The marginal product of labor in the production of computer chips is 50 chips per hour. The marginal rate of technical substitution (MRTS) of hours of labor for hours of machine capital is 0.20. What is the marginal product of capital? The marginal product of capital is chips per hour. (Enter your response as an integer.)

The marginal product of labor in the production of computer chips is 50 chips per hour. The marginal rate of technical substitution (MRTS) of hours of labor for hours of machine capital is 0.20. What is the marginal product of capital? The marginal product of capital is chips per hour. (Enter your response as an integer.)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

Grease Tech produces oil changes. The production of oil changes reles on both capital (K) and labor (L) and is combined in the following production function F (K, L) = KILL Take the derivative of this production function with respect to capital. What is the marginal product of capital evaluated at (le. just plug in the numbers) 64 units of capital used and 16 units of labor?
1
Subpart 4
Could you please help me with this question? Thank you!
The figure shows the production function of a farmer who produces grain by working certain hours each day. Which of the following statements is correct about this production function? a. The slope of the production function represents the marginal rate of substitution. b. The ceteris paribus assumption means that the farmer becomes more productive as he works more hours. c. A rightward movement from B along the production function implies that the farmer has better technology. d. This production function exhibits economies of scale. e. A technological improvement would shift up the production function
The marginal product of labor in the production of computer chips is 50 chips per hour. The marginal rate of technical substitution of hours of labor for hours of machine capital is 1/4. What is the marginal product of labor?
Subpart 1-3
Suppose the production function is given by G = 10K - 8L. What is the average product of capital when 2 units of capital and 10 units of labor are employed?
Sandwiches, a sandwich shop, has the following marginal product curve (labelled MP) for its hourly productions hourly production.
Suppose that a firm's production function is given by the following relationship: Q = 2.5√/LK (i.e., Q = 2.5L0.5 K0.5) where is output, L is labor input, and K is capital input. What is the percentage increase in output if labor input is increased by 10%? (Assume that capital input is held constant.) What is the percentage increase in output if capital input is increased by 25%? (Assume that labor input is held constant.) What is the the percentage increase in output if both labor and capital are increased by 10%? 11
2. Consider a Cobb-Douglas production function with three inputs. K is capital (the number of machines), L is labor (the number of workers), and H is human capital (the number of college degrees among the workers). The production function Y = K2/6 L3/6 H1/6 a) Derive an expression for the marginal product of labor. How does an increase in the amount of human capital affect the marginal product of labor? (Hint: The marginal product of labor MPL is found by differentiating the production function (Y) with respect to labor (L)) b) Derive an expression for the marginal product of capital. How does an increase in the amount of human capital affect the marginal product of capital? (Hint: The marginal product of capital MPK is found by differentiating the production function (Y) with respect to capital (K)).
1. Suppose the production function is Q = 8L + 15K where Q is the quantity of output, L is the quantity of labor used in production, and K is the quantity of capital used in production. What can be said about this production function? It has Decreasing Returns to Scale It has Constant Returns to Scale It has Increasing Returns to Scale There isn’t enough information to determine the Returns to Scale for this production function 2. You’re dreaming of what to do during a nice summer day. You could mow the lawn which you would pay someone $15 to do for you. You could go for a walk which you value at $11. You could also take a nap and ignore everyone and everything else which you would pay $29 to do. If you to take a nap, what is your opportunity cost? Group of answer choices $29 $26 $15 $11