The production function for Good X:MarginalProduct ofCapitalAP. (OKAverageProduct ofLabor Capital OuipulCapital10575.75.706.2032426.716.209.3065733.3401,07241.526 80501.52445.230.48601,97645.232.93702.39141.534.162.72433.334.0533.2380902,9911003,0485.730.483,016-3.227.421202.945-7.124.541) 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?Vi5) 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 Output 9. 10 20 30 57 5.7 5.70 16 20 6. 324 26.7 33.3 415 657 %3D 1,072 1.524 1,976 2.391 40 26 K0 50 45.2 30.48 60 45.2 3293 70 41.5 34 16 34.05 33 23 30.48 80 2.724 2.991 3,048 33.3 90 100 5.7 3.2 -7.1 T10 3,016 2742 120 2945 24 54 2) 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 2992 units of outout (find point A) in the above table is equal to what? 5) The production function for good X in the above tabie exhibits increasing marginal returns to capital ove what outout range? 4) The production function for good X in the above table exhibits negative marginal returns to capital over what outout range? 5) The production function for good X in the above table exhibits decreasing marginal returns to capital over what outout range? 6) The average product of caoital of producing 2.991 units of outout (find point B) in the above table is equal to what?

The production function for Good X: Marginal Product of Capital Average Product ol Capital Labor Capital Output 9. 10 20 30 57 5.7 5.70 16 20 6. 324 26.7 33.3 415 657 %3D 1,072 1.524 1,976 2.391 40 26 K0 50 45.2 30.48 60 45.2 3293 70 41.5 34 16 34.05 33 23 30.48 80 2.724 2.991 3,048 33.3 90 100 5.7 3.2 -7.1 T10 3,016 2742 120 2945 24 54 2) 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 2992 units of outout (find point A) in the above table is equal to what? 5) The production function for good X in the above tabie exhibits increasing marginal returns to capital ove what outout range? 4) The production function for good X in the above table exhibits negative marginal returns to capital over what outout range? 5) The production function for good X in the above table exhibits decreasing marginal returns to capital over what outout range? 6) The average product of caoital of producing 2.991 units of outout (find point B) in the above table is equal to what?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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