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- Q=ksquerLquebed and input prices arer=8birr perunite andw=2birr per unite.find the labour and capital that maximaize the level of output for atotal out lay of birr 240The period of a time when a firm is able to change all of inputs factors of production is called the:A) economic termB) short runC) accounting termD) long runFor the production function Qs = K0.5L0.7 find the returns to scale, recall that a doubling of inputs that doulbes output is a CONSTANT returns to scale = 1.0
- What is the increase in output that results from an increase in all of a firm’s outputs by some proportions? In long run production, a change in output necessitates the what?Calculate the marginal rate of technical substitution (MRTS)In our paper airplane company, some inputs were fixed and some were variable. Match the input to whether it was VARIABLE or FIXED. Paper- Stapler- Staples- Employees- Production space-
- please asnwer the question in the image Some economists believe that the U.S. economy as awhole can be modeled with the following productionfunction, called the Cobb–Douglas production function:Y 5 AK1/3L2/3,where Y is the amount of output, K is the amount ofcapital, L is the amount of labor, and A is a parameterthat measures the state of technology. For this productionfunction, the marginal product of labor isMPL 5 (2/3) A(K/L)1/3.Suppose that the price of output P is 2, A is 3, K is1,000,000, and L is 1,000. The labor market is competitive,so labor is paid the value of its marginal product.a. Calculate the amount of output produced Y and thedollar value of output PY.b. Calculate the wage W and the real wage W/P. (Note:The wage is labor compensation measured in dollars,whereas the real wage is labor compensationmeasured in units of output.)c. Calculate the labor share (the fraction of the value ofoutput that is paid to labor), which is (WL)/(PY).d. Calculate what happens to output Y,…Sam Malone is considering renovating the bar stools at Cheers.The production function for new bar stools is given byq = 0.1k 0.2l0.8 where q is the number of bar stools produced during the renovation week, k represents the number of hours of bar stoollathes used during the week, and l represents the number ofworker hours employed during the period. Sam would like toprovide 10 new bar stools, and he has allocated a budget of$10,000 for the project.a. Sam reasons that because bar stool lathes and skilled barstool workers both cost the same amount ($50 per hour),he might as well hire these two inputs in equal amounts.If Sam proceeds in this way, how much of each input willhe hire and how much will the renovation project cost?b. Norm (who knows something about bar stools) arguesthat once again Sam has forgotten his microeconomics.He asserts that Sam should choose quantities of inputs sothat their marginal (not average) productivities are equal.If Sam opts for this plan instead, how much of…Let the following table shows the short run production function where labor is variable and other resources are fixed. L 0 1 2 3 4 5 6 7 8 TPL MPL 4 6 8 6 4 2 0 -2 -4 APL Fill the table Identify the three stages of production
