The production function for Good X:MarginalProduct ofCapitalAP, = (OKAverageProduct ofCapitalLabor Capital Ouiput6.6.10575.75.706.2032426.716.203065733.31,0721.5246.4041.526 805045.230.4845.241.56.601,97632.93702.3912,72434.169.8033.334.056.2,99133 239.1003,0485.730.486.I103,016-3.227.421202.945-7.124.541) 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?6) The average product of capital of producing 2,991 units of outout (find point B) in the above table isequal to what?

The production function for Good X: Marginal Product of Capital Average Product ol Capital Labor Capital Ouiput 9. 6. 10 57 5.7 5.70 20 324 26.7 16.20 30 657 33.3 %3D 6. 40 1,072 41.5 26 80 9. 50 1.524 45.2 30.48 1.976 2391 60 45.2 32.93 70 41.5 34.16 34.05 33 23 9. 80 2.724 33.3 90 2,991 100 3,048 5.7 30.48 110 3,016 3.2 27.42 120 2.945 -7.1 24.54 1) s 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 2,991 units of output (find point A) in the above table is

The production function for Good X: Marginal Product of Capital Average Product ol Capital Labor Capital Ouiput 9. 6. 10 57 5.7 5.70 20 324 26.7 16.20 30 657 33.3 %3D 6. 40 1,072 41.5 26 80 9. 50 1.524 45.2 30.48 1.976 2391 60 45.2 32.93 70 41.5 34.16 34.05 33 23 9. 80 2.724 33.3 90 2,991 100 3,048 5.7 30.48 110 3,016 3.2 27.42 120 2.945 -7.1 24.54 1) s 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 2,991 units of output (find point A) in the above table is

Microeconomics A Contemporary Intro

10th Edition

ISBN:9781285635101

Author:MCEACHERN

Publisher:MCEACHERN

Chapter7: Production And Cost In The Firm

Section7.A: Appendix: A Closer Look At Production And Cost

Problem 1AQ

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