For the following items, consider the given production schedule. Here, the production of a good (Q) can be attributed to three types of input: capital (K), general labor (L.), and specialized labor (L.). K L1 L2 Q 1 1 12 2 1 2 2 3 57 4 2 3 3 1 3 1 66 The given production schedule was generated using the production function F(K,L1,L2)=K(2Li+5L2)F(K,L1,L2)=K(2L1+5L2). 1. What is X? 2. Holding both capital and general labor fixed at 2 units, what is the marginal product of the second unit of specialized labor? 3. If output is zero, then we can always conclude that: a. There is no capital. b. There is no general laborer. c. There is no specialized laborer. d. None of the other choices.
For the following items, consider the given production schedule. Here, the production of a good (Q) can be attributed to three types of input: capital (K), general labor (L.), and specialized labor (L.). K L1 L2 Q 1 1 12 2 1 2 2 3 57 4 2 3 3 1 3 1 66 The given production schedule was generated using the production function F(K,L1,L2)=K(2Li+5L2)F(K,L1,L2)=K(2L1+5L2). 1. What is X? 2. Holding both capital and general labor fixed at 2 units, what is the marginal product of the second unit of specialized labor? 3. If output is zero, then we can always conclude that: a. There is no capital. b. There is no general laborer. c. There is no specialized laborer. d. None of the other choices.
Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)
14th Edition
ISBN:9781305506381
Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Chapter7: Production Economics
Section: Chapter Questions
Problem 3E
Related questions
Question
![For the following items, consider the given production schedule. Here, the production of a good
(Q) can be attributed to three types of input: capital (K), general labor (L), and specialized
labor (L.).
K
L1
L2
Q
1
1
2
12
2
1
2
3
2
3
57
4
2
3
5
1
6
3
1
66
The given production schedule was generated using the production function
F(K,L1,L2)=K(2L1+5L2)F(K,L1,L2)=K(2L1+5L2).
1. What is X?
2. Holding both capital and general labor fixed at 2 units, what is the marginal product of
the second unit of specialized labor?
3. If output is zero, then we can always conclude that:
a. There is no capital.
b. There is no general laborer.
c. There is no specialized laborer.
d. None of the other choices.
4. Select the input(s) that exhibits diminishing marginal product. *
а.
K
b. Li
с. L2
d. None of the other choices
5. The production of the good exhibits.
a. Increasing
b. Constant
returns to scale
c. Decreasing
d. Cannot be determined](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F04fd0b88-a759-47d2-abe6-04209c092068%2F5bc4ebf4-bb99-40e6-acba-7238d1f3d0eb%2Fcvrj7axf_processed.png&w=3840&q=75)
Transcribed Image Text:For the following items, consider the given production schedule. Here, the production of a good
(Q) can be attributed to three types of input: capital (K), general labor (L), and specialized
labor (L.).
K
L1
L2
Q
1
1
2
12
2
1
2
3
2
3
57
4
2
3
5
1
6
3
1
66
The given production schedule was generated using the production function
F(K,L1,L2)=K(2L1+5L2)F(K,L1,L2)=K(2L1+5L2).
1. What is X?
2. Holding both capital and general labor fixed at 2 units, what is the marginal product of
the second unit of specialized labor?
3. If output is zero, then we can always conclude that:
a. There is no capital.
b. There is no general laborer.
c. There is no specialized laborer.
d. None of the other choices.
4. Select the input(s) that exhibits diminishing marginal product. *
а.
K
b. Li
с. L2
d. None of the other choices
5. The production of the good exhibits.
a. Increasing
b. Constant
returns to scale
c. Decreasing
d. Cannot be determined
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