Q5 A firm's production function is Q is equal to 5L2Ka) Find out the MPL and MPb) Does this production function exhibit constant, increasing, or decreasingreturns to scale?c) What is the marginal rate of technical substitution of L for K for thisproduction functionQ6.Suppose the firm sells its output according to the following demand scheduleMarginalTotal Product Total Revenue eLabor Product Price Revenue Product$3.50192c2.80182.30291.80391.65471.5021.4053Fill in the remaining two columns of the table. How many workers wilhired at a wage of $72 Q5. A firm's production function is Q is equal to 5L/ K0) Find out the MPL and MPkb) Does this production function exhibit constant, increasing, or decreasingreturns to scale?c) What is the marginal rate of technical substitution of L for K for thisproduction function?Q6 Suppose the firm sells its output according to the following demand scheduleMarginalTotal Product Totol Revenue NePLabor Product Price Revenue Product$3.502.802.301,801.651.501.408.2828385181072606291039475253Fill in the remaining two columns of the table. How many workers willhired at a wage of $7?23/45 67

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Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter11: The Firm: Production And Costs

Section: Chapter Questions

Problem 21P

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Q5 A firm's production function is Q is equal to 5L2K
a) Find out the MPL and MP
b) Does this production function exhibit constant, increasing, or decreasing
returns to scale?
c) What is the marginal rate of technical substitution of L for K for this
production function

Q6.Suppose the firm sells its output according to the following demand schedule
Marginal
Total Product Total Revenue e
Labor Product Price Revenue Product
$3.50
192c
2.80
18
2.30
29
1.80
39
1.65
47
1.50
2
1.40
53
Fill in the remaining two columns of the table. How many workers wil
hired at a wage of $72

Q5. A firm's production function is Q is equal to 5L/ K
0) Find out the MPL and MPk
b) Does this production function exhibit constant, increasing, or decreasing
returns to scale?
c) What is the marginal rate of technical substitution of L for K for this
production function?
Q6 Suppose the firm sells its output according to the following demand schedule
Marginal
Total Product Totol Revenue NeP
Labor Product Price Revenue Product
$3.50
2.80
2.30
1,80
1.65
1.50
1.40
8.
28
28
385
18
1072606
29
10
39
47
52
53
Fill in the remaining two columns of the table. How many workers will
hired at a wage of $7?
23/45 67

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