Coosider the production function characterizing garri plant as:   Q= 20L + 60k - L^2 - K^2   If total outlay for both capital, K =N50, and a Labour, L= N20, is N4,600. Find:   a. The optimal quantity of K* and L* to be employed.   b. Calculate the maximum possible output of garri that the plant can produce.

Q: Diminishing marginal product is also known as a) net investment. b) diminishing returns. c)…

A: Net investment is the difference between total amount of money spend on capital and the depreciation…

Q: A firm’s production function is given by q = min{M, L1/2}, where M is the number of machines and L…

A: Given production function q=min(M,L1/2) Price of Labor, W=1 Price of Machine, Pm=2

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: he production of Fresh Milk at the University of Ghana's LIPREC is characterized by the following…

A: a. Factor intensity ratio (for L) = Coefficient of Labor/Coefficient of Capital = 0.6/1.4 = 0.42…

Q: TP = 500 kº.7L0.4 B = 50,000 P₁ = 300 P₁ = 500

A: We have isocost equation as B = K*Pk + L*PL

Q: A 25% reduction in labor hours is obtained with 75% learning curve each time the production quantity…

A: The concept that depicts the doubling of production level is known as the learning curve. This…

Q: 3. Show that, for the two-input CES production function 1. 1-p

A: The CES Production Function refers to a neoclassical production function that shows constant…

Q: 4) Please indicate whether the following production function has the characteristic of CRS, IRS and…

A: Since you have asked multiple questions, we will solve the first question for you. If you need any…

Q: c. If all prices (input and output) double, then costs will increase by more than dout d. If a firm…

A: Return to scale, in financial matters, the quantitative change in result of a firm or industry…

Q: For each of the following production functions, where y denotes the output and ti, i = 1,2 are…

A: Production Function represents the physical relationship between the input and the output. The…

Q: Bridget's Brewery production function is given by Y(K,L) = 100(KL)^(3/4) where K is the number of…

A: Introduction, First of all we should put the values of the following in our mind That is y(k,l)=…

Q: Suppose a firm optimizes the profit function: Y - wN, and the production function is given by Y =…

A: Given: The optimized profit function for a firm is: Y - wN The production function is: Y = 500N1/4 W…

Q: Drive the cost function from the following CES production function y = A(aLº + (1 – a)K")

A: CES Production function : y = A(aLp + (1-a)Kp)1/p For a firm an optimizing state of production where…

Q: 2. A farm has the following production function for producing lentils: q = f(K, L) = A (avK +BVI)…

A:

Q: (2) The general Cobb-Douglas production function for two inputs is given by q = f(k,I) = Ak*7® where…

A: In 1928, Charles Cobb and Paul Douglas claimed that output is determined by the amount of labor and…

Q: true or false: suppose a company has short term production function is 1 1 y = xx .3 so, total…

A:

Q: A fam han the production function F(L, K)- 2 min(L, 10K). The curent input level in (L. K)- (12, 1).…

A: The marginal product of capital (MPK) measures the change in output produced due to the change in…

Q: Bridget's Brewery production function is given by Y(K,L) = 100(KL)^(3/4) where K is the number of…

A: Production function is a mathematical functional relation between the inputs K and L to produce a…

Q: Consider tne production functions for good X and good Y: X = K? + L; Y = 20\KL A. Show and discuss…

A:

Q: 1) The Cobb-Douglas production function is y = 2 with a > 0 and 3 > 0. Show that MP₁ = ay/=₁, MP₂=…

A: Introduction In cobb Douglas production function there are two input: z1 and z2 or we can say that…

Q: Consider the simple (one-period) production model. The production function is Cobb-Douglas, exhibits…

A: since you have asked multiple questions and according to our policy we can only provide answer for…

Q: Answer All Questions 1. A firm has the following short run production function Q = 50L + 6L² – 0.5L…

A: We are going to find average product of labour, marginal product of labour and single variable…

Q: d TC amount of seed money and is deciding to allocate it pital in the least cost way. The production…

A: DISCLAIMER  “Since you have asked multiple question, we will solve the first three subparts for you.…

Q: a) The production function q = 9KO.8LO.1 exhibi [ increasing returns to scale, constant return to…

A: Increasing returns to scale occurs when the output increases by a larger proportion than the…

Q: complements in a one- EXERCISE 11.6 Suppose capital and to-one ratio. That is, suppose that Q = min…

A: Rental rate is the amount that would be paid for rental of similar real property in the same…

Q: apital equipment per worker ($ thousands) g statements are correct? e function is the marginal…

