Suppose the production function for widgets is given by q=kl-0.8k².0.21² where q represents the annual quantity of widgets produced, k represents annual capital input, and I represents annual labor input. Suppose k = 10; at what level of labor input does this average productivity reach maximum? (please put your answer in numerical values with no comma or decimal place). How many widgets are produced at that point? (please put your answer numerical values with no comma or decimal place). If k= 10, at what level - labor input does MPL = 0? (please put your answer in numerical values with no comma or decimal place). How many (please put your (please put your answer as either constant, increasing, or Suppose capital inputs were increased to k = 20, at what level of labor input does this average productivity reach maximum? widgets are produced at that point? (please put your answer in numerical values with no comma or decimal place). If k= 20, at what level of labor input does MPL = 0? answer numerical values with no comma or decimal place). Does the widget production function exhibit constant, increasing, or decreasing returns scale? decreasing, lower case only).

Suppose the production function for widgets is given by q=kl-0.8k².0.21² where q represents the annual quantity of widgets produced, k represents annual capital input, and I represents annual labor input. Suppose k = 10; at what level of labor input does this average productivity reach maximum? (please put your answer in numerical values with no comma or decimal place). How many widgets are produced at that point? (please put your answer numerical values with no comma or decimal place). If k= 10, at what level - labor input does MPL = 0? (please put your answer in numerical values with no comma or decimal place). How many (please put your (please put your answer as either constant, increasing, or Suppose capital inputs were increased to k = 20, at what level of labor input does this average productivity reach maximum? widgets are produced at that point? (please put your answer in numerical values with no comma or decimal place). If k= 20, at what level of labor input does MPL = 0? answer numerical values with no comma or decimal place). Does the widget production function exhibit constant, increasing, or decreasing returns scale? decreasing, lower case only).

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Suppose the production function for widgets is given by
q=kl -0.8k²-0.21²
where q represents the annual quantity of widgets produced, k represents annual capital input, and I represents annual labor input.
Suppose k = 10; at what level of labor input does this average productivity reach maximum?
(please put your answer in numerical values with no comma or decimal place). How many widgets are produced at that point?
(please put your answer in numerical values with no comma or decimal place). If k = 10, at what level of labor input does MPL = 0?
Suppose capital inputs were increased to k = 20, at what level of labor input does this average productivity reach maximum?
widgets are produced at that point?
(please put your answer in numerical values with no comma or decimal place). If k = 20, at what level of labor input does MPL = 0?
answer in numerical values with no comma or decimal place). Does the widget production function exhibit constant, increasing, or decreasing returns to scale?
decreasing, lower case only).
(please put your answer in numerical values with no comma or decimal place). How many
(please put your
(please put your answer as either constant, increasing, or

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