1) Consider the following production function for shirts: q = v6 L3/4K+/4, where L is worker-hours, and K is sewingmachine-hours. d. Write K as a function of L along the isoquant q = 3/2e. What type of returns to scale does this production function have?

Isoquant shows different combinations of labor and capital that can be used to produce a given level…

Answered: 1) Consider the following production…

1) Consider the following production function for shirts: q = v6 L³/ªK²/4, where L is worker-hours, and K is sewing machine-hours.

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter21: Production And Costs

Section21.3: Production

Problem 3ST

See similar textbooks

Similar questions

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.
A farmer uses a certain technology that produces electricity. His production function is given as: q = f (k, l) = 1000k¹⁰/20 – 201³ Where q is the no. of megawatts of electricity his company is producing. Suppose that their electrical generators, k=20, calculate for the following: 1. Marginal product of labor 2. Average product of labor if k=20 3. If k decreases from 20 to 17, calculate the new MP of labor and the average product. Explain intuitively what happens to the MP and the average product.
: Suppose that the production functions be like as (A) i) Y = X15 X20.5 ii)Y= X10.5 + X20.5 Find MRTS of these functions
b) Suppose a company has this Leontief production function Q = min(20K,50L) i) List a few combinations that will produce 500 units of output
Q1 a) Given a production function depicting the response of paddy rice tofertilizer application,Y = 3X+ 9X2 - X3(i) Calculate the exact MPP and APP.(ii) At what level of fertilizer input(X) does MPP, APP and TPP reachtheir maximum values?(iii) At what level of fertilizer input will r = 0? And what is the valueof TPP at that level?(iv) If the farmer increases the amount of fertilizer in his riceproduction in his area of diminishing returns, explain whether ornot total production will increase or decrease.
Q1 a) Given a production function depicting the response of paddy rice tofertilizer application,Y = 3X+ 9X2 - X3(i) Calculate the exact MPP and APP.(ii) At what level of fertilizer input(X) does MPP, APP and TPP reachtheir maximum values?(iii) At what level of fertilizer input will r = 0? And what is the valueof TPP at that level?(iv) If the farmer increases the amount of fertilizer in his riceproduction in his area of diminishing returns, explain whether ornot total production will increase or decrease.b) Explain the economic significance of farm records.Q2 a) What are the major objectives of agricultural marketing?b) Explain how one can evaluate the efficiency of a marketing situation.
A firm has the production function f(X, Y) = x²/2 y1/2, where X is the amount of factor x used and Y is the amount of factor y used. On a diagram we put X on the horizontal axis and Y on the vertical axis. We draw some isoquants. Now we draw a straight line on the graph and we notice that wherever this line meets an isoquant, the isoquant has a slope of -3. The straight line we drew Select one: O a. is vertical. b. is horizontal. c. is a ray through the origin with slope 3. d. is a ray through the origin with slope 4. O e. has a negative slope.
A firm has a production function of ?(?,?) = ??.???.? a) Explain the concept of returns to scale. Does the function provide increasing, decreasing, or constant returns to scale? b) Provide an example of a typical sector with increasing returns to scale. c) Explain the concept of MRTS and argue whether the MRTS for this production function is diminishing. Please also provide a graphical illustration using numbers.
Given the production function O = min (4K, 3L), what is the average product of capital when 8 units of capital and 16 units of labor are used?
Firm ABC has estimated that it has the following production function: Q = 1.5LK – 0.3L2 – 0.15K2 Labor (L) has a price of €60 and capital (K) has a price of €75. ABC wants to maximize the production with a total cost of €2025. (a) Determine the quantities of labor and capital the firm should use. (round results to 2 decimal places) (b) What quantity of output will be produced at the optimal combination of factors of production?
Suppose you run a factory whose short-run production function is given by f (L) = 180L² – 3L³. (a) Find mathematical expressions for the total product of labor, the average product of labor and the marginal product of labor. (b) On two separate axes, graph T PL, APL, and MPt. The diagrams do not need to be scale, but be sure they are internally consistent. In other words, make sure that all relevant relationships between the three lines are correct. If you have trouble figuring out what the graph looks like, feel free to use a graphing calculator or an online graphing tool to find the basic shape. Find the quantity of labor associated with each of the following points and label it on your diagram: (i) the maximum value of TPL, (ii) the maximum value of APL, (ii) the maximum value of M PL. (c) For what values of L does the production function exhibit each of the following: i. increasing marginal labor productivity ii. diminishing marginal labor productivity iii. negative marginal labor…
The total cost of producing 1 unit of a product is ху C(x, y) = 28 + 4x + 6y + 56 dollars where x is the cost per pound of raw materials and y is the cost per hour of labor. (a) If labor costs are held constant, find the function that describes the rate at which total cost increases for each increase of $1 per pound in material cost. (b) If material costs are held constant, find the function that describes the rate at which total cost increases for each $1 per hour increase in labor costs.