Use the graph to answer the questions below. X2 В (3, 4) A (1, 5) Y2 Y1 C(7, 2) 4. Which point has greater output? A. point A В. point B C. point C D. all have equal output 5. Calculate the Marginal Rate of Technical Substitution when moving from A to C (where I am now- where I was).
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- What about the other part of the question that talks about the elasticity of substitution and the returns to scale?what is the marginal rate of substitution when the price of coffee is $1.00 per ounce? the prof said the answer is -2.Calculate your marginal rate of substitution as a function of B and C. U(B,C)=B^(1/4)C^(3/4)
- Each extra worker produces an additional unit of outputup to six workers. As more workers are added, noadditional output is produced. Draw the total product oflabor, average product of labor, and marginal product oflabor curves in a graph SHOW IN EXCEL PLEASEBrian uses wool (K) and labour (L) to produce t-shirts (q). The production function is: q = min{1/3L, 2K}. The inputs are perfect complement.If he uses 0.5 kg of wool and 3 hours of labour, he can produce 1 t-shirt. Draw isoquants for q = 1, q = 2 and q = 3 on a diagram with labour on horizontal axisand wool on vertical axis.Explain the properties of production function? Given a production function of this nature AX1a X2b=Y, determine the Marginal Rate of Technical Substitution.
- 1. What factors give rise to increasing returns to scale and decreasing returns to scale? 2. Define and then derive the expression for the marginal rate of technical substitution.How firm choose optimum combination of inputs in short run and long run explain theoritically and graphically?Write out an example Cobb-Douglas production function. Derive the signsfor the relationship between labor and output and for marginal product oflabor and labor, holding other inputs fixed. Explain with economic intuition.
- There are two factors of production, X and Y. They are being used to produce a fixed amount of output called A. If the amount of output, A is held constant, and the isoquants are convex, would the price of X going down always mean less of Y is used? Explain why or why not by explaining through the use of a graph.Q: Theoretically and graphically explain how firm choose optimum combination of inputs in short run and in the long run.Brian uses wool (K) and labour (L) to produce t-shirts (q). The production function is: q = min{1/3L, 2K}. The inputs are perfect complement.If he uses 0.5 kg of wool and 3 hours of labour, he can produce 1 t-shirt. Draw an expansion path on a diagram and derive an expression for the expansion path. How does it depend on the wage and the price of wool?