The production function given in equation 6.7 is a special case of Cobb-Douglas function.

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Answer 1

Question

Chapter 6, Problem 6.7P

a.

To determine

To show: The production function given in equation 6.7 is a special case of Cobb-Douglas function.

b.

To determine

To state: If doubling of ‘K’ and ‘L’ will double ‘q’ when a+b=1 .

c.

To determine

To state: If doubling of ‘K’ and ‘L’ will less than double ‘q’ when a+b≺1 .

d.

To determine

To state: If doubling of ‘K’ and ‘L’ will more than double ‘q’ when a+b≻1 .

e.

To determine

To state: Returns to scale exhibited by Cobb-Douglas function.

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Students have asked these similar questions

Assuming a Cobb-Douglas production function with constant returns to scale, then, as L rises with K and A constant, it will be the case that: a. Both the marginal product of labour and the marginal product of capital will fall b. The marginal product of labour will fall and the marginal product of capital will rise c. Both the marginal product of labour and the marginal product of capital will rise d. The marginal product of labour will rise and the marginal product of capital will fall

The equation below is a production function,Q = (200)L + (100)K – (0.2)L2 – (0.1)K2 , where Q is output, L is labor and K is capital. What is the Marginal Product of capital of this function? 200 - (0.4)L - (0.2)L 100 - (0.2)K - (0.1)K

Consider the following production function when K is fixed. (This is a description of the figure: it shows a two-axis graph; in the horizontal axis we measure labor and in the vertical axis we measure meals; the graph of the production function is a line that intersects the vertical axis at a positive amount; this graph is a line with positive slope and passes through the point (4,300)). Can we say that the production function satisfies the law of decreasing marginal returns of labor?True False

Answer 2

Question

Chapter 6, Problem 6.7P

a.

To determine

To show: The production function given in equation 6.7 is a special case of Cobb-Douglas function.

b.

To determine

To state: If doubling of ‘K’ and ‘L’ will double ‘q’ when a+b=1 .

c.

To determine

To state: If doubling of ‘K’ and ‘L’ will less than double ‘q’ when a+b≺1 .

d.

To determine

To state: If doubling of ‘K’ and ‘L’ will more than double ‘q’ when a+b≻1 .

e.

To determine

To state: Returns to scale exhibited by Cobb-Douglas function.

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Answer 3

Question

Chapter 6, Problem 6.7P

a.

To determine

To show: The production function given in equation 6.7 is a special case of Cobb-Douglas function.

b.

To determine

To state: If doubling of ‘K’ and ‘L’ will double ‘q’ when a+b=1 .

c.

To determine

To state: If doubling of ‘K’ and ‘L’ will less than double ‘q’ when a+b≺1 .

d.

To determine

To state: If doubling of ‘K’ and ‘L’ will more than double ‘q’ when a+b≻1 .

e.

To determine

To state: Returns to scale exhibited by Cobb-Douglas function.

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Answer 4

Question

Chapter 6, Problem 6.7P

a.

To determine

To show: The production function given in equation 6.7 is a special case of Cobb-Douglas function.

b.

To determine

To state: If doubling of ‘K’ and ‘L’ will double ‘q’ when a+b=1 .

c.

To determine

To state: If doubling of ‘K’ and ‘L’ will less than double ‘q’ when a+b≺1 .

d.

To determine

To state: If doubling of ‘K’ and ‘L’ will more than double ‘q’ when a+b≻1 .

e.

To determine

To state: Returns to scale exhibited by Cobb-Douglas function.

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Answer 5

Chapter 6, Problem 6.7P

a.

To determine

To show: The production function given in equation 6.7 is a special case of Cobb-Douglas function.

b.

To determine

To state: If doubling of ‘K’ and ‘L’ will double ‘q’ when a+b=1 .

c.

To determine

To state: If doubling of ‘K’ and ‘L’ will less than double ‘q’ when a+b≺1 .

d.

To determine

To state: If doubling of ‘K’ and ‘L’ will more than double ‘q’ when a+b≻1 .

e.

To determine

To state: Returns to scale exhibited by Cobb-Douglas function.

Answer 6

Chapter 6, Problem 6.7P

a.

To determine

To show: The production function given in equation 6.7 is a special case of Cobb-Douglas function.

Answer 7

Chapter 6, Problem 6.7P

a.

To determine

To show: The production function given in equation 6.7 is a special case of Cobb-Douglas function.

Answer 8

b.

To determine

To state: If doubling of ‘K’ and ‘L’ will double ‘q’ when a+b=1 .

Answer 9

b.

To determine

To state: If doubling of ‘K’ and ‘L’ will double ‘q’ when a+b=1 .

Answer 10

c.

To determine

To state: If doubling of ‘K’ and ‘L’ will less than double ‘q’ when a+b≺1 .

Answer 11

c.

To determine

To state: If doubling of ‘K’ and ‘L’ will less than double ‘q’ when a+b≺1 .

Answer 12

d.

To determine

To state: If doubling of ‘K’ and ‘L’ will more than double ‘q’ when a+b≻1 .

Answer 13

d.

To determine

To state: If doubling of ‘K’ and ‘L’ will more than double ‘q’ when a+b≻1 .

Answer 14

e.

To determine

To state: Returns to scale exhibited by Cobb-Douglas function.

Answer 15

e.

To determine

To state: Returns to scale exhibited by Cobb-Douglas function.

Answer 16

Expert Solution & Answer

Answer 17

Expert Solution & Answer

Answer 18

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Answer 19

Ch. 6.2 - Prob. 1TTA Ch. 6.2 - Prob. 2TTA Ch. 6.2 - Prob. 1MQ Ch. 6.2 - Prob. 2MQ Ch. 6.3 - Prob. 1TTA Ch. 6.3 - Prob. 2TTA Ch. 6.3 - Prob. 1MQ Ch. 6.3 - Prob. 2MQ Ch. 6.4 - Prob. 1TTA Ch. 6.4 - Prob. 2TTA

The production function given in equation 6.7 is a special case of Cobb-Douglas function.

Solution Summary: The production function given by equation 6.7 is a special case of Cobb-Douglas function because of the relationship between inputs.

To show: The production function given in equation 6.7 is a special case of Cobb-Douglas function.

To state: If doubling of ‘K’ and ‘L’ will double ‘q’ when a+b=1 .

To state: If doubling of ‘K’ and ‘L’ will less than double ‘q’ when a+b≺1 .

To state: If doubling of ‘K’ and ‘L’ will more than double ‘q’ when a+b≻1 .

To state: Returns to scale exhibited by Cobb-Douglas function.

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Chapter 6 Solutions