HelpSeFor the production function Q = 5.2K + 3.8L, if K = 16 and L = 12, we know that MPK is:Multiple Choice01:49:51Book12.16.5.2.raw< Prev3 of 30Next >ucationpe here to searchhp

A production function is a relationship between the input and output levels of a company.

Answered: For the production function Q = 5.2K +…

Business

Economics

For the production function Q = 5.2K + 3.8L, if K = 16 and L = 12, we know that MPK is: Multiple Choice 12. 16. 5.2.

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: What is the conditional demand for input 1? Use cost function c(w1;w2; y) = w11/2w21/2y2

A: Conditional demand for input one can be calculated by differentiating the total cost with input 1.…

Q: u

A: We have an optimization problem with an equality constraint. The objective function is a cost…

Q: Cobb-Douglas type,?(?,?)=???? with?+?< 1, resulting in strictly convex isoquants and is the same in…

A: Bitcoin mining= output=B the input needed by the bitcoin miner for mining the bitcoin is Electricity…

Q: The total cost function of a firm that produces its product on two assembly lines is given as TC…

A: Total cost is the sum of all expenses incurred by a firm in producing a certain level of output. It…

Q: (b) If the average cost function of a good is 16 4· AC = 12x + 4 + find an expression for marginal…

A: The total cost incurred by a firm operating in a market includes fixed costs and variable costs.…

Q: The chemical X-2000 is produced using two inputs, benzene (B) and labor (L) in the exact proportions…

A: Given: There are two inputs, benzene (B) and labor (L). Production function: qX = min[B, 0.5L]…

Q: A Cobb-Douglas production function for new company is given by ?(?, ?) = ?³/⁵ ?²/⁵ where K…

Q: In a factory an article is produced whose production function is: z = 15 – 2x2 + 12x – 3y? + 6y for…

A: Production function is given as: z = 15 -2x2+ 12x-3y2+6yPrice of input x = 6Price of input y =…

Q: After finding the optimal quantities of X1, X2 that maximize the function Z = (X1^0.2)*(X2^(1-0.2)),…

A: In the context of optimization problems, the term "optimal quantities" refers to the specific values…

Q: Jiffy-Pol Consultants is paid $1,000,000 for each percentage of the vote that Senator Sleaze…

A: Given:- Jiffy-Pol Consultants paid=$1,000,000 Campaign ads run according to function= S=100N/(N+1)…

Q: A Cobb-Douglas production function for new company is given by F(K,L) = K3/5L2/5 where K represents…

A: We know, at equilibrium, MPLMPK=wr

Q: We have the following K-T conditions: 1-10z + 3 – 62 0 & x(10z+3 – 62) = 0 2-10x + 1 – 31 <0 & z20 &…

Q: Your company is contemplating bidding on an RFP (Request For Proposal) to produce 100,000 units of a…

A: A Request for Proposal (RFP) is a formal document issued by an organization, typically a company or…

Q: Let AC(q) and MC(q) be the average cost function and the marginal cost function respectively. (a)…

A: We know AC(q)=TC(q)qand MC(q)=dTC(q)dq

Q: You manage two chocolate factories. Using only these two factories, you must produce exactly 420 kgs…

A: Total Cost refers to the overall cost incurred by the firm

Q: You are the manager of a firm and you are required to optimize the Cobb-Douglas function given the…

A: q = K0.4L0.6 -----------------------> Production function. The price of K = 8 and the price of L…

Q: For the cost function C(Q)= 100+ 2Q+3Q², the total varlable cost of producing 2 units of output is

A: Costs refer to the expenses that are incurred in the process of production of goods or services.…

Q: Suppose Honda operates a car engine manufacturing plant in Canada and one in Mexico. Suppose further…

A: Given,The production function of Honda's car engine manufacturing unit in Canada is The production…

Q: An entrepreneur owns a factory with two plants that produce the same skateboards but differ in the…