A: *Answer:  Correct options are a) and b) °The marginal product of capital is the additional output…

Q: 3. (Long-run costs,) Carmela's pasta factory employs workers and pasta machines according to the…

A: Given:- Production function: f(L,K)=l0.5K0.5Hourly cost of capital=$10Hourly cost of worker=$40 To…

Q: Cost-C-$12,000.00 w=$100.00 per unit of labor r-$100.00 per unit of capital wese data are used to…

A: The labor force, is the total number of individuals who are as of now employed in addition to the…

Q: 2/3 1/3 Q1. Consider the production function Q = 9LKA a. What is the level of output when L 1000 and…

A: Since you have posted a question with multiple sub-parts, we will solve the first three subparts for…

Q: 9-100L0.8 K0.4 Given the production function above assume that capital is fixed at 20 units.…

A: As given Production Function is q = 100L0.8K0.4 Also capital is fixed at 20 units that means K = 20

Q: Dwing production function: Q = 2K + 4L where K is Capital, Lis Labour and Q represents output.…

A: The production function                  Q = 2K + 4L                           Where, Q= Output…

Q: A production function is given by q=4L^( 2/a) k^ ('/^) where L = labour, k = capital. (a) Find…

A: Marginal product of an input factor is the change in the output with an additional input factor. The…

Q: onsider the following short-run production function, where bor (L) is the variable input and capital…

A: Given Q(L) =(6L2 −0.4L3)  We need to calculate maximum value of labor (L),

Q: Consider the simple (one-period) production model. The production function is Cobb-Douglas, exhibits…

A: Mentioned in the question,  Given :- A = 50 L = 600 K = 600 Capital exponent = 0.25 Thus, labor…

Q: Suppose that a rock star gives concerts. The production function of the concert is the following:…

A: To answer this question we are going to solve for total cost function and condition for optimally.

Q: onsider a short run production function q = cL+K where the value for c =: sing L units of labour and…

A: Returns to scale measures the proportionate change in output if all inputs are changed by the same…

Q: Ab isocost linejdentifies a. The least costly combination-of-inputsmeeded to-produce a given level…

A: The Isocost line show the different combination of inputs that cost the same amount with prevalent…

Q: “My friend, Mike, is a CPA and owns his own tax business. During tax season, he hires additional…

A: Law of diminishing marginal returns states that as a person goes on increasing the amount of an…

Q: THEMATICAL ECONOMICS (IKT216) IZ EXAM -APRIL 27, 2022-16:00 RATION: 65 MINUTES ERE ARE 10 QUESTIONS.…

A:

Q: The production function for water bottling in Lusaka is given by y=min (2K,4L). The firm has hired…

A: There are many types of production functions i.e. perfect substitutes, Cobb-Douglas, perfect…

Q: 1. The following production function is used to produce wheat, q, from capi- tal, K, and labour, L:…

A:

Q: e Cobb-Douglas production function Y = AKO.3L0.7 is a(n) production function, if A, K A.…

A: Constant returns to scale occurs when increase in all factors of production leads to same…

Q: q = f(K, L) = 2KO.2L0.8 The cost of labor is w = 1 and cost of capital is r = 0.25. How much does it…

A: Answer: Given, q=fK,L=2K0.2L0.8 Cost of labor (w)=1 Cost of capital (r)=0.25 q=4 units Calculation:…

Q: QUESTION 25 Which of the following production functions exhibits constant returns to scale? OA Y=KL…

A:

Q: Q2. A firm's production function is Q = 9LZ+1)/10KY+1)/10 • Find out MPL and MPK. • Find out APL…

A: MPL = Marginal product of labor MPK = Marginal product of capital APL = Average product of labor

Q: Returns to scale in production: Do the following production functions exhibitincreasing, constant,…

A: Note: Since you have asked multiple parts, we will solve the first 3 parts for you. If you want any…

Q: 1. Do the following production functions exhibit increasing, constant of decreasing returns to scale…

A: "A production function states the relationship between factor inputs used and the amount of output…

Q: a. The long run cost functions of a firm is C=q3 – 4q2+8q. Prove that MC=AC at the minimum point of…

A: a. Given the cost function; C=q3-4q2+8qMC=3q2-8q+8AC=q2-4q+8

Q: Consider a generalization of the production function in Example 9.3: q = Bo +B1VkI + B,k+ B31, where…

A:

Q: For each of the following production functions Q = f(K,L), find the marginal productivity with…

A: The marginal product is calculated by differentiating the production function with respect to…