Write about the production function with two and more than two variables

Q: Draw the production function graph illustration the three stages (diminishing returns) in the…

A: Incrementing returns, falling returns and negative returns are the three stages of production. The…

Q: Among the three stages of production, until what point should one produce considering the law of…

A: The law of diminishing marginal product explains the three stages of production that is applicable…

Q: Explain the consequences to the farmer if the production function for milk were a linear function of…

A: The production function is the total amount of output which would result in the maximum amount of…

Q: Explain how input, output and cost are interrelated

A: A business needs to make use of inputs for turning them into outputs that could finally be sold in…

Q: Define the production function, f(x), and the average product associated with it. How do you…

A: Production is the process of transformation of inputs into output by using factors of production .…

Q: Draw a production function that exhibits diminishing marginal product of labour. Draw the associated…

A:

Q: Given the following production function Y=X+4X^2-0.2X^3. At what level of X does the marginal…

A: Y=-0.2X3+4X2+X MPP = dYdX=d(-0.2X3+4X2+X)dX=-0.6X2+8X+1   For MPP to be maximum, dY/dX = 0…

Q: Consider the production function Q = 32K L (a) By dividing by L, find the Average Product of Labour…

A: The production function is the combinations of the labor and capital which are required to produce…

Q: how is the slope of the total cost and marginal cost related?

A:

Q: Let f be a production function such that that, for a fixed k, the marginal product of labour starts…

A: In the above diagram, we can see that: At point B, when AP is maximum then AP intersects MP (AP=MP)…

Q: In a relationship among total, average and marginal products, where TP is maximized:

A: The Total product (TP) implies the sum total of output produced using each nit of variable factor.…

Q: Give a numerical example to show that as marginal physical product (MPP) rises, marginal cost (MC)…

A: Marginal Physical Product (MPP) is the addition to the total physical product when an additional…

Q: A production function is represented by P=f(L), where L is labour. As input L increases, the total…

A: Marginal product is the addition in total product when one more unit of variable factor is employed.…

Q: Consider a beekeeper. The beekeeper has the following production function where the input is the…

A: Hi Student, Thanks for posting the question. As per the guideline, we are providing answer for the…

Q: Suppose the production function is given by Q4K + 3L What is the average product of labor when 10…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: If the form of the production function is a Cobb-Douglas function, do diminishing marginal products…

A: Production function is used to explain the connection between input resources and output such as an…

Q: Q7. The production function is y=L¹/aK¹/B The price of the output is $100, w = $15, and r= $12. a.…

A: Isoquant refers to the possible combinations of two inputs that are capable of producing equal…

Q: What are two examples of variable costs?

A: Variable costs depends on the level of output being produced by the firm.

Q: The average product of labor depends on how many units of Select one: a. labor are used. b. labor…

A: The average product of labor depends on how many units of : (b) labor and capital are used.

Q: Asap   A firm has the following linear production function: Q = 6K + 9L The firm currently owns…

A: Answer: Given, Production function: Q=6K+9L K = 10 units L = 30 units (A). Marginal product of…

Q: Solve the exercise with a production function with diminishing returns: In this case, production…

A:

Q: In Example 6.4, wheat is produced according to the production function: q=100 (K0.7L0.3). Beginning…

A: In economics, diminishing returns is the decline in the marginal (steady) result of a production…

Q: Consider the following production function for an economy; Y=K^2+2K+L. Calculate the Marginal…

A: Given,  The Production Function of the economy is given as : Y=K^2+2K+L Marginal Product of an input…

Q: Match the production function and its name f(x1, x2) = min{x1, x2} | Choose. f(x1, x2) = ax1 + bæ2…

A: Production function shows relationship between inputs and output. It shows technology that uses…

Q: What are economies of scale? Give an example. What are the diseconomies of scale? Give an example

A: Economics is a branch of social science that deals with the production, consumption, and…

Q: Graph the change on the production function when a firm decreases its labour

A: Production function shows the relationship between output and number of labor employed. Change in…

Q: Draw a well behaved production function and show the 3 stages of production. What distinguishes…

A: The production function shows the technical relationship between factor of production and final…

Q: Homer's Donut Shoppe has the production function q = 3L0.5. What is the average product of labor at…

A: The production function shows relationship between inputs and output, that is how factors production…

Q: Say the marginal product of labour in production is 4 and the average product of labour is 7. Then,…

A: Marginal product of labor refers to an increase in total product because of addition of one more…

Q: Maria produces pizzas using labor, an oven, and flour. When Maria uses 4 workers she can produce 100…

A: The condition that communicates the connection between the amounts of useful elements (like work…

Q: Define Production Function, Marginal Product, and Diminishing Marginal Product

A: The production of a quantity is associated with different factors in an economy. The process used to…

Q: Consider a beekeeper. The beekeeper has the following production function where the input is the…

A: Hi Student, Thanks for posting the question. As per the guideline, we are providing answer for the…

Q: Consider the production function f(x1, X2) = 4x1x2, where x1 and x2 are the quantities of inputs 1…

A: Increasing return to scale arises when the change in input leads to a change in output more than…

Q: Microeconomics - Production Function Find the returns to scale of the following production…

A: In order to find the returns to scale of the production function , We put a constant before every…

Q: What is the distinction between the laws and of returns and the returns to scale?

A:

Q: Grease Tech produces oll changes. The production of oil changes relles on both capital () and labor…

A: Answer-

Q: Q2. Determine the returns to scale of the following production function: Y = 5K0.5 +3L0.5 (a)…

A: Returns to scale refers to how production of a good changes when units of both inputs change.

Q: Given the following production function Y=X+4X^2-0.2X^3. At what level of X does the Average…

A: A firm uses various inputs to convert them into finished output using productive techniques. These…

Q: Give an quantitative example of marginal and average cost.

A: Average cost is the equivalent of total fixed cost (TFC) and total variable costs (TVC) divided by…

Q: Graphically, we measure the amount of work on the abscissa and the output on the ordinate. The…

A: The average product of labor is the ratio of the total output produced with respect to the total…

Isocost and Isoprofit Curve Analysis

An isocost curve in the production theory that is a crucial part of economics depicts different combinations of factor inputs at a given market cost. In other words, this shows all the combinations of production factors that cost the same for the firm to employ. Usually, this can be depicted as a downward sloping straight line when the firms act as the price-takers in the factor markets. The slope of this mainly depicts the relative prices of different production factors.