A certain production process employs two inputs--labor (L) and raw materials (R). Output (Q) is a function of these two inputs and is given by the followingrelationship:Q = 6L² R? – .10L³ R³Assume that raw materials (input R) are fixed at 10 units.(a)Determine the total product function (TPL) for input L.Determine the marginal product function for input L.(b)(c)Determine the average product function for input L.(d)Find the number of units of input L that maximizes the total productfunction.(e)Find the number of units of input L that maximizes the marginal productfunction.Find the number of units of input L that maximizes the average product(f)function.(g)Determine the boundaries for the three stages of production.

Given Production function: Q=6L2R2-10L3R3 .......... (1) The raw material is fixed at 10…

A certain production process employs two inputs--labor (L) and raw materials (R). Output (Q) is a function of these two inputs and is given by the following elationship: Q- 6L? R? - .10L R³ Assume that raw materials (input R) are fixed at 10 units. Determine the total product function (TPL) for input L. (a) (b) Determine the marginal product function for input L. Determine the average product function for input L. (c)

A certain production process employs two inputs--labor (L) and raw materials (R). Output (Q) is a function of these two inputs and is given by the following elationship: Q- 6L? R? - .10L R³ Assume that raw materials (input R) are fixed at 10 units. Determine the total product function (TPL) for input L. (a) (b) Determine the marginal product function for input L. Determine the average product function for input L. (c)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

Assume there is a linear isoquant where the input combination K = 10, L = 0 produces Q = 100. Assume that this isoquant has a MRTS (marginal rate of technical substitution) such that an increase in L by 1 unit requires the firm to give up – ½ unit of K. Assume PL = $1 and PK = $1. What is the smallest total cost necessary to produce Q = 100? $20 $10 $50 $100
1. Given the production function: q = 2KL, (a) Fill in the table below which has information on the short-run production function, the marginal product of labor (MPL), and the average product of labor (APL) if capital is held fixed at 3 units in the short-run. Labor Quantity of Output (MPL) (APL) 0 1 4 9 16 25 (b) Plot the short-run production function. (c) Plot the marginal and average products of labor on a new graph. (d) Does the law of diminishing marginal returns apply? If so, at what level of labor do diminishing marginal returns set in? (e) What is the relationship between the marginal product of labor (MPL) and the average product of labor (APL)? (f) If the amount of capital increased to 6 units, what would happen to your graphs in part C)?
Consider the followng production function: 1 2 9 = x?x where x, and x, measure the employed quantities of input #1 and input #2, respectively. (a) Solve for and graph this firm's isoquant at q isoquant. 10. Please label three points along this (b) Does this production function exhibit increasing, decreasing, or constant returns to scale? Explain. Please corroborate your answer using a set of isoquants when the quantity of both imputs gets doubled. Note: Be sure to plot x2 along the y-axis.
10. If over the range of positive marginal product, the short-run total product of factor A in the production of X is given by the equation: X=aA +b A2 – A3 Where a, and b are positive constants, and if the average product of A is maximized when X=100, then the marginal product of A must be greater than the average product when X=50. True or False ?. Prove your answer.
Could you solve d,e,f ? Thank you
. In the short run, labor is a hat-making firm’s only variable input. Wage rate is $5.00/hour. The firm currently employs a certain amount of labor H (hours), such that the marginal product of labor is 10 hats per worker-hour, and average product is 15 hats per worker-hour. MPL(H) = 10; APL(H) = 15. (Note: marginal and average products of labor for this firm are not constant. 10 and 15 are their values at a particular point, H, not everywhere.) What is the marginal cost of a hat for that firm?
What is the parameter in the production function in the following equation? F(K,N)=K N' ® OA. N O B. F OC. K OD. a
The marginal product of labour is diminishing when: The marginal product of labour is larger than the average product of labour. The production function is convex. The production function is concave. The second derivative of the production function is negative.
A firm’s short-run production function is in the form of q = aLK +(bL^2)K −(cL^3)K , wherea, b, c > 0 are parameters. K is a constant. (a) Derive the marginal product of labor.(b) Find the level of L, expressed in terms of the parameters, at which the law ofdiminishing marginal product kicks in.
dien There are two factors in a production function y = x 113 x₂¹1³. The market price of each unit ofy is p=3, and the factor prices are w₁=1 and W₂=2 for x₁ and X₂ respectively. variable (a). Calculate your cost function as a function of y if X, and x₂ are both barible factors. (b). Now derive the functions of average and marginal cost and plot them against quantity (C). Solve for your optional output of y. Calculate the ratio of two factors (X₁/X₂) (d). In the short run the fixed factor is set at X₂=1. What is the new optimal output level now?
Please provide answer in 1 hr please urgent please
Consider the following production function TPL = 12L² – 0.8L³ i) Determine the marginal product function(MPL) ii) Detemine the average product function (AP1) iii) Find the value ofL that maximizes TPL