seThe marginal product of labor can be determined using the total product of laborProduction Functioncurve.3,500-seUsing the equation for the production function,3,000-32q= 8LK + 5L2 –2,500-seethe level of output when L= 5 and K= 25 is (Enter a numeric response using2,000-a real number rounded to two decimal places).31,500-When labor is 5 units and K is 25, the marginal product of labor is11,000***When labor increases to 12 units and K is 25, the marginal product of labor is500-121015Labor Input (L)152025DEC25tv20MacBook AirDIISOF10F11F9F3F4*%23$&468{}EYUPDFGнJK>CVNMcommandoption- -... .-VProduct or Output (g)BR

Given: Production Function q=8LK+5L2-13L3 where L is labor given as 5 units K is capital given as…

The marginal product of labor can be determined using the total product of labor Production Function curve. 3,500- Using the equation for the production function, 3,000- q= BLK + 5L2 - 2,500- the level of output when L=5 and K= 25 is I (Enter a numeric response using a real number rounded to two decimal places). 2,000- 1,500- When labor is 5 units and K is 25, the marginal product of labor isO 1 1,000- When labor increases to 12 units and K is 25, the marginal product of labor isO 500- 15 12 10 15 20 25 Labor Input (L) 2. (b) indino Product

The marginal product of labor can be determined using the total product of labor Production Function curve. 3,500- Using the equation for the production function, 3,000- q= BLK + 5L2 - 2,500- the level of output when L=5 and K= 25 is I (Enter a numeric response using a real number rounded to two decimal places). 2,000- 1,500- When labor is 5 units and K is 25, the marginal product of labor isO 1 1,000- When labor increases to 12 units and K is 25, the marginal product of labor isO 500- 15 12 10 15 20 25 Labor Input (L) 2. (b) indino Product

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Consider a short run production function q=cL+k where the value for c is 4, using L units of labour and K units of capital. Compute the marginal product of labour. Does the production function exhibit decreasing, increasing or constant returns to scale? Explain your answer.
Consider the production function: Q = L1/4 K 3/4 Does this production show increasing, decreasing, or constant returns to scale? Show your work. I. II. Derive an expression for the marginal product of labor. Ш. Show mathematically whether the marginal product of labor is increasing, decreasing, or constant, as the labor input is increased. IV. Derive the average product of labor. Explain whether the average product of labor is increasing, decreasing, or constant, as the labor input is increased.
Company Z has the following data corresponding to the production function. Where (L) is the amount of the labor factor and (K) capital. Q=K0.4 L 0.6 a) Calculate the amount of production, applying the production function for each of the respective values of K and L. K L Q 10 80 30 160 50 320 70 640 90 1200 a) Graph the amount of production obtained on the Y axis, and with the labor input on the Х аxis b) Draw isoquant lines for each level of production, placing capital on the Y axis and labor on the X axis, to better appreciate the displacement.
Q9 please help fast! All info is there Suppose that the firm has production function F(L,M) = 4L1/2M1/2 (where L is the number of workers and M is that of machines) and currently uses 16 machines. To produce 32 units of output, how many workers does the firm need to hire?
Consider the followng production function: 1 2 9 = x?x where x, and x, measure the employed quantities of input #1 and input #2, respectively. (a) Solve for and graph this firm's isoquant at q isoquant. 10. Please label three points along this (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 imputs gets doubled. Note: Be sure to plot x2 along the y-axis.
Consider the following production function that depends only on labor:Q = 4L + 12L² - 6L³ 1. Compute the APL (average product of labor). 2. Compute the MPL (marginal product of labor). 3. What is the value of L* at which APL is the highest? 4. For L > L*, which one is bigger, APL or MPL? How about when L < L* and L = L*? 5. Draw APL and MPL on the y-axis as a function of L on the x-axis. Label the point of the intersection of APL and MPL.
Need help with part b and c
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