Answered: A college football coach says that…

A college football coach says that given any two linemen A and B, he always prefers the one who is bigger and faster. Is this preference relation transitive? Is it complete?

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter29: Resource Markets

Section: Chapter Questions

Problem 3E

See similar textbooks

Related questions

Q: What is the marginal physical productivity (MPP) of the inputs given the function…

A: MPP or Marginal physical productivity refers to the change in the output that occurs due to the…

Q: Given a demand function of P = 114 -7Qd and supply of P = 27 +6Qs, the utility function U =…

A: Demand:Demand is the desire of an individual ability and willingness to pay for a product. The…

Q: Lesson 8 - Costs Question 12

A: The Marginal Rate of Technical Substitution (MRTSLK) is 0.50.Explanation:Production function is as…

Q: Production function is Q(K,E) =2KE where K is capital and E is employment in work hours. Use the…

A: In production, the isoquant curves are the equal product curve that represent the conversion of…

Q: Define a production function F:R X X 12 F(x, x2 ) = { x₁ + x2 1 2 + if x +x >0 1 2 0 if x +x¸ = 0 1…

A: If these conditions are satisfied, then the solution is a local minimum. If λ>0, these conditions…

Q: a company can manufacture a product according to the production function Q=3K1/2L1/2, and capital is…

A: Given that, Q = 3 K0.5 L0.5K = 4 P = $10 W = $10

Q: Suppose that a firm’s production function is q =L0.5K0.5. This means that the marginal rate of…

A: The production function shows the relationship between the factors of production to be used and the…

Q: Suppose that the production function for Hannah and Sam's home remodeling business is Q=FL.K)…

A: The production function is the maximum set of output(s) that can be manufactured with a provided set…

Q: Suppose that Ann's budget for running her shop is $100. She pays her worker a wage of $20 and…

A: Answer to the question is as follows:

Q: A firm's production function is given by Q=K²L. The wage rate is w=$10 and the rental rate of…

A: Detailed explanation: (1).Given, Production function = Q = K2Lwe need to produce Q = 27,000 units of…

Q: A firm's production function requires it to use workers in a fixed ratio to machines of 2 to 1. To…

A: Expenditure minimization problem: For the given prices and utility level the consumer tries to…

Q: SuperFashion produces specialty tops stitching two silk sleeves (S) to a knitted body (B). Stitching…

A: Super Fashion is a company that specializes in the production of unique tops that are made by…

Q: Consider the following production functions • F(L,K) = LK^3 For each for these production…

Q: Let c(x) be the cost of producing a product of x units. Given that c(x) follows the experience cost…

A: Experience curve is the known as Henderson's law which states that more the firm produces , firm…

Q: A firm has the production function F(L, K) = L^(3/4)K^(1/4) The price of labor is $9 and the price…

A: “Since you have posted a question with multiple sub-parts, we will provide the solution only to the…

Q: Calculate your marginal rate of substitution as a function of B and C. U(B,C)= B^(1/4)C^(3/4)

A: The marginal rate of substitution denotes the slope of the indifference curve and is defined as the…

Q: Consider the following production functions F(L,K)=LK^3 F(L,K)=L+3K (a) Discuss if each marginal…

A: (a) MPL = ∂Q/∂L = K3 So, MPL is independent of L and is constant. MPK = ∂Q/∂K = 3LK2 So, as K…

Q: Suppose the production function for a firm is given by: q=4L0.5K0.25, If the firm currently has 20…

A: The production function describes the correlation between inputs and outputs(q) in the production…

Q: You manage a firm that has the production function q = 18L1/3K1/2. You can hire labor (L) at a wage…

A: Approach to solving the question: Detailed explanation:budget constraint in terms of inputs (L and…

Q: b) Firm ABC has the following production function Q = 6K³ + 4KL - L3 i. Determine the average…

Q: Suppose a firm is planning to replace a labor intensive production process with an automated robot…

A: Given Labor-intensive production: L1= 24 workers and K1=3 machines Automated robot production: L2=…

Q: d TC amount of seed money and is deciding to allocate it pital in the least cost way. The production…

A: DISCLAIMER “Since you have asked multiple question, we will solve the first three subparts for you.…

Q: The marginal rate of substitution of both of them are not correct.

