2. Given the productivity function Q = 36L2 – 3L3. a) Find the level of laborers that maximizes the productivity. b) Find the level of L for which the law of diminishing returns starts to appear.
Q: K L Q 10 10 1 15 10 30 10 3 50 10 4 60 10 65 10 6 68 What is the marginal product of labor for the…
A: The marginal product of labor (MPL) refers to increase in total production or output (Q) when one…
Q: Suppose that we have a linear production function Q = 10L + 2K. (Quantity = labor + capital) If the…
A: We are going to find Marginal Rate of Technical Substitution to answer this question. Always…
Q: Use the following table to answer the questions below. Number of chefs Number of pizzas produced…
A: Marginal Product of Labor (MPL): - it is the change in total production due to the employment of an…
Q: only answer D 1. Consider a firm with Total Output function (Production Function) given by Q =…
A: We are going to solve for Part D of the main question as requested.
Q: 1. Consider a firm with Total Output function (Production Function) given by Q = 6L2 – 0.4L3, where…
A: NOTE: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…
Q: is Labour and C is Capital. Find the slope of isoquant. What will be the slope when L= 20 Example 6…
A: An isoquant is a graphical representation of combinations of capital and labor that a firm can use…
Q: Explain the law of diminishing returns of a variable input. What is characteristic for total…
A: Law of diminishing returns to the variable input states that as the variable input keeps on…
Q: If a firm's production function is Leontief and the wage rate goes up, the: Multiple Cholce firm…
A: Leontief production function use a fixed proportion of labor and capital. We can say that technology…
Q: q = VKL where q is the produced quantity, K is the level of capital used in production and L is the…
A: 20. According to the question , q = (KL)1/2…
Q: production function 05 TPL =…
A: To find out MPL function , take first order derivative of TPLfunction .⇒To find out MPL function ,…
Q: Whenever the total factor cost function and the total value of the product function are parallel to…
A: In the market, total cost curve depicts the amount of money used by the firm to make production…
Q: The following is output data for a firm. Assume that the amounts of all non-labour resources are…
A: The law of diminishing returns states that benefits or advantages acquired from something will…
Q: Consider the following production function that depends only on labor:Q = 2L + 6L² - 3L³
A: Given information: Q = 2L + 6L2 - 3L3 ---> Production function. Where Q is output produced L is…
Q: As we add more capital to more labor, eventually the law ofdiminishing marginal returns will set…
A: Law of Diminishing Returns- It states that as we increase units of variable input keeping the other…
Q: A firm has a short-run production function as Q = 50 L + 6 L2 – 0.5 L3 Where Q = Quantity of…
A: The short-run is the time period where at least one factor is fixed and others are variable. In…
Q: 1. A firm's production function is Q = 50L – 0.01L , where L denotes the size of the workforce. Find…
A: Given information: Q = 50L - 0.01L2 The formula for MPL = aQ/aL 50 - 0.02L2-1 50 - 0.02L
Q: Let L represent the number of workers hired by a firm, and let Q represent that firm's quantity of…
A: Marginal Product: Marginal product is an extra output produced by employing an extra unit of the…
Q: Q7. The production function is y=L¹/aK¹/B. $12. The price of the output is $100, w = $15, and r=; a.…
A: Introduction We have given a production function. Optimal level of input can be achieved at where…
Q: What is the difference between the factor demand derived from cost minimization and that obtained…
A: Cost minimization simply means that businesses maximize their productivity or use the least…
Q: Suppose the marginal productivity of capital is 50 units of output and the marginal productivity of…
A: The Equilibrium condition: MPL/W =MPK/r
Q: Given the production function: Where CES stands for Constant Elasticity of Substitution. K is…
A: We are going to find the profit function, Production function to answer this question.
Q: True or false and explain Suppose a firm’s marginal product of labour is MPL = 10/L, where L is…
A: In the labor market of the economy, the equilibrium wage rate and the equilibrium quantity of labor…
Q: Consider the case of a firm which produces q units of a single output using two inputs, labour (L)…
A: An isoquant refers to that combinations of inputs which provide same level of output . Slope of an…
Q: A firm uses labor (L) and capital (K) to produce rocking chairs (Q) with the following production…
A: In the short run capital is fixed and cannot be changed.
Q: Starting from an initial optimal level of employment and output with well-behaved isoquants. Draw…
A: The isocost and isoquant curves together make the analysis of optimal level of employment and output…
Q: Diminishing marginal returns occur when the marginal product of an additional worker is larger than…
A: In a market, marginal returns refer to the additional revenue or output obtained by the firm when…
Q: Given the production function Y=(lp +kp)1/p, what is the technical rate of substitution, the…
A: A production function is a mathematical and occasionally graphical method of calculating production…
Q: Suppose that the production function takes on the following form: Q = E$K} || If Capital is equal to…
A: Given information Production function Q=E1/3K1/3 E is labor K is capital Capital is given = 64…
Q: The market for drones is perfectly competitive. Labor is the only variable input. The fixed cost is…
A: Marginal Product of Labor (MPL): - it is the change in total production due to the employment of an…
Q: Question attached
A: Profit of a firm is the difference of its Total Revenue(TR) and Total Cost(TC). π=TR-TC
Q: Consider the production function Q = 2(KL)0.5 What is the marginal product of labour and capital…
A: The interplay between the inputs and also the subsequent outputs is studied under the process of…
Q: Consider a firm with Total Output function (Production Function) given by Q = 6L2 – 0.4L3, where L…
A: Answer given in image below...
