The nature of the production function and the marginal product of input factor.

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Answer 1

Question

Chapter 6, Problem 8E

(a)

To determine

The nature of the production function and the marginal product of input factor.

(b)

To determine

The nature of the production function and the marginal product of input factor.

(c)

To determine

The nature of the production function and the marginal product of input factor.

(d)

To determine

The nature of the production function and the marginal product of input factor.

(e)

To determine

The nature of the production function and the marginal product of input factor.

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F(L, K) = (min{L, K})^1/3 i. Calculate the marginal product for each input, and indicate whether each marginal product is diminishing, constant, or increasing.ii. Calculate the marginal rate of technical substitution for each function.iii. Also indicate whether the function exhibits constant, increasing, or diminishing returns to scale.

Suppose that a firm's production function is Q = F(L) = -1L³-30L² + 5,000L. Its marginal product of labor is MPL = -3L2-60L +5,000. a. At what amount of labor input are the firm's average and marginal product of labor equal (other than at L = 0)? Instructions: Enter your answer as a whole number. units. b. Confirm that the average and marginal product curves satisfy the relationship discussed in the text. When the amount of labor input is less than the quantity identified in your answer above, the marginal product of labor is greater than the average product of labor. When labor is greater than the amount identified above, the marginal product of labor is less than the average product of labor.

1. For each of the following production functions, (a) F(L, K) = LK³ (b) F(L, K) = L+3K (c) F(L, K) = (min{L, K})³ i. Sketch a representative isoquant. ii. Calculate the marginal product for each input, and indicate whether each marginal product is diminishing, constant, or increasing. iii. Calculate the marginal rate of technical substitution for each function. iv. Also indicate whether the function exhibits constant, increasing, or diminishing returns to scale.

Answer 2

Question

Chapter 6, Problem 8E

(a)

To determine

The nature of the production function and the marginal product of input factor.

(b)

To determine

The nature of the production function and the marginal product of input factor.

(c)

To determine

The nature of the production function and the marginal product of input factor.

(d)

To determine

The nature of the production function and the marginal product of input factor.

(e)

To determine

The nature of the production function and the marginal product of input factor.

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Answer 3

Question

Chapter 6, Problem 8E

(a)

To determine

The nature of the production function and the marginal product of input factor.

(b)

To determine

The nature of the production function and the marginal product of input factor.

(c)

To determine

The nature of the production function and the marginal product of input factor.

(d)

To determine

The nature of the production function and the marginal product of input factor.

(e)

To determine

The nature of the production function and the marginal product of input factor.

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Answer 4

Question

Chapter 6, Problem 8E

(a)

To determine

The nature of the production function and the marginal product of input factor.

(b)

To determine

The nature of the production function and the marginal product of input factor.

(c)

To determine

The nature of the production function and the marginal product of input factor.

(d)

To determine

The nature of the production function and the marginal product of input factor.

(e)

To determine

The nature of the production function and the marginal product of input factor.

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Answer 5

Chapter 6, Problem 8E

(a)

To determine

The nature of the production function and the marginal product of input factor.

(b)

To determine

The nature of the production function and the marginal product of input factor.

(c)

To determine

The nature of the production function and the marginal product of input factor.

(d)

To determine

The nature of the production function and the marginal product of input factor.

(e)

To determine

The nature of the production function and the marginal product of input factor.

Answer 6

Chapter 6, Problem 8E

(a)

To determine

The nature of the production function and the marginal product of input factor.

Answer 7

Chapter 6, Problem 8E

(a)

To determine

The nature of the production function and the marginal product of input factor.

Answer 8

(b)

To determine

The nature of the production function and the marginal product of input factor.

Answer 9

(b)

To determine

The nature of the production function and the marginal product of input factor.

Answer 10

(c)

To determine

The nature of the production function and the marginal product of input factor.

Answer 11

(c)

To determine

The nature of the production function and the marginal product of input factor.

Answer 12

(d)

To determine

The nature of the production function and the marginal product of input factor.

Answer 13

(d)

To determine

The nature of the production function and the marginal product of input factor.

Answer 14

(e)

To determine

The nature of the production function and the marginal product of input factor.

Answer 15

(e)

To determine

The nature of the production function and the marginal product of input factor.

Answer 16

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Answer 17

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Answer 18

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Answer 19

Ch. 6 - Prob. 1RQ Ch. 6 - Prob. 2RQ Ch. 6 - Prob. 3RQ Ch. 6 - Prob. 4RQ Ch. 6 - Prob. 5RQ Ch. 6 - Prob. 6RQ Ch. 6 - Prob. 7RQ Ch. 6 - Prob. 8RQ Ch. 6 - Prob. 9RQ Ch. 6 - Prob. 10RQ

The nature of the production function and the marginal product of input factor.

Solution Summary: The author explains the nature of the production function and the marginal product of input factor.

The nature of the production function and the marginal product of input factor.

The nature of the production function and the marginal product of input factor.

The nature of the production function and the marginal product of input factor.

The nature of the production function and the marginal product of input factor.

The nature of the production function and the marginal product of input factor.

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