A: A production function shows the relationship between the output derived using the combination of…

Q: You are the manager of a firm and you are required to optimize the Cobb- Douglas function given the…

A: Lagrangian is : q + λ ( M - PK*K - PL*L) where, q is the output function M is the income PK is the…

Q: Let X = R. Suppose that u represents p>0, M > 0, ū> 0, and r(p, M) >0. if necessary. (1) Show that…

A: - Utility Function:A utility function is a concept commonly used in economics and decision theory to…

Q: Y = AK" L¹". Also assume that the supplies of capital and labor are fixed at K and I, respectively.…

A: Cobb-Douglas: The Cobb-Douglas creation capability is a specific utilitarian type of creative…

Q: A software firm has only two inputs to production: domestic programmers based in the firm's U.K.…

A: A production function states the mathematical link of quantities of production factor and the…

Q: Suppose the production function is given by Q-2K+6L. What is the average product of capital when 4…

A: The average product of capital is the amount of output per unit of capital input. It is the ratio of…

Q: A product is processed on a station S1, which produces 75% good units, while the remaining P₁= 25%…

A: As given S1 which produce 75% goods P1 = 25% P2 = 10%

Q: A small rural hospital’s management assesses the following production and input price situation with…

A: GivenMPL1=10PL1=5MPL2=4PL2=4

Q: Given Q=100kL0.5 , C=1200 w=30 r=40 (a)Determine the quantity of labour and capital the firm…

A: The production function shows the relationship between inputs and output. The inputs are capital (k)…

Q: Let the production function be given by q=2(square root of L)(square root of K)} and Price of K be 8…

Q: A jewelry store makes necklaces and bracelets from gold and platinum. The store has developed the…

A: Given, Maximize profit=300x_{1}+400x_{2}300x1+400x2 Subject to: 3x_{1}+2x_{2}\leq183x1+2x2≤18…

Q: T = - Q² + 17Q – 60 Find Q that maximizes the function:

A: Interest rate effect the consumption decision of whether to consume today and tomorrow.

Q: Given the production function per hour Q(x, y) = −2x² − 4y² + 40 + 40y, where x is a worker…

A: Here we have:- Qx,y=-2x2-4y2+40x+40y In this situation:- x is a worker who receives $1 per hour and…

Q: A small company produces organic cookies. When the price is $6.00 per dozen, the average daily sales…

Q: For the given cost function C(x)=250√x+ x^2/3375 -find a) The cost at the production level 1100…

A: Given: C(x) =250x+x23375

Q: (a) A firm has production function q(k,l) = k'/³12/3, where k denotes the capital used and I denotes…

A: Given : q(K,L)=K1/3L2/3 This depends upon two inputs K and L subject to the budget constraint.…

Q: Consider the following function: f(x,y,w) =(x2/y) + (2w2/x). Is this homogeneous? If so, to what…

A: A function is a homogeneous function if it can be expressed as f(kx,ky,kw) = knf(x,y,w)

Q: A T-shirt screener can screen t-shirts (q) in two different ways. He can either use a fast screening…

A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: Out of 10000 people in a community, each is willing to pay Ksh 10 for each well dug. The cost of…

A: Pareto efficiency, a concept in economics, occurs when a situation is optimized so that no…

Q: maximize Q = 50 K 0.5 L 0.5 Q=50K 0.5 L 0.5 subject to the constraint 2 K + 3 L = 36 2K+3L-36 using…

A: The given problem is

Q: Suppose the input combination currently used by a producer is such that the TRS is equal (in…

A: The statement that the producer is maximizing profits when the Total Resource Substitution (TRS) is…

Question

100%

Help
Se
For the production function Q = 5.2K + 3.8L, if K = 16 and L = 12, we know that MPK is:
Multiple Choice
01:49:51
Book
12.
16.
5.2.
raw
< Prev
3 of 30
Next >
ucation
pe here to search
hp

