Сapital 3 ------ ------ 2 ----- -- ------- Q = 900 1 ----- ----- --- Q = 600 Q = 300 10 20 30 Labor Over the output range shown above, production shows returns to scale and Decreasing ; LRMC is rising Increasing ; LRAC is falling O Increasing ; LRMC is falling Decreasing ; LRAC is rising

Сapital 3 ------ ------ 2 ----- -- ------- Q = 900 1 ----- ----- --- Q = 600 Q = 300 10 20 30 Labor Over the output range shown above, production shows returns to scale and Decreasing ; LRMC is rising Increasing ; LRAC is falling O Increasing ; LRMC is falling Decreasing ; LRAC is rising

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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shows the long-run average costs for Inmode, a manufacturer of Internet modems. Quantity per Day Average Cost ($) 1 2 3 85 65 60 45 4 5 6 7 55 60 75 95 120 82 a) At what output is minimum efficient scale achieved? Output: b) With what output do diseconomies of scale begin? Output: |
question b and d
Suppose that the production function is What is the average product of labor AP₁, holding capital fixed at K? OA. APL = L-0.25 0.25 B. APL= q/L. O C. APL = 0.75L-0.250.25 q=L0.75K0.25 D. Both a and b. E. All of the above.
(a) Solve for and graph this firm’s isoquant at q = 10. Please label three points along this isoquant b) Does this production function exhibit increasing, decreasing, or constant returns to scale? Explain. Please corroborate your answer using a set of isoquants when the quantity of both inputs gets doubled.
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
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Assume a Cobb-Douglas production function of the form: 3 What type of returns to scale does this production function exhibit? In this instance, returns to scale equal This production function exhibits q=10L0.28K0.59 (Enter a numeric response using a real number rounded to two decimal places.) OA. increasing returns to scale. OB. constant returns to scale. OC. initially decreasing but then constant returns to scale. O D. decreasing returns to scale. O E. initially constant but then decreasing returns to scale.
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onsider a producer with budget C = 200 who can buy labor L at a wage w = 10 and capital K at a price r = 5. The producer has the following production function F(K,L) = 3K1/3 L2/3 . a. Does F(K,L) exhibit increasing, decreasing, or constant returns to scale? Show your work. Consider a new production function F(K,L) = K1/3 L2/3 , where is a? ? positive constant not equal to 3. Does the new production function exhibit increasing, decreasing, or constant returns to scale? b. Using F(K,L) = 3K1/3 L2/3, find the optimal bundle. Show your optimal bundle on a plot (this should include isoquant and isocost curves). c. Suppose the budget is reduced to C = 100 and then C = 50. Find the new optimal bundles. Plot these bundles, along with the initial optimal bundle, on one plot. Draw the expansion path PLEASE SHOW GRAPHS do not use chat gpt