Can you draw( i need a graphs) labor supply function : U(c,l)=log(c)+log(l) where, c-represents the consumption level of the individual and l-represents the leisure, while the market wage is 10 and available time is 20. Find and Draw the labor supply function! Graph
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Can you draw( i need a graphs) labor supply function : U(c,l)=log(c)+log(l) where, c-represents the consumption level of the individual and l-represents the leisure, while the market wage is 10 and available time is 20.
Find and Draw the labor supply function!
Graph
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- Consider the following production function: Q = (6L + 3K)¹/2 1. What is the Marginal Product of Labor (MPL)? What is the Marginal Product of Capital (MPK)? Are they diminishing? 2. What is the Average Product of Labor (APL)? What is the Average Product of Capital (MPK)? 3. What is the TRSL,K? Is the absolute value of TRSLK diminishing in L or K? 4. Are there constant, decreasing, or increasing returns to scale?A firm has the production function f(X, Y) = x²/2 y1/2, where X is the amount of factor x used and Y is the amount of factor y used. On a diagram we put X on the horizontal axis and Y on the vertical axis. We draw some isoquants. Now we draw a straight line on the graph and we notice that wherever this line meets an isoquant, the isoquant has a slope of -3. The straight line we drew Select one: O a. is vertical. b. is horizontal. c. is a ray through the origin with slope 3. d. is a ray through the origin with slope 4. O e. has a negative slope.Aplia Homework: Production and Cost in the Firm Underground Sandwiches, a sandwich shop, has the following marginal product curve (labeled MP) for its hourly production. (?) 20 18 16 MP LABOR (Workers) When labor increases from two to three workers, total product increases by per hour. Use the orange points (square symbol) to plot the production function on the following graph. Assume that if there are no workers, Underground Sandwiches does not have any output. Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically. 80 72 Production Function 64 56 48 32 24 16 MARGINAL PRODUCT (Sandwiches per worker)
- Question 2: Consider the following production function that depends only on labor:Q = 2L+6L² - 3L³ 1. Compute the APL (average product of labor). 2. Compute the MPL (marginal product of labor). 3. What is the value of L* at which APL is the highest? 4. For L > L*, which one is bigger, APL or MPL? How about when I < L* and L = L* ? 5. Draw APL and MPL on the y-axis as a function of L on the x-axis. Label the point of the intersection of APL and MPL.Each extra worker produces an additional unit of output up to six workers. As more workers are added, no additional output is produced. Draw the total product of labor, average product of labor, and marginal product of labor curves in a graphBrian uses wool (K) and labour (L) to produce t-shirts (q). The production function is: q = min{1/3L, 2K}. The inputs are perfect complement.If he uses 0.5 kg of wool and 3 hours of labour, he can produce 1 t-shirt. Draw an expansion path on a diagram and derive an expression for the expansion path. How does it depend on the wage and the price of wool?
- Brian uses wool (K) and labour (L) to produce t-shirts (q). The production function is: q = min{1/3L, 2K}.If he uses 1 kg of wool and 3 hours of labour, he can produce 1 t-shirt.1. Draw isoquants for q = 1 and q = 2 on a diagram with labour on the horizontal axis and wool on the vertical. 2. The pice of wage per hour is given by w=$10 and the price of each kg of wool is given by r=$4. What is the optimal bundle of that he can produce in order to minimise costs? Draw the isocost lines.The amount of fish caught per week an a trawler is a function of the crew size assigned to operate the boat. Based on past data, consider the following production function identifying the relationship between output and labor input. You may assume that capital is fixed at 10 units.Labour Input (No of. Workers) (L) Total Product TPL (Q). From the table below :-(a) Calculate APL and MPL. (b) Graph APL and MPL. Do they have the expected shape? (c) On your graph, identify the three stages of production Labour input (No of Workers) (L) Total Product TP L (Q) 0 0 1 80 2 170 3 300 4 450 5 540 6 620 7 700 8 770 9 830 10 880 11 920 12 950 13 970 14 980 15 985 16 988 17 988Consider the following production function for shirts: q = v6 L3/4K/4, where L is worker-hours, and K is sewing machine-hours. a. Compute the marginal products of labor and capital, the average product of labor, and the marginal rate of technical substitution of labor for capital (i.e. how many units of capital are needed to make up for the loss of one unit of labor)? b. Are there diminishing returns to labor (that is, does the marginal product of labor decrease when labor L increases)? What about to capital? Is there diminishing marginal rate of technical substitution (MRTS)? с.
- Suppose that a rock star gives concerts. The production function of the concert is the following: Q(C, A,G) = (C – 10)/ªAª/4G+/4 where C represents hourly contribution of guitarist Chris; A represents hourly contribution of guitarist Ataman and G represents hourly contribution of guitarist George.***QUESTION HAS FOUR PARTS - ALL PARTS MUST BE ANSWERED TOGETHER AS THEY ARE DEPENDENT ON EACH OTHER*** 1. A farmer raises apples using land (K) and labor (L), and has an output of ? (?,?) = ? 0.5 ? 0.5 bushels of apples. a. Find several input combinations that give the farmer 6 bushels of apples. Sketch the associated isoquant on a graph, with L on the x-axis and K on the y-axis. b. In the short run, the farmer only has 4 units of land. What is his short-run production function? Graph it for values of L from 0 to 16, with L on the x-axis and output on the y-axis. What is the name of the slope of this curve? c. Assuming the farmer still only has 4 units of land, how much extra output does he get from adding 1 extra unit of labor if he is already using only 1 unit of labor? How much extra output does he get from adding 1 extra unit of labor if he is already using 4 units of labor? d. In the long run, the farmer can change both his amount of land and his amount of labor. Suppose…If the marginal product of labor is 25 and the marginal product of capital 10, what is the marginal rate of technical substitution of labor for capital?
