Suppose labor's share of output is 60% and capital's share of output is 40%. If labor grows at a rate of 5%, then this will cause output to grow at a rate of [ %. If capital grows at a rate of 5%, then this will cause output to grow at a rate of %. Instructions: Enter whole numbers into each box.
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- Assume that Donnell Corp. is currently producing 500 units of output per period, using 25 units of labor and 20 units of capital. Values for the marginal product of each input and the prices of the inputs are as follows: MPK = 100, MPL = 200, w = 2, and r = 3. Given the information above, which of the following is true? a. The firm is currently using the optimal levels of capital and labor. b. The firm should increase labor and reduce capital usage. c. The firm is not using the optimal levels of capital and labor, and it is impossible to determine the optimal levels from the given information.Imagine you own a business firm with a friend of yours. During the first quarter you come up with the following information that: • Output elasticity of Capital is 0.2 • Output elasticity of Labour is 0.8 • Rate of Technological advancement is 12 a) What kind of business firm is the one that you own? Mention 2 of its characteristics. b) Derive the marginal productivity of capital and labour, by means of Cobb- Douglas production function. c) If Y = F (K, L) where K= 1000 and L= 400, determine the values of MPx and %3D MPL.Consider the following production function: q = 9LK + 6L² – Assuming capital is measured on the vertical axis and labor is measured on the horizontal axis, determine the value of the marginal rate of technical substitution when K= 30 and L= 10. MRTS = -. (Enter a numeric response using a real number rounded to two decimal places.) 20 tv MacBook Air F6 FB 10 F3 23 2$ & з 4 6 7 8 { [ E Y U P D F G J K > C V N M command option - .. .- B
- A firm uses capital and labour to produce widgets . In the short run capital is fixed ,while labour is variable . The short-run production is X = -L^3 +24l^2 +240L where X is the number of widgets produced in per week,and L is the number of workers employed .Each worker works a 40-hourweek. The wage rate is $12 per hour. a. Calculate the ranges of variables for L over which the firm is in stage 1,2 and 3 b. What is the minimum product price at which the firm will operate in the short run? c. The product price, over which the firm has no control is such that the firm's maximum posible pure profit $ 1096 per week. In order to achieve that level of profit it must employ 16 workers .How much is the firm's total cost?.make sure the answer is corrrect 100%A firm's production function is: q = 20L1/2K1/2 where q is the firm's total product, L is the quantity of labor employed, and K is the quantity of capital employed. The price of labor is $25 per unit and the price of capital is $100 per unit. a. What is the equation for the marginal product of labor? b. What is the equation for the marginal product of capital? c. Given the price of labor is $25 per unit and the price of capital is $100 per unit, what is the cost-minimizing combination of capital and labor that can produce 800 units of output?
- 12. A firm uses capital and labour to produce widgets. In the short-run capital is fixed, while labour is variable. The short-run production function is X-L'+ 24L2+ 240L Where X is the number of widgets produced in per week, and L is the number of workers employed. Each worker works a 40-hour week. The wage rate is $12 per hour. a. Calculate the range of values for L over which the firm is in stage I, stage II and stage II b. what is the minimum product price at which the firm will operate in the short-run? c. The product price, over which the firm has no control, is such that the firm's maximum possible pure profit $ 1096 per week. In order to achieve that level of profit it must employ 16 workers. How much is the firm's total fixed cost?.2. Consider the production function given by Y= altbK. The prices of labor and capital are wLand wK, respectively. a. Find the conditional input demand for L and K b. Find the cost function C. How will an increase in wk affect the labor demand in a? Show graphically d. If K is fixed at 10, find the conditional labor demandSuppose you are considering hiring another worker. Also assume that you are at a firm that is operating at a point where the marginal product of labor is 5 and the price of each unit of labor is $2, and the marginal product of capital is 20 and the price of each unit of capital is $10. Should you hire another worker? If you hire another worker, what will happen to the marginal product of labor and why?
- please explain step by stepdoubt EXERCISE 11.6 Suppose capital and labour are perfect complements in a one- to-one ratio. That is, suppose that Q = min (L, K). Currently, the wage is w=5 and the rental rate is r = 10. What is the minimum cost and method of produc ing Q = 20 units of output? Suppose the wage rises to w' = 20. If we keep total cost the same, what level of output can now be produced and what method of production (input mix) is used? PVERPls solve asap........