. Suppose that a firm’s production function is f(L, K) = L + K. Does this production function exhibit increasing, decreasing or constant returns to scale? Demonstrate your answer

Q: Answer asap n correctly n give proper explanation of the question . (long run production) For…

A: To determine whether a production function has increasing, decreasing, and constant returns to…

Q: Suppose you are production manager of a manufacturing company. Specify the name of your company…

A:

Q: A firm’s production function is given by q = min{M, L1/2}, where M is the number of machines and L…

A: Given production function q=min(M,L1/2) Price of Labor, W=1 Price of Machine, Pm=2

Q: a) Determine whether the following production functions exhibit increasing, constant, or decreasing…

A: If Q(tF,tK)=ta Q(F,K), then, when a>1, the firm is earning increasing returns to scale when a=1,…

Q: H8. Which of the following production functions exhibit(s) constant returns to scale?​I. Q = Min…

A: There are CRS if the doubling the all inputs result in the double of output.

Q: A firm's production function follows: Q = 2 * (K^0.5) * (L^1.9) Where, in the short run, capital is…

A: production function shows the maximum production which can be produced with given level of inputs.

Q: Suppose you run a factory whose short-run production function is given by f (L) = 180L² – 3L³. (a)…

A: TPL = 180L2 - 3L3 APL = TP/L = 180L - 3L2 MPL = CHANGE IN TP/CHANGE IN L = 360L - 9L2

Q: True or False. Please explain The production function f(x1,x2,x3) = (min{0.5x1;0.75x2 })0.5 ·x30.5…

A:

Q: In the short term, a firm cannot vary its capital and operates with K = 9. It can, however, vary…

A: Returns to scale basically refer to the change in a firm's or industry's output as a consequence of…

Q: Which of the following production functions exhibit(s) constant returns to scale? I. Q= KL K+L II. Q…

A: Given:  There are three production functions: 1. Q=KLK+L2. Q=2K+L3. Q=K0.8L0.2

Q: A 15 per cent increase in all inputs leads to only a 5 per cent increase in the output. Are the…

A: Percentage increase in input results to a less than proportionate increase in output is the known as…

Q: 1. Assume that a firm has the following production function: q = L0.5K0.6 a. Calculate output when L…

A: production function :q=L.5×K.6 output L=64 K=32

Q: 8. Consider a representative firm that faces a constant returns to scale production function Y =…

A: Labor market equilibrium refers to the state in which the supply of labor (the number of people…

Q: In the short term, a firm cannot vary its capital and operates with K = 9.  It can, however, vary…

A: By differentiating the production function with respect to labor, we get the marginal product of…

Q: Include correctly labeled diagrams, if useful or required, in explaining your answers. A correctly…

A: We are going to use Marginal returns to a factor and Marginal Cost relationship to answer this…

Q: 3. Suppose a KL; the price of capital is $10 and the price of labor $15. What combination of labor…

A: F (K,L) = KL2 -------> Production function Price of capital (r) = $10 Price of labor (w) = $15…

Q: Suppose that a firm's production function is: Its marginal product functions are: MPL = 5K0.5/L0.5 =…

A: Production function: The marginal product of labor: The marginal product of capital: Cost of labor…

Q: 1. For each of the following production functions, determine whether there areincreasing, constant…

A: A production function shows the maximum level of output that can be produced with the help of…

Q: A firm has the following production function: Q=f (L/K). It must pay $20 per hour of labor and rents…

A: Figure -1 shows the AVC, AFC, ATC and MC curve as follows:

Q: wheat is produced according to the production function q = 100(K0.8L0.2) a. Beginning with a…

A: a production function gives the technological relation between quantities of physical inputs and…

Q: A firm faces the production function: q=10L^0.32 K^0.56  (a) What kind of returns to scale does…

A:

Q: Suppose the firm's production function is Q = 2KL, where Q is units of output, K is units of capital…

A: We can find out the short run production function using the capital K= 4.

