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- Consider the production function: Y = z.f(K,N,L) where Y is output, z is a parameter capturing technology, K is capital, N is labour and L is the area of land.Which of the following equations does not represent a plausible production function? a.F(K,L) = 2KL b.F(K,L) = 2K-2L c.F(K,L) = 2(KL)0.5 d.F(K,L) = KLConsider the following production function: Q = 100L0.5K0.5 subject to the budget constraint 5L + 10K = 75; where L is labour and K is capital. Derive the capital to labour ratio.
- With a production function of Q = L + 2K if r = $4 and w = $4, how many units of capital and labor will be optimally utilized? All K and no L. All L and no K. Equal amounts of K and L. A combination of K and L not represented above.If the production function for a company is given by z = 360x^2/5 y^1/3 , where x is the company’s capital investment and y is the number of work-hours for the labor force, find the marginal productivity of x.Is it possible to increase the labor productivity (output per unit of labor) in a given production process which exhibits diminishing returns to labor? If so, how?
- The following question is based on the production function Q=80L07K0.3 where the cost of labour is $6 and the cost of capital is $4. The total cost of production is $120. What is the optimal level of capital? Select one: a. 5 b. 36 C. 4 d. 9The production function is the relationship between the maximum amount of output that can be produced and the inputs required to make that output. Comment.With a production function of if r = $4 and w = $4, how many units of capital and labor will be optimally utilized? All K and no L. All L and no K. Equal amounts of K and L. A combination of K and L not represented above.
- Output is produced according to a production process given by: Q = 4LK, where L is the quantity of labor input and K is the quantity of capital input. If the price of K is $10 and the price of L is $5, then what is the cost-minimizing combination of K and L capable of producing 32 units of output?Let the production of Y use two factors K and L. The production function is given by: Y =√4?√9?. If the prices for capital and labor are the same, then show that the firm will use the same quantities of K and L.If the production function is Q = 30 + 22L + 44K, what’s the most you can produce with 9 workers (L) and 2 unit of capital (K)?Enter as a value.