Suppose a hole can be dug in one hour with a small shovel and in half an hour with a large shovel. What is the Rate Technical Substitution of labour time for shovel size? What does the ‘‘one hole’’ isoquant look like? How much time would it take a worker to dig a hole if he or she used a small shovel for half the hole, then switched to the large shovel?

Q: why is the fixed cost 10?

A: Fixed cost doesn't change with the change in the number of output.

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A: The aim of any firm to maximize the profits.  To maximize the profits firm has to increase the…

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A: The production function links physical amounts of inputs to physical quantities of output. Cost…

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A: Fixed cost is independent of output produced.

Q: K 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 L 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 TP 0 12 26…

A: Total production is the output produced by the factors of production. Given table:

Q: Consider the following Cobb-Douglas production function, where a = ß=0.5: Q=K&LB. Find the equation…

A: An isoquant depicts all the possible combinations of inputs (labor or L and capital or K in the…

Q: How do costs vary in response to changes in the quantity of a variable input? In your own words. 250…

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

Q: What is MRTSL,K of an L-shaped isoquant? Please explain thank you!

A: The isoquant shows different combinations of two inputs that a firm can use for producing a given…

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A: The marginal cost is the cost of producing an additional one unit of output. Marginal products of…

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A:

Q: Suppose we are considering a Solow Model without technology progress. Y = K%L Population growth…

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Q: Units of Total Marginal Product Average Product Labor Product of Labor of Labor 4 16 ? 120 30

A: Average product = Total product / number of labors

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A: Given variable cost of the firm = $100 Given fixed cost of the firm = $100

Q: How to calculate the Average cost of producing 1, 2,...15

A: average cost = C/Q = 1000 + 100*Q for every Q we first calculate the C by using the formula C=1000+…

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

Q: t6Q*t cQ+d a Find: minimum of mc and QM- mC Min= Qm= B) Find miniMUM AVC, AVCmin,and the output whee…

A: Marginal cost is teh additional change in total cost due to an additional unit of production.…

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A: Multifactor productivity is the ratio of output and combined costs of inputs and it determines the…

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A: Labor and capital are factors of production to produce total product.

Q: What is the distinction between the laws and of returns and the returns to scale?

A:

Q: What are some reasons we might see increasing returns to scale?

A: When the output grows by a higher percentage than the growth in inputs during the manufacturing…

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A: Isoquant- It is the curve that represents different combination of two inputs that produce maximum…

Q: What is the difference between a fixed input and a variable input?

A: Inputs are the resources that are used in the production of output. There are generally four inputs…

Isocost and Isoprofit Curve Analysis

An isocost curve in the production theory that is a crucial part of economics depicts different combinations of factor inputs at a given market cost. In other words, this shows all the combinations of production factors that cost the same for the firm to employ. Usually, this can be depicted as a downward sloping straight line when the firms act as the price-takers in the factor markets. The slope of this mainly depicts the relative prices of different production factors.