibits decreasing marginal returns to capitalover what output range?The average product of capital of producing 2,991 units of outout (find point B) in the above table isequal to what?*Note: this question may be worded incorrectiy / may need correction

The production function for Good X: Marginal Product of Capital AP, OK Average Product of Capital Labor Capital Ouiput 10 57 5.7 267 5.70 20 324 16.20 30 657 33.3 40 1,072 41.5 26 80 50 1.524 45.2 30.48 1,976 45.2 3293 70 2391 2.724 41.5 34 16 80 33.3 34.05 2.991 33 23 100 3,048 3.7 30.48 T10 3,016 -3.2 27 42 6. 120 2945 -7.1 2454 1) is the production function for good Xexhibited in the above table for the long run or the short run? Explain your answer. 2) The marginal product of capital of producing 2991 units of outout find point Aj in the above table is equal to what? 5) The production function for good Xin the above table exhibits increasing marginal returns to capital o what outout range? 4) The production function for good Xin the above table exhibits negative marginal returms to capital ove what outout range? 5) The production function for good X in the above table exhibits decreasing marginal returns to capital over what outout range? 6) The average product of capital of producing 2.991 units of outout (find point B) in the above table is equal to what? Note: this question may be worded incorrectiy / may need corection

The production function for Good X: Marginal Product of Capital AP, OK Average Product of Capital Labor Capital Ouiput 10 57 5.7 267 5.70 20 324 16.20 30 657 33.3 40 1,072 41.5 26 80 50 1.524 45.2 30.48 1,976 45.2 3293 70 2391 2.724 41.5 34 16 80 33.3 34.05 2.991 33 23 100 3,048 3.7 30.48 T10 3,016 -3.2 27 42 6. 120 2945 -7.1 2454 1) is the production function for good Xexhibited in the above table for the long run or the short run? Explain your answer. 2) The marginal product of capital of producing 2991 units of outout find point Aj in the above table is equal to what? 5) The production function for good Xin the above table exhibits increasing marginal returns to capital o what outout range? 4) The production function for good Xin the above table exhibits negative marginal returms to capital ove what outout range? 5) The production function for good X in the above table exhibits decreasing marginal returns to capital over what outout range? 6) The average product of capital of producing 2.991 units of outout (find point B) in the above table is equal to what? Note: this question may be worded incorrectiy / may need corection

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter10: Cost Functions

Section: Chapter Questions

Problem 10.11P

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