Output per worker (S, thousands)Production lunction (after225technological progreProduction function1520 30Capital equipment per worker (S, thousands)The figure shows an economy's production function before and after a technological progress.Based on this information, which of the following statements is correct?O The average product of capital at Ais 250,000/70,000 -3.57O The marginal product of capital atA is (85.000 - 70.000)/ (300,000 - 250,000) = 0.30O The particular shape of the production function indicates diminishing marginal product of capitalAs a result of a technological progress, the marginal product of capital rises but the average product of capital remains constant for a given level of capital per worker

Diminishing marginal product of capital states that as more and more capital is used for production…

Answered: Output per worker (S, thousands)…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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ФЫВАПРОЫ В А ПРО ПДЗАПРОЛДЫВАПРО ЯЧСМИТВЧСМИТЬБСМИТЬБЮ ЯЧСМИТЕ SOLVE STEP BY STEP IN DIGITAL FORMAT Regarding the production function of the table, indicate if there are constant, increasing or decreasing returns to scale; Which of these points are on the same isoquant?; Is the law of diminishing returns to scale operating? ЗК 2К 1К 80 70 50 1L 120 100 70 2L 150 120 80 3L ИЦУКЕНГШУКЕНГШщЖЕНГШЩЗХЪЙЦУКЕНГ
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Which of the following production functions exhibits increasing returns to scale? OA. AY=k1/2 1/2 O B. Y=K°L1-a O.Y=k1/3L 2/3 O D. Y=K1/2L 3/4 O E. Y=K1/3L 1/3
i want real life examples of labor-intensive technology and capital-intensive technology :)
Cindy Jo's Hair Salon is concerned about its rising costs of supplies, energy, and labor, so it is considering investing in better equipment, which hopefully will reduce the time required to perform most hairstyles as well as result in better perceived quality by its customers. It predicts that the added investment will increase output levels as well as reduce energy costs, since some of the new equipment (hair dryers) use less electricity. Inputs and Outputs Hairstyles per week Labor costs per week Energy costs per week Material costs per week Capital investment Using the given information, determine the current and expected single-factor and total productivity measures. Do not round intermediate calculations. Round your answers to three decimal places. Productivity Current (this year) % haircuts/dollar haircuts/dollar haircuts/dollar * haircuts/dollar Expected (next year) X Labor Energy Material Total What is the percentage change in total productivity? Do not round intermediate…
1. Assume a daily production function for a firm is Q= min(3L, 4K) a, If L = 100 and K = 100 what quantity is produced? Explain why. b. What would be the cost-minimizing labor and capital combination for this firm to produce Q = 1200? (show your work) Labor = Capital = At this level of production from part b (Q-1200), if the wage rate is: w- $30 and the rental rate of capital is: r= $100, what is the total cost of production? (show your calculations) C.
5. A company that produces auto parts has a production function of Q = 300 L-75 K-5. %3D If L= 250 and K= 25, what is the output of auto parts? If L increases to 350, what is the output of auto parts? What does the change in output show regarding labor as a factor of production?
not use ai please
Quantity of Gold Bars (in thousands) Extraction Cost (in millions of dollars) User Cost (in millions of dollars) 0 $ 10 $ 5 1 15 5 2 20 5 3 25 5 4 30 5 5 35 5 The table shows the quantity of gold bars in thousands, the extraction cost for each thousand bars (in millions of dollars), and the user cost of each thousand bars (in millions of dollars) facing the OZ Mining Company this year (all costs are marginal). Suppose that a new government regulation is going to shut down OZ's mining operation one year from now. If the current price per bar of gold is $15,000, how many bars (in thousands) should OZ extract and sell this year? Multiple Choice 2 0 1 As many as possible
Suppose the inputs of labour and capital each increase by 8% and output also increases by 8%. The production function exhibits_ returns to scale technology. a. Constant O b. Increasing O c. Decreasing O d. Zero
Refer to the information provided in Figure 7.9 below to answer the questions that follow. Units of capital 80 60 A 0 Answer: B Diff: 3 Topic: Appendix: Isoquants and Isocosts Skill: Conceptual 197 Figure 7.9 6) Refer to Figure 7.9. If the price of capital is $25, then along isocost line AB total cost is A) $1200. B) $1500. C) $2000. D) indeterminate from this information since the price of labor is not given. Answer: B Diff: 2 Topic: Appendix: Isoquants and Isocosts Skill: Analytic B D E 60 80 120 Units of labor 7) Refer to Figure 7.9. The firm is currently along isocost CD. If the price of capital is $25, then the price of labor is A) $1. B) $25. C) $80. D) indeterminate from the information given. B) $24. 8) Refer to Figure 7.9. The firm is currently along isocost CE. If the price of capital is $24, then the price of labor is A) $16. C) $80. D) $120. Answer: A
(Table: Production Function for Quinoa) Use Table: Production Function for Quinoa. Assume that the fixed input consists of 10 acres of land and a tractor, which have a combined cost of $150 per day. The cost of labor is $100 per worker per day. The total cost of producing 75 bushels of quinoa is: Table: Production Function for Quinoa Number of Workers Bushels of Quinoa 10 1 2 3 4 5 transcript O $7,650. O $1,225. O $650. O $1,150. 10 25 45 60 70 75

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