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

Coca cola uses labour(L) and capital (k) in its production process. It estimates that the production function facing it is given by Q= K0.5 L0.5. The company can sell a bottle of coke at GH4. The cost of a machine is GH3 and that of Man- hour is GH5. The firm's total cost if production at the end of production is expected to be GH 3000. Required: Determine The optimal level of capital and labour usage The firm’s firm’s profit at the optimal levels of capital and labour usage The firm’s elasticity of output with respect to labour and capital and interpret it
A lake has two species of fish: bass and catfish. The number of bass and catfish living in the lake, B and C respectively, depend on the temperature of the lake, T (in degrees Farenheit). The functions modeling this dependency are given below: B(T) = 8T2 + 976T – 28890 С(Т) 3D — 2T?+244T — 6893 What are the two temperatures at which the number of bass in the lake is the same as the number of catfish? Enter exact expressions or round your answers to the nearest thousandth. T : T
suppose noW that the firm must pay a fixed cost of ē > 0 in order to produce (e.g., this could be the cost of buying a manufacturing plant). If the firm chooses not to produce at all, it does not incur the fixed cost. If it chooses to produce any strictly positive quantity, it must incur the full fixed cost of č. Suppose p = w = r = 4. When will the firm choose to produce a strictly positive amount of the good Y? Write down the firm's supply and profit functions.
For the cost function C(Q) = 100 + 2Q + 3Q², the total variable cost of producing 2 units of output is Multiple Choice о 16. 10. 4. 12.
The function Q = L0.3 + K0.7 is an example of _____ returns to scale of production.
***PLEASE NOTE - An answer is NOT needed for parts A, B and C; these are included to assist with answering part D. Only an answer for part D is required, but it is derived from the previous answers*** Given: A farmer raises peaches using land (K) and labor (L), and has an output of ?(?,?)= ?0.5?0.5 bushels of apples. a. Find several input combinations that give the farmer 6 bushels of apples. Sketch the associated isoquant on a graph, with L on the x-axis and K on the y-axis. b. In the short run, the farmer only has 4 units of land. What is his short-run production function? Graph it for values of L from 0 to 16, with L on the x-axis and output on the y-axis. What is the name of the slope of this curve? c. Assuming the farmer still only has 4 units of land, how much extra output does he get from adding 1 extra unit of labor if he is already using only 1 unit of labor? How much extra output does he get from adding 1 extra unit of labor if he is already using 4 units of labor?…
unconstrained optimization application exercises Determine the maximum utility if the production function is P = 20 – x2 + 10x – 2y2 + 5y, the prices of inputs x and y are 2 and 1, respectively, and the unit price of product P is 5.
A cookshop hires two chefs. The workload, equipment and materials are evenly distributed. The result is a significant increase in the marginal number of lunch dishes made daily. Then 2 more chefs are hired. Now the workload per chef is lessened and there are conflicts over the use of materials and equipment. There is still an increase in the marginal number of lunch dishes made daily, but the increase occurs at a slower rate than before. This is an example of:
The production of a product is characterised by the function f(x, y) = 16x/4y3/4, where x is the number of units of labour and y is the number of units of capital needed to produce f(x, y) units of the product. Each unit of labour costs £50 and each unit of capital costs £100. You are given a budget of £500,000 and are asked to calculate the number of units of labour that maximise the production. Enter your answer as an integer. Answer:
PROBLEM #3 An auto parts manufacturer uses a production process for one of its parts that has a long- run production function as follows: q=20K²L, where L measures the number of labor hours and K measures the number of rental hours for the machine used in the production process. The machine can be rented for $90 per hour; the hourly wage for workers is $15. The manufacturer has a production budget of $23,220 for this type of part. If the manufacturer's goal is to maximize output, subject to the production budget, find the output-maximizing levels of capital and labor the manufacturer will choose.
N⁵q1
Given a QD = 100 – 2P and QS = 6P – 20 Graph the S and D