b) The MTA uses equipment (K), labor (L) and supplies (S) to produce public transportation services according to the production function Q =K®5L©25G@5_ b.1) What kind of returns to scale does this production function exhibit? b.2) What is the marginal product of labor? Does the production function exhibit diminishing marginal returns? b.3) What is the marginal rate of technical substitution of equipment for labor services? Does it depend on the MTA's usage of supplies? b.4) Assume that K = 16. In a diagram measuring labor along the horizontal axis and supplies along the vertical axis draw one of the MTA's isoquants.

b) The MTA uses equipment (K), labor (L) and supplies (S) to produce public transportation services according to the production function Q =K®5L©25G@5_ b.1) What kind of returns to scale does this production function exhibit? b.2) What is the marginal product of labor? Does the production function exhibit diminishing marginal returns? b.3) What is the marginal rate of technical substitution of equipment for labor services? Does it depend on the MTA's usage of supplies? b.4) Assume that K = 16. In a diagram measuring labor along the horizontal axis and supplies along the vertical axis draw one of the MTA's isoquants.

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

NB: Solve Question A (ii), (iii), and (iv)
Question #2 pls
Please answer all parts Not a previously submitted question
ONLY answer question b. relative to question a.
An investigator will be studying nutrition among Latina women. To find participants to interview, she requested a list of names and contact information for all Latina women from a community clinic. These women had already provided consent and had agreed to be contacted about participating in future research studies. The list included 1,000 names of potential participants for the nutrition study. The investigator chose 200 of the women from this list to contact for possible inclusion in the study. D3 Question: Do the women included on this list represent the larger group?
2 part question
Question 6
The question isn't incomplete
Question 2 D- i),ii) and iii)
question attached! (:
Question 17
this question is one question with several parts