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- Suppose the inputs of labour and capital each increase by 8% and output also increases by 8%. The production function exhibits_ returns to scale technology. a. Constant O b. Increasing O c. Decreasing O d. Zero2-lf you have the following production function Q=f( L,K), answer the following : 1. is this function tong or short run? 2. Draw TP! , MPL, APL. 3. Show the stages of the production. 4. Expiain the reiationship between iviPi & APL. 5. When MPL=0, what does that mean ?Which of the following production functions exhibits increasing returns to scale? OA. AY=k1/2 1/2 O B. Y=K°L1-a O.Y=k1/3L 2/3 O D. Y=K1/2L 3/4 O E. Y=K1/3L 1/3
- Does the production function 10 q= 1000L - K exhibit increasing, decreasing, or constant returns to scale? This production function exhibits V returns to scale. 20 tv MacBook Air DII DD 80 F10 F4 FS F6 F2 $ &t 3 4 6 7 8 9 { E Y P F G J K L > с V N M command option - - .. .- - BCost Per Year O O O 1 At what level of output does average total cost equal marginal cost? ♂ Q4 QQQQ Q8 TC VC FC Outputestions tu1et10r.07.099 O O Question 18 of 20 Which of the following statements is true? a. When marginal cost is below average cost, average cost rises; when marginal cost is above average cost, average cost falls. b. The marginal product is the output per unit of a variable input. c. When marginal productivity of a variable input is falling then marginal costs of production must be rising. d. Average variable cost and average fixed cost are U-shaped curves.
- QUI The figure below depicts the production function of grain for farmers under average growing conditions with the currently available Noi technology. Mar 9007 PF 800- 700- 600- 500- 400- 300- 200어 100- o Slope 732,000/ 1,600 = 458 04 400 800 1200 1600 2000 2400 2800 Number of farmers Select one or more: In a year with exceptionally good weather conditions, the production function curve will be higher and parallel to the curve O a. above. O b. A discovery of new high yielding crop seeds would tilt the production function curve higher anti-clockwise, pivoted at the origin. O C. In a year of bad drought the production curve can turn downwards for large numbers of farmers. O d. If there is an upper-limit on the amount of grain that can be produced, then the curve will end up horizontal for large number of farmers. S Type here to search 25 hp t4 15 16 eSC 5 6. 7. 00 %24 3. . ........ Kilogrammes of grain produced (thousands)QUESTION 13 In the ideas sector production function, AA ZAL at, there are A. decreasing returns to the ideas stock and labor. O B. constant returns to scale. OC. increasing returns to the ideas stock and labor. O D.decreasing returns to the ideas stock but increasing returns overall. O E. Increasing returns to the ideas stock but decreasing returns overall. CIVIB ControlCoosider the production function characterizing garri plant as: Q= 20L + 60k - L^2 - K^2 If total outlay for both capital, K =N50, and a Labour, L= N20, is N4,600. Find: a. The optimal quantity of K* and L* to be employed. b. Calculate the maximum possible output of garri that the plant can produce.
- QUESTION 25 Which of the following production functions exhibits constant returns to scale? OA Y=KL O B. Y=KªL1-a ocY=K!/3_ 1/3 O D. Y=K1/4_ 1/2 O E. V=K2/3In Figure 4.2, the reason that point D is higher than point C and C is higher than B is that Total Cost Total Cost Function Output Figure 4.2 Othere is waste. O it is very difficult and very expensive to increase output once the capacity of the machinery has been reached. O it always costs more money to increase output. O small levels of production are often inefficient and that significant increases in production can occur thereafter at only a small additional cost.You observe the following data points on a production function: K/L Y/L 1 10 2 13 3 14 What property does it display? increasing returns diminishing returns O constant returns O negative returns