QUESTION 25 Which of the following production functions exhibits constant returns to scale? OA Y=KL O B. Y=KªL1-a ocY=K!/3_ 1/3 O D. Y=K1/4 1/2 O E. V=K2/3

Q: Consider the case of three inputs to produce a product. The function is given as f(aX 25, aX.5, aX…

A: Constant returns to scale: After input is increased by any proportion, the output also increases by…

Q: If 15 workers produce 100 license plates, 16 workers produce 120 license plates, and 17 workers…

A: The marginal product of labor is the additional output gained by hiring one more labor or worker,…

Q: What is the relationship between a firm's inputs and output if the firm experiences diseconomies of…

A: "Diseconomies of scale" refers to a situation in which a firm experiences increasing costs per unit…

Q: Why do average variable costs eventually rise if a company's output increases enough? O Diminishing…

A: Costs refer to the expenses that firms incur to purchase raw materials and the factors of production…

Q: H8. Which of the following production functions exhibit(s) constant returns to scale?​I. Q = Min…

A: There are CRS if the doubling the all inputs result in the double of output.

Q: For a firm, constant returns to scale occur when the for the firm AFC ATC MC as the quantity…

A: ATC, or average total cost, is a term used in economics and business. It's a statistic used to…

Q: ģģ Plant 1 Plant 2 ACI AC2 W 01 02 03 Q4 Plant 3 Select one: O A. Q₁ and Q4. B. Q₁ and Q3. C. Q4 and…

A: The combination of total fixed and variable cost that divides the total number of units in the…

Q: Suppose a production function for a firm takes the following algebraic form: Q= 4KL - (0.2)L, where…

A: Answer: Given, Production function: Q=4KL-0.2L2K=12L=11Let us substitute the values of K and L in…

Q: What is the meaning of minimum efficient scale? a. The minimum plant size where constant returns to…

A: Minimum efficient scale refers to the smallest output that a firm is able to produce when long run…

Q: If a firm has a constant returns to scale production function F(K,L), then the ratio of inputs K L…

A: In long run firm experiences return to scale on its production function which are 1.Constant return…

Q: 4) Does these production functions exhibit decreasing, constant, or in- creasing returns to scale?…

A: Due to its ability to clarify and measure the link between labor and capital, the two components of…

Q: Consider the case of a firm that produces output x (sold at price p) using a production function x =…

A: Hello. Since your question has multiple sub-parts, we will solve first three sub-parts for you. If…

Q: If all inputs triple and output increases by less than three times the original amount of output,…

A: Returns to scale is a concept that describes the relationship between changes in the scale of…

Q: When the firm's LRATC curve is downward sloping over its range of production, this implies that A.…

A: Long run average total cost curve shows the lowest cost for producing each quantity of output in the…

Q: Individuals whose current health status is poor will likely derive larger marginal utility benefits…

A: Marginal utility is the extra utility received from consuming one additional unit of the commodity…

Q: Which of the following would be a reasonable explanation for the law of diminishing marginal…

A: An economic principle that asserts that as extra units of a variable input are added to a fixed…

Q: In the above figure, economies of scale are present up to an output level of 13,000 pounds of…

A: Economies of scale refers to the cost advantage to a firm which arises out of large scale…

Q: cies than smaller plants, there's no guaranty that they actually will. In fact, increasin. size…

A: SUMMARY OF GIVEN PARAGRAPH

Q: An economist estimated the learning curve for the production of Tesla vehicles to be: AC 433,094…

A: The learning rate, in the context of the learning curve theory in economics and production,…

Q: 50 40 Costs per 30 unit (dollars) 20 10 0 11 500 SRATCA SRATC SRATC A 1,000 1,500 2,000 Quantity of…

A: We need to determine at what level of weekly output the average total cost is minimized. This…

Q: Cost LRAC A Quantity Figure 1 Long run average cost curve for a firm Figure 1 shows a long run…

A: We have to find Long run average cost curve.

Q: Suppose a firm produces cars and the minimum efficient scale is 2,000,000 cars. The inputs are labor…

A: LRAC refers to long run average cost and SRAC refers to short run average cost. Long run average…

Q: For the function y = x2x₂ + 5x22 determine whether it exhibits increasing, decreasing or constant…

A: A firm in a market can produce goods and services at the lowest average cost and increase the…

Q: Question 5 Which of the following production functions exhibit increasing return to scale?…

A: There are three types of returns to scale- Increasing returns to scale The constant return to…

Q: Does the production function 10 q = 1000L – K exhibit increasing, decreasing, or constant returns to…

A: Production function: The link between the number of productive inputs (such as labor and capital)…

Q: to Scale and Economies of Scale uahon in whien output doubles when all inputs ae lovlored. > Can a…

A: Return to scale show the long-run production function where it can be increasing, decreasing, and…

Q: shows the long-run average costs for Inmode, a manufacturer of Internet modems. Quantity per Day…

A: This can be defined as a cost that shows the type of cost that an individual, business, or any other…

Q: Cost LRAC B A Quantity Figure 1 Long run average cost curve for a firm Figure 1 shows a long run…

A: In economics, when the firm expands or grows then there exists a change in its cost too. When the…

Q: Costant return toscale: Situation inwhich output doubles when E CONo MIESOF SCACE chen firm can…

A: An isocost line is a graph that depicts several input combinations that cost the same total amount…