The production function for Good X:MarginalProduct ofCapitalAP, = (OKAverageProduct ofCapitalLabor Capital Ouiput6.6.10575.75.706.2032426.716.203065733.31,0721.5246.4041.526 805045.230.4845.241.56.601,97632.93702.3912,72434.169.8033.334.056.2,99133 239.1003,0485.730.486.I103,016-3.227.421202.945-7.124.541) Is the production function for good X exhibited in the above table for the long run or the short run?Explain your answer.2) The marginal product of capital of producing 2991 units of outout (find point A) in the above table isequal to what?3) The production function for good X in the above table exhibits increasing marginal returns to capital overwhat outout range?4) The production function for good X in the above table exhibits negative marginal returns to capital overwhat outout range?5) The production function for good X in the above table exhibits decreasing marginal returns to capitalover what output range?6) The average product of capital of producing 2,991 units of outout (find point B) in the above table isequal to what?

Economics is a branch of social science that describes and analyzes the behaviors and decisions…

The production function for Good X: Marginal Product of Capital Average Product ol Capital Labor Capital Ouiput 9. 6. 10 57 5.7 5.70 20 324 26.7 16.20 30 657 33.3 %3D 6. 40 1,072 41.5 26 80 9. 50 1.524 45.2 30.48 1.976 2391 60 45.2 32.93 70 41.5 34.16 34.05 33 23 9. 80 2.724 33.3 90 2,991 100 3,048 5.7 30.48 110 3,016 3.2 27.42 120 2.945 -7.1 24.54 1) s the production function for good X exhibited in the above table for the long run or the short run? Explain your answer. 2) The marginal product of capital of producing 2,991 units of output (find point A) in the above table is

The production function for Good X: Marginal Product of Capital Average Product ol Capital Labor Capital Ouiput 9. 6. 10 57 5.7 5.70 20 324 26.7 16.20 30 657 33.3 %3D 6. 40 1,072 41.5 26 80 9. 50 1.524 45.2 30.48 1.976 2391 60 45.2 32.93 70 41.5 34.16 34.05 33 23 9. 80 2.724 33.3 90 2,991 100 3,048 5.7 30.48 110 3,016 3.2 27.42 120 2.945 -7.1 24.54 1) s the production function for good X exhibited in the above table for the long run or the short run? Explain your answer. 2) The marginal product of capital of producing 2,991 units of output (find point A) in the above table is

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

7
Units of resource Total Product Marginal Product 0 0 ----- 1 8 8 2 14 6 3 18 4 4 21 3 5 23 2 If the product the firm produces sells for a constant $3 per unit, the marginal revenue product of the fourth unit of the resource is what?
From the following data Total orders (Q) 8 13 18 21 26 O Q=L+4K O Q = 3L + 5K O Q = 3L + 3K # of workers (L) O Q = 8LK 1 1 1 2 Which is the correct corresponding production function? NIN 2 # of machines (K) 1 2 3 3 4
H13). Importance of Understanding Cost Behavior Patterns Recognizing and understanding cost behavior patterns serve multiple purposes within a company. What are at least 4 of them and explain.
Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
Marginal cost Average total cost Average variable cost Average fixed cost Total cost Variable cost Fixed cost Output Labor - - - - 60 0 $60 0 0 70 130 70 60 130 70$ $60 1 1 14 33.33 23.33 10 200 $140 $60 6 2 14 24.54 19.09 5.45 270 $210 $60 11 3 17.5 22.66 18.66 4 340 280$ $60 15 4 25.55 24.55 19.1 3.16 410 $350 $60 18 5 70 25.25 22.10 3.15 480 $420 $60 19 6 Draw the short run total cost curve (show the total cost, fixed cost, variable cost). Where the marginal cost and average total cost intercept? Explain the relationship between the marginal cost and the average total cost with the help of graph.
Please answer correct Don't answer by pen paper plz
Kindly assist on question 1 and 2 1The difference between zero accounting profit and zero economic profit is that. a) an economic profit of zero indicates a fair return because it includes the opportunity cost of a firms capital. b) an economic profit zero indicates unacceptable rate of return because it does not include the opportunity cost of a firms capital. c) an economic profit of zero indicates more than a fair return because it includes opportunity cost and explicit cost. d) an accounting profit of zero indicates a fair rate of return because it includes the opportunity cost of a firms capital. 2.If a corporation is sued and losses the lawsuit, it's liability to pay. a) is imposed on all stockholders, personally b) is imposed only on the corporate CEO and the board of directors. C) its limited to the assets held in the corporations name. d) is imposed on the bondholders of the corporation
3514e77ebfcb001ff309cb?start=true Chapter 7 - Production, Cost and Industry Structure OPEN Practice similar What is the Smith Co's Total Revenue? $ Submit answer Suppose that the firm Smith Co sells 10 gowns for $115.00 per gown. Each gown costs $74.00 to produce, and Smith Co could rent out their factory space for $330.00 per month. Answers (in progress) O E Answer hp I # $ 9 4 Score -/1 2 ☆ 68°F 6 I am finished 11:12 PM 9/28/2022 LINE 4461
3:55 QCCFIIMicCh7.docx QCCFIIMicCh7.docx CHAPTER 7 1. Economic cost can best be defined as: any contractual obligation that results in a flow of money expenditures from an enterprise to resource suppliers. B) A) any contractual obligation to labor or material suppliers. C) compensations that must be received by resource owners to insure their continued supply. all costs exclusive of payments to fixed D) factors of production. 2. What do wages paid to blue-collar workers, interest paid on a bank loan, forgone interest, and the purchase of component parts have in common? A) None are either implicit or explicit costs. B) C) D) All are opportunity costs. All are implicit costs. All are explicit costs. 3. To the economist total cost includes: A) explicit and implicit costs, including a normal profit. neither implicit nor explicit costs. B) C) implicit, but not explicit, costs. D) explicit, but not implicit, costs. 4. Implicit and explicit costs are different in that: A) explicit costs are…