2. Draw isoquant maps for the following technologies. i) f(L,K) = LK ii) g(L, K) = L+2K iii) h(L, K) = min(2L, K)

Q: The slope of an isoquant is known as

A: Meaning of Production Function: The term production function refers to the situation under which a…

Q: please computation for the following isoquant found in table 14 and show your computation for each…

A: Marginal rate of substitution, or, MRS is defined as the amount of commodity that the consumer is…

Q: Define the term semi-variable costs?

A: The costs incurred by a producing agent in the procurement of factor inputs for the production of a…

Q: Isoquants have a v slope and, for Cobb-Douglas production functions, are The MRTS is v and is the v…

A: In an economy, the connection between total output to the amount of total input used in the…

Q: Your cousin Vinnie owns a painting company with fixed costs of $150 and the following schedule for…

A: Average Fixed Cost, AFC = Fixed Cost / Output Average Variable Cost, AVC = Variable Cost / Output…

Q: Draw the isoquant map for the technology q = √LK. Be precise.

A: Isoquant shows all the different combinations of the two inputs that can used in order to produce…

Q: The difference between ATC and AVC decreases with decrease in level of output.

A: Average total cost (ATC) is the ratio of the total cost (TC) and the quantity (Q).  ATC=TCQ Average…

Q: 2. The above table shows a firm's: * a. Short-run and long-run costs. b. Long-run costs: c.…

A: Perfect competition is a market form that involves the production of homogenous goods and services.…

Q: 5. Diminishing marginal returns sets in when worker is hired." the a. Second O b. Third O c. Fourth…

A: We have, The marginal product shows the additional output generated when extra labor or worker is…

Q: efficient scale is houses.

A: Efficient scale is the scale at which firm can produce its output at minimum average cost.…

Q: It costs a company $58 to produce 6 units of a product and $78 to produce 10 units. Assuming that…

A:

Q: A firm has the following production function: Q = 9L2/3K1/3 Where Q is output, L is labor and K is…

A: Returns to scale basically the returns obtained in a long period of time when the production scales…

Q: ATC, AAC, AVC, MC ( 270.00 24000 210.00 180.00 150.00 120 00 90.00 6000 30:00 000 Unit Cost Curves…

A: Perfect competition is a theoretical market structure in which there are so many firms selling…

Q: The slope of an isoquant is A. ΔLTC / ΔQ B.-ΔK / ΔL. C.ΔTVC / ΔQ D. None of the Above

A: In economics, an isoquant is a curve that is plotted on a graph, displays all the pairings of two…

Q: Total cost = $4500 fixed costs = $2000 variable cost = ?

A: In the production process, different inputs are used to produce the final output. Each input has its…

Q: The change in fotal costjof production as the output or total product of the business is expanded…

A: Marginal cost: It is the extra cost of producing an extra unit product.

Q: It costs a baker a fixed cost of $420 and variable cost of $2.10 per cupcake. A cupcake issold for…

A: Given fixed cost = 420 Variable cost = 2.10

Q: Isoquant curves Gym requires exactly 3 bottles of water per athlete to maximise performance…

A: Introduction Isoquant curve : Isoquant curve represents all the inputs combinations of two…

Q: how do you know the total variable is 50 when finding the total fixed cost

A: TC = AC * Q ------------------- MC is a change in TC due to changing quantity by one unit.  MCn =…

Q: 4. The average product of labor (APL) when the firm hires 5 workers equals: O a. 3.6 O b. 2 O c. 0.4…

A: Average product of labor (APL ) is total product divided by the quantity of labor employed.

Q: A small business produces and sells balls. The fixed costs are $20 and each ball costs $2.92 to…

A: Given information: The firm sells balls.  The fixed cost is $20 and each ball cost $2.92 to produce.…

Q: Draw isoquant maps for the following technologies. i) f(L;K) = LKii) g(L; K) = L + 2Kiii) h(L; K) =…

A: An isoquant curve represents all the combinations of inputs (capital, labor) that produce an equal…

Q: It costs a baker a fixed cost of $420 and variable cost of $2.10 per cupcake.A cupcake is sold for…

A: Total cost refers to the cost of all inputs needed to produce with the given unit of output.

Q: $150 Cost per Unit 125. 100 75 50 25 0 5 له b 15 25 30 MC ATC AVC Units per day Use the graph above…

A: Average total cost = total cost / quantity => Total cost = Average total cost * Quantity

Q: Imagine a smartphone company has the following costs when they produce 200 phones: $50 in average…

A: When some product is manufactured, cost  takes place and process of business gets accelerated.…

Q: Draw the isoquant map, be precise for at least one isoquant line, carefully determine the gaps…

A: A production function of a firm represents the relationship between the output and input factors…

Q: If r increases, C and w unchanged, the isocost will   shift parallely to the right   shift…

A: Isocost is a line revealing several combinations of two production factors : labor and capital  that…