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Show illustration and explain the special cases of production functions
"Inputs to production that are perfectly substitutable"
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- Show illustration and explain the special case of production functions "Fixed proportions production function."Using an example , explain the production procesPicture Tools 16285711986112063eel9ba0 69816244 (Read Only Sman References Mailings Review View Format Picture Shape Y Bring to Fre Picture Border Send to Bac Position Picture Effects Text Wrappr Picture Styles Arrange 2. 6 Question 2. 1. Widget factory Inc. in Wisconsin has the following production function: F(L,K) = 2L/2 K/2 L represent the number of labour hours. Workers at this factory are paid an hourly wage of $30 and they rent capital at $25/hour. Since this is a competitive market, the factory output the factory gets per is output is $50 per unit. Let's pretend the firm operates in the short run with capital fixed at 900, how many factory workers would Widget Factory Inc employ? What is their profit rate? Question 3.
- At Yennefer's current production level, a extra bunch of herbs adds 24 extra spells. Each bunch of herbs costs $61. What is Yennefer's Marginal Cost of an extra spell?Use the following graph to illustrate the relationship between the cost per bag of potato chips and the quantity of potato chips produced if it has a minimum point at two dollars a bag and eight bags.IV. Will can produce a higher grade, Gw, on an upcoming economic exam by studying. His production function depends on the number of hours he studies marginal analysis problems, A, and the number of hours he studies supply and demand problems, R. Specifically, Gw = 2.5A0.36R 0.64. His roommate David's grade production function is G) = 2.5A0.25R0.75 a. What is Will's marginal productivity from studying supply and demand problems? What is David's? b. What is Will's marginal rate of technical substitution between studying the two types of problems? What is David's?
- The table below provides information about the cost of inputs and value of output for the production of a road bike. Note there are four different stages of production. Raw materials Rubber for one tire ($25) Aluminum for the frame ($75) Other component materials ($90) Manufacturing Tire maker sells tires for $40 each Frame maker sells bike frame and components for a total of $275 Instructions: Enter your answers as a whole number. a. What value is added by the supplier of the raw materials? $ b. What value is added by the tire maker? $ c. What value is added by the maker of the frame and components? $ d. What value is added by the bike mechanic? $ e. What value is added by the bike store? $| f. What is the total contribution of the bike to GDP? $ Construction Bike mechanic puts everything together and sells the bike for $375 Sale by the retailer Retailer sells the bike for $600Which of the following is the best description of an 'isoprofit' curve? The marginal impact on profit of increasing inputs by 1 unit. The input combinations which generate a given level of profit. The level of profit which makes the firm indifferent between producing or not producing. The input combinations which generate a positive level of profit. O The set of all inputs which generate the same level of output.At what level of production does the marginal cost have the least value? What is the marginal cost at this level of production?
- At Yennefer's current production level, a extra bunch of herbs adds 19 extra spells. Each bunch ofherbs costs $54. What is Yennefer's Marginal Cost of an extra spell?Good Y C B Good X Point A in the diagram represents a production situation that is: O a) too expensive. b) unattainable. c) efficient. d) inefficient.3. Duane breeds parrots for a living. He has discovered that the production function for parrot chicks (Q) is: Q=K0.5 p0.5 where K is capital (for example nest boxes, cages and the like) and F is parrot food. The price of K is $8 and the price of F is $2. (a) What type of production function is this? Explain. (b) Does this production function exhibit constant, increasing or decreasing returns to scale? Provide a graph of the function using Excel. (c) Find the marginal products of capital and food. (d) Suppose that Duane wants 144 parrot chicks, how much K and F should be employed to minimise costs. What is the cost of producing 144 parrot chicks? 1 1 (e) Suppose that Duane is faced with the same problem as in (e) except that he has a fixed amount of K. In fact, K = 16. How much F should be bought to minimise costs? What is the total cost?