Q: The production function for a price-taking firm is given by q = 2.5k0.4L0.4. What are the demand…
A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…
Q: Q1 Signaling when education is productive III Now suppose that there are two groups of workers: H…
A: Given information 2 types of worker High ability worker Low ability worker Cost function CL=0.75e2…
Q: Which of the following statements is true with regards to the law of diminishing marginal returns…
A: The labor market in the economy determines the equilibrium wage rate and equilibrium employment…
Q: The Production Function assumes that the marginal product of capital is always increasing all…
A: Production function shows the functional relationship between factors used as input and output…
Q: A firm's production function is 0=50L – 0.01Ľ' , where L denotes the size of the workforce. Find the…
A: Given : Q=50L-0.01L2 The law of diminishing marginal productivity states that when an advantage is…
Q: A firm employs labor and capital by paying $40 per unit of labor employed and $200 per hour to rent…
A: Production function is convex at the first then after the inflexion point becomes concave. An…
Q: Question 2: Suppose a firm has the following production function: Q(L,K)= min{K, 2L} Recall that the…
A:
Q: ONLY ANSWER C & D Consider a firm with Total Output function (Production Function) given by Q =…
A: please find the answer below.
Q: never
A: When optimal capacity of a firm is reached, then applying additional unit of labour to production…
Q: A firm is currently producing 500 units of output daily by employing 60 units of labor daily at a…
A: marginal rate of technical substitution is the rate at which one factor of production can be…
Q: Given the Production function for Mwaba & Mutale Enterprises as follows: Q = f (k,l) = 300k 2l2 - k…
A: Introduction Production is said to be the transformation of input into output. Total product is the…
Q: The following table shows the relationship between workers and output for a small factory in the…
A: Marginal product of labor is the additional output produced, when there is an increase in 1 unit of…
Q: A short run production function of a competitive firm is given by Y=6L^(2/3) where Y represents the…
A: The production function is defined as the express the relationship between the productive factors…
Q: For a short run production function q=10lnL if L=5 and wage 3, more workers will be hired if the…
A: more workers will be hired if the price at which the output can be sold is more than 1.5
Q: Suppose that the process of producing mozzarella sticks is described by the following production…
A:
Step by step
Solved in 2 steps with 2 images
- Calculate the Marginal Product (MP) at each input level. If the price of printer is $100 each, calculate the Value of the Marginal of labor (VMPL). If the wage rate (per week) is $1800 , how many workers will be employed? If the firm decides to hire 14 workers, what is the maximum wage the firm would be willing to pay?True or false The law of diminishing returns implies that the marginal product of labor (MPL) is increasing as labor input increases.A firm can manufacture a product according to the production function Q = 2(K)1/4 (L)3/4 where K represents capital equipment and L is labor. The company has already spent $10,000 on the 4 units capital. a. Please show the expression for the average product of labor, APL and the marginal product of labor, MPL. If workers at the firm are paid a competitive wage of $100 and the product is sold for $200 each, what is optimal level of labor usage and what is the maximum profit?
- Suppose that firm's short-run 4 a production function is q=10/T – 1. 5.1 Find the level(s) of maximise the firm's average product of L that labour (APL). 5.2 Calculate the value of the second- order derivative (SOD) at the value of L found in 5.1 that maximises APL 5.3 Calculate the marginal product of labour (MPL) at the level(s) of L that maximises APLConsider the production of copper pipes that can be represented by a production function that is linear. Such a production function represents production where capital and labor Multiple Choice cannot be substituted. are perfect substitutes. are partly substitutable, cannot be determined.The production function for Q is given as Q = 5K1/2L1/2where K is the amount of capital employed and L is the amount of labor employed. The price of capital is $8 and the price of labor is $4. Show the input choice when output reaches 59 and find the marginal cost of the 60th unit of output. Show your steps of calculation clearly.
- What is the marginal rate of substitution of x for y when x = 16 and y = 54?i) Derive the output elasticity of labour in the following alternative production function: Y = c + alnk + ßlnL ii) Suppose B = 0.5 and other factors are fixed, explain the unit change in output due to a percentage change in labour.Consider the production function Q = 2(KL)0.5 What is the marginal product of labour and capital What is the marginal rate of technical substitution of labor for capital What is the elasticity of substitution at a point K = 1, L = 1 if we increase K by one unit?
- Describe the concept of the marginal rate of technical substitutionWhat is the marginal Physical Productivty (MPP) of the inputs given the function Q= 18x21+2x1x2+2x22 ?If the marginal product of labor is 25 and the marginal product of capital 10, what is the marginal rate of technical substitution of labor for capital?