For each of the following production functions Q = f(K,L), find the marginal productivity with respect to K and L a) Q = 5KL – 2K² – 2L² at K = 1 and L = 1 %3D - 1 b) Q = 0.03K³ – 0.4KL+ 0.5L2 at K = 8 and L = 4

For each of the following production functions Q = f(K,L), find the marginal productivity with respect to K and L a) Q = 5KL – 2K² – 2L² at K = 1 and L = 1 %3D - 1 b) Q = 0.03K³ – 0.4KL+ 0.5L2 at K = 8 and L = 4

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Related questions

Q: QUESTION 1 For the production function Qs = KO.4L0.3 find the returns to scale, recall that a…

A: Return to scale: It tells us that if we increase capital and labor by a factor of 't', then how much…

Q: Assume a Cobb-Douglas production function of the form: q = 10L0.24 K0.51 What type of returns to…

A: Return to scale define the level of production in the firm , so here we calculate the return to…

Q: Suppose the production function is q = 6L0.60K0.90. Determine the long-run capital- to-labor ratio…

A: At optimum where production is maximised, marginal rate of technical substitution equals price ratio…

Q: P = 21 + 3k? %3D Find the marginal productivity with respect to capital for 4 units c labor and 3…

A: To calculate marginal-productivity of labor we find the partial derivative of P with respect to L.…

Q: Find out the maximum possible output for a firm with zero unit of L and 10 units of K when its…

Q: Which of the following production functions demonstrates constant returns to scale? I. Q=5L+2K II.…

A: Constant returns to scale condition.Q(λK,λL)=λQ(K,L)

Q: 2-1 Consider the production function Y = X+4x2 – 0.2x3 a. Derive the exact marginal physical product…

A: Given: The production function: Y = X + 4x2 - 0.2x3 To Find: The exact marginal physical product…

Q: A firm has a production function QL,K=100L0.4K0.6 with a cost function CL,K=5L+30K. What is the…

A: Q(L,K)=100L0.4K0.6 C(L,K)=5L+30K w=5 r=30 Q=1000 MPL=dQ/dL=0.4(100)L-0.6K0.6 MPL=40L-0.6K0.6…

Q: For the production function Q = L² +0.5K², returns to scale: O is constant O Can be increasing,…

A: Return to Scale:Return to scale refers to the effect on output or production when all inputs are…

Q: A firm faces the production function: q=10L^0.32 K^0.56 (a) What kind of returns to scale does…

Q: Assume a Cobb-Douglas production function of the form: q=10L0.66 K0.88 What type of returns to scale…

A: Return to scale in a production function signifies the rate of change in production due to a change…

Q: Under what conditions do the following production functions exhibit decreasing, constant, or…

A: When an increase in inputs results in a proportional increase in output, there occurs constant…

Q: or the production function Qs = K0.5L0.7 find the returns to scale, recall that a doubling of inputs…

A: Returns to scale mean when inputs are raised by a certain proportion, how much output rises. The…

Q: QUESTION 1 For the production function Qs = K0.8L0.3 find the returns to scale, recall that a…

A: Return to scale: It tells us that if we increase capital and labor by a factor of 't', then how much…

Q: etermine the level of homogeneity and returns to scale for each of the following production…

A: Production function means. A production function is a mathematical representation of the…

Q: For the production function Q = 16L + 0.2K, returns to scale: O is decreasing can be increasing,…

A: Production function states the relationship between the input and output of goods in production by a…

Q: Q) The production function Q = L1/2K exhibits: Group of answer choices a) Increasing…

A: Given Production function Q= L1/2K .......... (1) To know the return to scale, we increase…

Q: Isocost and Production functions What is the optimal mix of x₁ and X₂? C = 5x₁ + 10x₂ Q = 10x₁³x₂+

A: To find the optimal mix of factors of production of a production unit, the least-cost combination of…

Q: Consider the production function q = ((K^α)+(L^α))^β. For this function to have diminishing marginal…

A: Economics refers to the study of scarcity and its implications for the use of resources, production…

Q: Give me answer

A: The objective of the question is to determine the conditions under which the given production…

Q: Consider several production functions below and indicate whether they exhibit constant, increasing…

A: The markets are the place where the buyers of various goods and services tend to interact and meet…

Q: Consider a production function Q = (K.5 + L.5) 2 Does this production function exhibit…

A: Q=(K0.5+L0.5)2..... (1)Now, In order to check for returns to scale, multiply the variables K and L…

Q: For each of the following production functions, determine if there are increasing. decreasing, or…

A: Returns to scale is an significnat term in economics which describe that how much the ouput will…

Question

For each of the following production functions Q = f(K,L),
find the marginal productivity with respect to K and L
a) Q = 5KL – 2K² – 2L²
at K = 1 and L = 1
%3D
1
b) Q = 0.03K³ – 0.4KL + 0.5L7 at K = 8 and L = 4
-

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

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 1 images

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

How would you determine that a two-input Cobb-Douglas production function has decreasing returns to scale (DRS), increasing returns to scale (IRS) or constant returns to scale (CRS) depending on whether α1 + α2 is larger than, smaller than, or equal to one?
Which of the following production functions exhibits increasing returns to scale in the factors of production K and L? a. y = ĀK0.3 L0.75 b. y = Kª(ĀL)-e,0 < a < 1 c. y = ĀKO.3L0.3 d. y = ĀK/4 + L³/4
c) Show that the following production function exhibits increasing returns to scaler Q = 20K*L² Where K = 2, L = 5 and t = 2
QUESTION 1 For the production function Qs = K0.6L0.7 find the returns to scale, recall that a doubling of inputs that doulbes output is a CONSTANT returns to scale = 1.0 Please enter your response as a positive number with 1 decimal and 5/4 rounding (e.g. 1.15 = 1.2, 1.14 = 1.1).
Questions 3. For each of the following production functions, determine whether it exhibits increasing, constant or decreasing returns to scale: a) Q = K + L b) Q = L + L/K c) Q = Min(2K,2L) d) Q = (L.5 )(K.5)
The function Q = L0.3 + K0.7 is an example of _____ returns to scale of production.
Show that the two-input Cobb-Douglas production function (attached) has decreasing return in scale (DRS), constant return of scale (CRS) or increasing return of scale (ITS) depending on if alpha1 + alpha2 is smaller than, equal, or larger than 1.
e) Do the following production functions exhibit increasing, constant, or decreasing returns to scale: i) q = L +3K+2 ii) q = LK iii) q = 0.4K + 3L:
Show that the following production function has constant returns to scale. It can be through a particular example or by demonstrating the general case. 1/21/2 y = 5x;"x;2
oj Consider the Cobb-Douglas production function P(L, K) = 6L0.6 K04_ Find the %3D total units of production when 19 units of labor and 12 units of capital are invested.
Does this production function q = 9K0.8L0.1 exhibits [increasing return to scale, constant return to scale, decreasing constant return to scale]
A firm’s production function is - y = f(X1, X2)= X11/2 + X1X2 , Where X1≥0, X2≥0 1. Find its returns to scale when X1=1, and X2=1