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- depending on the stages of production(increasing returns, diminishing returns, negative returns) can a rational firm limitits production within satge I, and explain the relationship between average and marginal product of labour.What is a production function? Response option group It is the production technology It is the relationship between inputs and the level of production It is the average product It is the marginal productExplain the law of diminishing returns of a variable input. What is characteristic for total produduct (Q), when the marginal product is negative?
- a= min[x,y]^(1/2) a)Draw isoquants for a = 1, a = 4 and a = 9. b)What kind of returns to scale does the production function have? c)The price of x is p_x = 1 and of y p_y = 2. Calculate the cost function. d)Rent is $ 400, calculate average and marginal costs.Graph the isoquant below and explain Labor (x) 50 38 28 20 14 10 8 7 Capital (y) 3 6 9 12 15 18 21 24If the Marginal Product of Labor(MPL) for the 2nd worker is 500 units. What is the firms average Fixed Cost (FC) of producing 1,500 gadgets?
- Prunella raises peaches where L is the number of units of labor she uses and T is the number of units of land she uses. Her output is f(L,T) = LT bushels of peaches. If the cost of land is 8 and the wage for labor is 4, what would be the slope of an iso-cost line, where total cost is $500. Tis on the vertical axis. Don't forget the negative sign! Write answer to 2 decimal places, e.g., 0.93When the marginal product of labor is increasing marginal cost is decreasing constant increasing at its maximumThe production period during which the firm can alter its use of all inputs is known as the long run short run
- 4. Considertheproductionfunction f(L;K)=L+K. a. Suppose K is Öxed at 2. Find algebraic expressions for the total product of labor function TP(L), the average product of labor AP(L), and the marginal product of labor MP(L). b. Graph the functions in part a.Is this graph a valid set of cost curves? True/FalseAssume that the situation can be expressed as a linear cost function. Find the cost function. Marginal cost: $225; 140 parts cost $43,000 to produce.