A: Marginal rate of substitution (MRS): it is the slope of the indifference curve, and it tells us that…

Q: Joe owns a small coffee shop. His production function is q = 2K0.5 L where q is the number of cups…

A: Answer - Given in the question- Joe owns a small coffee shop. His production function is q = 2K0.5 L…

Q: Suppose that the supply of labor function is given by W = A + BL. What is the corresponding MFC…

A: Labor supply function: W = A + BL Assuming labor is the only factor of production. So, the total…

Q: Lesson 7- Production Question 1

A: MRTSLK=3 Explanation:Given, q=4L0.75K0.25 Step:1 MPL=∂L∂qMPL=4(0.75)(LK)0.25…

Q: Prunella raises peaches. She uses L units of labor, and T units of land to produce peaches. Her…

A: Disclaimer: - since you asked a multipart question, we are solving only 3 subparts as per…

Q: d. In the short-run, Prunella cannot vary the amount of land she uses. Plot the output as a function…

A: Factors of production is used in production process and production function establishes the…

Q: A company can manufacture a product according to the production function Q=3K1/2L1/2, and capital is…

A: The cost of production is delineated in social science because the expenses spent to urge the…

Q: Assume the production function is given by: f(x1, x2) = (2x9.253.r5)³. What is the absolute value of…

A: A production function is a mathematical relationship between the physical output of a production…

Q: Catalina Films produces video shorts using digital editing equipment (K) and editors (L). The firm…

A: Disclaimer:- as you posted multipart questions we are supposed to solve only the first 3 questions.…

Q: Suppose that a firm’s production function is Q =10 K^(3/4)L^(1/4). The cost of a unit of labor is $1…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: firm produces basketballs with two variable inputs - labour (L) and plastic (K) - and has the…

A: *Answer:

Q: x units of labor and y units of capital is given by Suppose the production of Scooby Snacks the…

A: In economics and econometrics, the Cobb–Douglas production function is a particular functional form…

Q: Lesson 8 - Costs Question 3

A: The desired value of MRTSLK is -3. Explanation:The marginal rate of technical substitution (MRTS)…

Q: Suppose that a firm's estimated production Q = K3/4L1/4 What is the marginal rate of technical…

A: Marginal rate of technical substitution refers to the ratio of marginal product of labour and…

Q: In the following production function: f(x1, x2) = Ax1α1 x2α2 , where A, α1, α2 > 0. What is the…

A: Answer to the question is as follows ;

Q: Homer's Donut Shoppe has the production function q = 3L0.5. What is the average product of labor at…

A: The production function shows relationship between inputs and output, that is how factors production…

Q: Consider the following production function for shirts: q = v6 L3/4K1/4, where L is worker-hours, and…

A: Marginal product is the additional output produced by employing an additional unit of input. There…

Question

A college football coach says that given any two linemen A and B, he always prefers the one who is bigger and faster. Is this preference relation transitive? Is it complete?

The production function for puffed rice is given by q , where q is 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.

Calculate the q = 1,000 isoquant for this production function and show it on a graph.
If K = 10, how many workers are required to produce q = 1,000? What is the average productivity of puffed-rice workers?
Suppose technical progress shifts the production function to , answer parts a

and b for this new situation.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step 3

