What is the marginal physical productivity (MPP) of the inputs given the functionQ = 12x + 2x1x2 + 2x²?Select one:O a. MPPT₁ 24x1 + 2x1MPP₂ = 2x1 + 4x₁O b. MPPT₁ = 24+ 2x₂ + 2MPPT₂ = 2x1 + 4x2OC. MPPT₁MPPT2O d. MPPT₁MPPT-24x₁ + 2x12x2 + 4x2Time24x₁ + 2x₂2x₁ + 4x2Next p

The production function is the mathematical relationship between the output and the inputs utilized.…

What is the marginal physical productivity (MPP) of the inputs given the function Q = 12x² + 2x₁2 + 2x²? Select one: O a. MPPT, = 24x₁ + 2x₁ MPP₂ = 2x1 + 4x₁ O b. MPPT MPPT2 O C. MPPT1 MPPT2 - O d. MPPT - = 24+ 2x2 + 2 2x₁ + 4x₂ 24x1 + 2x2 MPPT₂ 2x₁4x2 24x₁ + 2x1 2x₂ + 4x2 -

What is the marginal physical productivity (MPP) of the inputs given the function Q = 12x² + 2x₁2 + 2x²? Select one: O a. MPPT, = 24x₁ + 2x₁ MPP₂ = 2x1 + 4x₁ O b. MPPT MPPT2 O C. MPPT1 MPPT2 - O d. MPPT - = 24+ 2x2 + 2 2x₁ + 4x₂ 24x1 + 2x2 MPPT₂ 2x₁4x2 24x₁ + 2x1 2x₂ + 4x2 -

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

Which of the following statements is TRUE? O A. If marginal cost is greater than average total cost, then the average total cost is most likely decreasing O B. If marginal cost is increasing, then average total cost is increasing O C. The marginal cost curve always decreases at first and then exponentially increases as quantity increases O D. Marginal cost equals average total cost at the minimum cost output level Reset Selection
Q2
Which of the following production functions exhibits increasing returns to scale? OA. AY=k1/2 1/2 O B. Y=K°L1-a O.Y=k1/3L 2/3 O D. Y=K1/2L 3/4 O E. Y=K1/3L 1/3
The fact that the production function has constant elasticity of scale means that O If we get 10% more workers, output goes up by 10% O If we get 10% more workers, 10% more physical capital, 10% more human capital, and 10% more natural resources, output goes up by 10% O Output always goes up by 10% O Output always goes up by less than 10% Olt is impossible to determine how much output will go up without measuring the amount of elastic produced in a particular economy.
Let's assume that a firm produces 60 products. Its total weekly cost (TC) at this output is $2,100. This includes TVC and TFC. We also know that the firm employs 3 part- time workers at a wage cost of $600 per worker per week. This is the firm's only variable cost (TVC). What is the firm's average fixed cost (AFC) at this output? O $2.50. O $2. O $5. O $100. O $10. Let's assume that a firm's total weekly costs are as follows: 1. Salaries of hired workers $5,000. 2. Supplies = $1,000. 3. Rent = $600, 4. The owners have invested a certain amount of their own money into the business. This could have earned them interest of $200 per week if they had chosen to put it into a bank instead of investing it into their business. 5. The value of the owner's time is estimated to be $800 per week. What are the firm's total economic costs? O $6.000 O $7.600. O $900. $7.500. O $6.700.
E1
Bob's production function is Q = x,0.338695x20.129865 where x1 = quantity of labor and x2 = quantity of land used in the production process. Bob has a 5 year lease on 324.689 acres of land. In the short run, Bob's average total cost of production will be O A. Equal to his long run average cost of production O B. Greater than his long run average cost of production O C. Less than his long run average cost of production O D. Either A or B could be correct A Moving to 2 nother quostio O willcave thi rocoonce
A firm's production function is Q = 100L.0 K-4. The firm's input prices are PL = $40 and PK = $30. The firm wishes to produce Q = 3,000 units of output and minimize the cost of production. How much labor (L) should the firm employ? O A. L=20.96. O B. L=31.45. O C. L=34.26. O D. L=38.45. O E. L=41.22. QUESTION 2 A firm estimates its production function as Q = -2.4 + 20*L -.5*L2 + 30*K -1.00*K2 + 15*F -.3*F2. Total cost is TC = $2*L + $2.5*K + $1.75*F. The firm wishes to produce 400 units of output. Use Excel to find the cost minimizing amounts of L, K and F. How much F (Fuel) should the firm use? O A. F=7.90. O B. F=9.58. O C. F=10.75. O D. F=12.63. O E. F=14.88.
None
When making a choice between factor inputs such as labor or equipment, or between two different kinds of equipment, a profit maximizing firm will choose O the cheaper, lowest price item, regardless of its productivity O the highest productivity item, regardless of its price O the item which yields the most productivity per dollar of price O none of the above
A company has the following production function for its product, f(k, I) = k"/2/1/2. It faces input prices v = 5 for capital and w = 20 for labor. How much does the firm use of each input if it wants to produce 10 units of its product? O a. I= 4, k = 25 O b. / = 5, k = 20 O c. 1= 20, k = 5 O d. 1= 25, k = 4 Clear my choice Suppose the market demand for a good is Qº = 2000 – 8p and market supply is QS = 5p + 700. There are 10 %3D firms with exactly the same cost function. How much does each firm produce? O a. 100 O b. 120 O c. 140 O d. 200 Clear my choice
The short run is defined as the period of time: Select one: O a. in which all inputs are fixed O b. in which at least one input is fixed O c. O d. none of the answers provided is correct in which no inputs are fixed