uppose that the production function of a country is given by Y=K3L0.7, where Y is output, L is labour, and K is capital. a)What is the return to scale property of the production function? B)What will happen to output if we double the use of capital and labour? C)Write the production function as a relationship between output per work

Q: For the production function Q = 4LK, returns to scale: is decreasing O Can be increasing,…

A: Returns to scale decribes how output changes when inputs change by a certain percentage.

Q: 1. Consider the following production function: Y=F(K, L) = A(2K + 3L) Does this production function…

A: Returns to scale refer to the change in the total output due to the change in the proportionate…

Q: 4. Select the production function with increasing returns to scale: A. q = (L+ 1)K B. q = (VI + VR)²…

A: To get which function has what type of scale we will scaled up the factors of production by 2 to…

Q: 1. Suppose the production function for trucks is given by: q = kl + 6l² - 13 where q represents the…

A: Given production function: TP=q=kl+6l2-13l3       ............ (1) We will use the application of…

Q: The aggregate production function is Y = 3KL. If there are 20 units of capital and 50 units of…

A: Here we are given the production function which explains that the output of the economy is a…

Q: 3 Consider the production function of candles, with capital (K) and labour (L) as inputs: Qc =…

A: The production function is the mathematical expression of the technological relationship between…

Q: 1. Assume that production technology is defined as Q = AL K³ where Q is the quantity produced, L is…

A: A production technology is the particular mix of labor, physical capital, and technology that makes…

Q: Show me the steps to solve: You will need to draw and label a graph that combines two different…

A: Here is the sample graph that illustrates the concept of economies of scale, showing the labor…

Q: The aggregate production function is Y = 3KL. If there are 20 units of capital and 50 units of…

A: Labour productivity tells us how efficient is labour. How many outputs are produced per unit of…

Q: = 3.2 Now consider the production function of an additional product, electrical generators, de-…

A: As mentioned in the question, parts 3.2 and 3.3 are solved.In economics, a production function is a…

Q: Consider the Solow-Swan growth model, with a savings rate, s, a depreciation rate, 8, and a…

A: Y = AK + BK3/4L1/4. Where Y is output A is positive constant, represents the total factor…

Q: Solve the production exercise: 0.6.0.4 y = 5k L a) Determine the marginal productivity of capital…

A: The production function is the mathematical relationship between the inputs and the output. It…

Q: 3 Consider the production function of candles, with capital (K) and labour (L) as inputs: Q=K0.1L0.9…

A: In economics, a production function is a means of examining the relationship between input and…

Q: c) Suppose B = 0.5 and other factors are fixed, explain the percentage change in output due to a…

A: With given value of parameter, we have rewrite the production function. Y=AkaL0.5

Q: A production function expresses the relationship between inputs, such as capital (K) and labor (L),…

A: Production function is the mathematical expression of the amount of output a system or firm produces…

Q: Given the production function Y= AF (L, K, H, N), explain the determinants of productivity. (…

A: A production function is a functional relationship between the inputs which are used in the process…

Q: Question 5.05 For the production function Q = 4LK, returns to scale: Select one: O Is decreasing.…

A: Production function shows relationship between output and inputs used.

Q: Economies production function is Y = AK0.3N0.7. If K = 2000, N = 100, and A= 1, then Y = ?

A: Production function; Y = AK0.3N0.7K = 2000N = 100A = 1

Q: Question 19 Consider the following graph of a production function when capital is constant. (The…

A: The correct answer to the above-mentioned question is MPL(L1, K)>MPL(L2, K).

Q: Consider the following Cobb-Douglas production function: Y = AK“L® (1) where Y is aggregate output,…

A: A simple linear equation is also known first degree equation. These equations will have a homogenous…

Q: Suppose a production function is given by: 1 2 Q = 4 L³K³ where I is labour inputs and K capital…

A: The change in output or production that results from a proportional increase in the inputs used in…

Q: Assume the production function takes the general form (as in lecture notes) Y = z xF(K,L,A) where…

A: The production function is given as, Y = z * F(K, L, A) where, Y = output z = technology K = capital…

Q: short run, we assume that capital is a fixed input and labor is a variable input, so the firm can…

A: A firm has following production function:where q is output; K is capital; L is labor.…

Q: Question 24 Consider the following production function when K is fixed. (This is a description of…

A: False, the production function does not satisfy the law of decreasing marginal returns to labor.

Q: Assume the production function takes the general form (as in lecture notes) Y = z x F(K,L,A) where…

A: IntroductionThe production function is defined as follows: Y = Z × F (K, L, A) where, Y = output z =…