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

Juan Valdez owns a coffee farm in Colombia. His production function is: f(x1,x2)=(x1−1)^0.25 x2^0.5 Assume the price of input 1 is r and the price of input 2 is w. (a) Write down an expression for the technical rate of substitution. (b) Find Juan's demand for inputs conditional on the quantity y of coffee Juan wants to produce. (c) Find Juan's cost function. (d) What is the supply function of Juan's firm?
A laundry cleans white clothes using a production function q = B + 2G, where B is the number of cups of Clorox bleach, G is the number of cups of a generic bleach that is half as potent, and q is the basketfuls of clothes that are cleaned. Draw an isoquant for one basketful of clothes. What is the marginal product of B? What is the marginal rate of technical substitution at each point on an isoquant?
Can you please check my answers for the following question? Mandy owns a small coffee shop. Her production function is q=2K0.5L where q is the number of cups of coffee produces, K is the number of coffee machines, and L is the number of employees. If K=10 and L=20, the marginal rate of technical substitution is: 1 MLP= 2K0.5 MLK = L/K0.5 MRTS= 2K/L = 2(10)/20 =1 MRTS = w/r Starting from 10 machines and 20 employees, if Joe hires one more employee, then he can use ______ fewer machine(s) and still produce the same quantity of coffee. 1 fewer machine
For the typical Cobb-douglas function, q=AKaLb whereas APL / APK = 1 , find out the marginal rate of technical substitution.
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.
Suppose that you are starting up a lawn-raking business. All of your workers are required to supply their own rakes, so the only cost to you is hiring labor at an hourty rate. Suppose that the market price of raking someone's yard is $50 per lawn and the hourly wage is $25 per hour. The following graph shows the production function (PF) for your business. On the following graph, use the green line (triangle symbol) to plot the daily isoprofit curve that indicates the profit-maximizing level of output. (Hint: Derive the slope of the isoprofit curve and then move the curve up or down until it's in the position you warnt; this is because you do not know the amount of profit that will yield the desired curve.) Then use the black point (plus symbol) to indicate the profit-maximizing level of labor and output per day. Note: You will not be graded on any adjustments made to the graph. 100 90 Isoprofit 30 Profit Max 40 FF 20 LABOR Hours per day LAWNS RAKED PER DAY
Need help on q1
Consider the following production function for shirts: q = v6 L3/4K/4, where L is worker-hours, and K is sewing machine-hours. a. Compute the marginal products of labor and capital, the average product of labor, and the marginal rate of technical substitution of labor for capital (i.e. how many units of capital are needed to make up for the loss of one unit of labor)? b. Are there diminishing returns to labor (that is, does the marginal product of labor decrease when labor L increases)? What about to capital? Is there diminishing marginal rate of technical substitution (MRTS)? с.
Suppose the production function for a firm is given by: q=4L0.5K0.25. If the firm currently has 20 units of capital (K) and 10 units of labor (L), then calculate the Marginal Rate of Technical Substitution (MRTSLK). (Round to the nearest two decimal places if necessary.) Answer: 3.36
A firm can manufacture a product according to the production function Q = F(K, L) = K3/4 L1/4 a. Calculate the average product of labor, APL, when the level of capital is fixed at 81 units and the firm uses 16 units of labor. How does the average product of labor change when the firm uses 256 units of labor? b. Find an expression for the marginal product of labor, MPL, when the amount of capital is fixed at 81 units. Then, illustrate that the marginal product of labor depends on the amount of labor hired by calculating the marginal product of labor for 16 and 81 units of labor. c. Suppose capital is fixed at 81 units. If the firm can sell its output at a price of $200 per unit of output and can hire labor at $50 per unit of labor, how many units of labor should the firm hire in order to maximize profit
Cheburashka uses kiwi fruits (K) and labour (L) to produce juice (q). His production function is: q=min{L/3, K0.5}, where labour is measured in hours, kiwi fruits in kg, and juice in (large) bottles. For example, if he uses 4 kg of kiwi fruits and 6 hours of labour, he can produce 2 bottles of juice. a) Draw isoquants for q = 1, q = 2 and q = 3 on a graph with labour on the horizontal axis and kiwi fruits on the vertical one. = $5 per kg. b) Let the price of labour-hour be given by w = $18 and the price of fruit by p What is the optimal amount of labour and fruit to produce q bottles of juice if Cheburashka strives to minimise costs? (Note that you need to provide expressions L(q) and K(q)). Illustrate on the graph from a) by drawing corresponding isocost lines. c) Draw the Cheburashka's expansion path on a graph from a). Derive an expression for the expansion path, i.e., K as a function of L. How does it depend on the wage and the price of kiwi?
Suppose the production function is Cobb-Douglas and f(x1;x2)=x11/2x23/2 Write an expression for the marginal product of x1. Does marginal product of x1 increase for small increases in x1, holding x2 fixed? Explain Does an increase in the amount of x2 lead to decrease the marginal product of x1? Explain What is the the technical rate of substitution between x2 and x1? What is the type of returns to scale of this production function? (Increasing, decreasing, constant)