Q: Your firm is producing a unique product and the marginal product with respect to x1 in your function…

A: Law of diminishing marginal returns says that when one additional unit of any one of the factors of…

Q: Problem 1: A firm has the following production function: f(L, M) = min{L, 3M) where L is the number…

A: Returns to scale is an economic concept that explains how the scale of production or the size of a…

Q: A firm's production function is characterized by the following production function: Q=L^(1/2)K^(1/4)…

A: Production function:Input price: Wage rate = 1, rent  = 4.Return to scale: "Return to scale" refers…

Q: Under what conditions do the following production functions exhibit decreasing, constant, or…

A: When an increase in inputs results in a proportional increase in output, there occurs constant…

Q: or the production function Qs = K0.5L0.7 find the returns to scale, recall that a doubling of inputs…

A: Returns to scale mean when inputs are raised by a certain proportion, how much output rises. The…

Q: Determine whether the production functions exhibit, increasing, constant, or decreasing returns to…

A: Increasing returns to scale is when the increase in input by 'm' times increases the output by more…

Q: A firm's production function is given by y(K, L) = 2√(KL) or 2(KL).5 (2 times the square root of the…

A: The Marginal Product of Labor (MPL) represents the change in output resulting from employing an…

Q: Solve for and graph this firm’s isoquant at q = 10. Please label three points along this isoquant…

A: Given q=x113x223            ...........  (1)

Q: 2. A firm has a production function given by the following table: Units of Labor 1 2 3 4 5 K=1 15…

A: Diminishing marginal returns occur when an increase in Labor led to increasing in output at…

Q: hi  Suppose you build bird houses. One day, you double the time you spend building and double the…

A: Consider the definition of returns to scale. When we change all factors of production by a certain…

Q: a. A firm's long-run total cost can be written as LTC = 3000Q - 50Q2 + (1/3)Q3 and its long-run…

A:

Q: 2. Which of the following production functions with inputs K, L, and H exhibits Constant Returns to…

A: The firms, and businesses are considered to be important entities in an economy who are involved in…

Q: Consider the production function q = ((K^α)+(L^α))^β. For this function to have diminishing marginal…

A: Economics refers to the study of scarcity and its implications for the use of resources, production…

Q: Suppose that a firm's production function is Q=F(L) = -1L3-30L2 + 5,000L. Its marginal product of…

A:

Q: Do the following production functions have increasing, decreasing, or constant returns to scale?…

A:

Q: Suppose that Hyundai increases the amount of capital, labor, and other inputs it uses by 10% and as…

A: When product is manufactured and put into production process, cost  takes place and process of…

Q: Consider a production function Q = (K.5 + L.5) 2    Does this production function exhibit…

A: Q=(K0.5+L0.5)2..... (1)Now, In order to check for returns to scale, multiply the variables K and L…

Q: 2. A firm has a production function given by the following table: Units of Labor 1 2 3 4 5 K=1 3 8…

A: Diminishing marginal returns occur when an increase in Labor led to increasing in output at…

Q: Emma sells hot chocolate outside of Yankees baseball games. They have two inputs in the production…

A: Given  Production function f(x1,x2)=x11/3x21/3

Q: Production Point Capital (K)  Labor (L) Output (Q) A 1 1 2 B 2 2   C 1 3   D 2 4   E 1 5   F 2 6   G…

A: Returns to scale can be classified into three categories; 1- Increasing returns to scale (IRS) 2-…

Q: Which of the following production functions do not exhibit constant returns to scale? A. F(K, L)= AK…

A: Introduction Returns to scale refers to the how much output changes given a proportional change in…

Q: A firm that employs labor and capital has production function q = LK. What returns to scale does the…

A: Q=LK the above production function exhibits q=lk where, Q= quantity of output L= Amount of labor K=…

Q: Q2. Given a production function Q =f (K, L) = K+ 2L, both capital and labour are doubled, does this…

A: A production function shows the relationship between the inputs used and the output produced in a…

Q: Consider the production function q=√L+8K^(3).  Starting from the input combination (3,6), does the…

A: Given information: Production function q=√L+8K3 Input combination 3,6 (L = 3 and K = 6)

Factors of Production

Factors of production – in simple words means the factors that are used for producing any product or service. This includes the resources which are necessary for the manufacturing of products. Factors of production are also known as the building blocks of the economy.