What are the steps to solve for K in terms of L. Given a production function of Q = 2KL, and Q is 16, how do i solve and what are the steps to solve for K in terms of L. What if Q is 32? 64? Just algebra not calculus please.
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- Prof. Smith and Prof. Jones are going to produce a new textbook. The production function for the book is: ?=?1/2?1/2?= is the number of pages in the finished book?= is the number of working hours spent by Smith?= is the number of working hours spent by JonesSmith's labor is valued at 3 TL per working hour and Jones's labor is valued at 12 TL per working hour. After having spent 900 hours preparing the first draft, Smith cannot contribute any more to the book. Jones will revise the Smith's draft to complete the book.a) How many hours will Jones have to spend to produce a finished book of 300 pages?b) What is the marginal cost of the 300th page of the finished book?100VKL, where q is 4. The production function for puffed rice is given by q = the number of boxes produced per hour, K is the number of puffing guns used each hour, and L is the number of workers hired each hour. (a) Calculate the q = 1,000 isoquant for this production function and show it on a graph. (b) If K = 10, how many workers are required to produce q =1,000? What is the average productivity of puffed-rice workers? (c) Suppose technical progress shifts the production function to q = 200 VKL. Answer parts (a) and (b) for this new situation.Microeconomics - Production FunctionFind the returns to scale of the following production functions:F(K,L) = K1/2 * L1/2F(K,L) = A* K3/4 * L1/2F(K,L) = 3K + 2L
- Hi, I have been trying to compute the optimal values from this lagrangian. But I can't seem to find a way to get the values from the answer key. I attached both the question and answers. Could you please explain to me how to get these values from the first-order conditions? Thank you very muchBen's swim coach estimates that his time, t, in the 100-yard butterfly at a big upcoming meet as a function of the number of yards he swims per week, y, is t = 50+8e-0.00005y Based on this production function, his coach also estimates that if Ben swims 20,000 yards per week, his time will be 52.94 seconds, and he will finish tenth place. If he swims 40,000 yards per week, his time will be 51.08 seconds, and he will come in third. If he swims 60,000 yards per week, his time will be 50.40 seconds, and he will win the meet. Use calculus to determine Ben's marginal productivity of time given the number of yards he practices. Is there diminishing marginal productivity of practice yards? Ben's marginal productivity of swim time given y practice yards (MP) is (Properly format your expression using the tools in the palette. Hover over tools to see keyboard shortcuts. E.g., a superscript can be created with the ^ MPy character.)Doubt: Calculations obtained from TC come from function TC = 80 + 3q + 2q2? For example, for q = 1, for me it is TC = 85, not 83 and so on. Please check it. Thanks
- Was there an error in calculation of average productivity? Since Function q = 10 L - 80 - 0.2L^2 then q/L = 10 - 80/L - 0.2 L, correct?Can you verify? ThanksSuppose the production function is given by G = 10K - 8L. What is the average product of capital when 2 units of capital and 10 units of labor are employed?Can you please start from point e), but please show your workings/calculations how did you get to the answer. Thank you!
- Suppose the production function for widgets is given byq = kl - 0.8k2 - 0.2l2where q represents the annual quantity of widgets produced, k represents annual capital input, and l represents annual labor input.a. Suppose k = 10; graph the total and average productivity of labor curves. At what level of labor input does this average productivity reach a maximum? How many widgets are produced at that point?b. Again assuming that k = 10, graph the MPl curve. At what level of labor input does MPl = 0?c. Suppose capital inputs were increased to k = 20. How would your answers to parts (a) and (b) change?d. Does the widget production function exhibit constant, increasing, or decreasing returns to scale?Assume that quantities do not need to be integers. That is, it is feasible for Andreas to knit 37.5 mittens. You have two employees, Andreas and Katya, each of whom works for 10 hours a day. Andreas can knit 9.5 mittens in an hour. Andreas can knit 2 scarves in an hour. Katya can knit 1.4 mittens in an hour. Katya can knit 1 scarf in an hour. If they are efficiently knitting 12 scarves a day, what is the opportunity cost, in terms of mittens per day, of producing an extra scarf each day.What is the difference between economies of scale andeconomies of scope? How do firms consider these wheninvesting in processes?
