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- Give the three reasons that explain why the division of labor increases an economys level of production.What is a production function?1.Explain how a firm uses resources price and value data to determine the appropriate combination of capital and labor resources to use in order to maximize profits. 2.how does this change when the firm want to produce a specific quantity of product with the least cost combination of resources? 3. if a software firm estimates that the MP of labor is 3 apps per month and the price is labor is $1100 per month, while the MP of capital is 5apps per month and its price is $2000, should the firm hire more labor and decrease its capital use or increase its use of capital and use fewer labor resources?
- 18. What word do we use to refer to the amount of goods and services produced for each hour of a worker’s time?3. Imagine we live in a classical world. Suppose that the production function is Y = L²K², where L is the amount of labor and K is the amount of capital. The economy has 100 units of labor and 100 units of capital. a. Does the production function show Constant Returns to Scale? Why? b. Derive an expression for the marginal product of labor. Is the marginal product of labor diminishing? How does an increase in the amount of capital affect the marginal product of labor? Explain. What are the real wage and rental price of capital? d. What is the income share paid to labor? What is the income share paid to capital? C.1. Is it possible to increase the labor productivity (output per unit of labor) in a given production process which exhibits diminishing returns to labor? If so, how? Explain with a graph.
- Draw a total production graph where you indicate how total production changes whenthe number of workers increase. Use the total production graph to explain the differencebetween marginal product and diminishing marginal productFrom production function how can we get cheapest way of producing 600 units of outputHow does the slope of the production function illustrate diminishing returns? The slope of the production function becomes steep as the quantity of increases because of diminishing returns. O A. more; capital OB. more; labor O C. less; labor O D. less; capital Click to select your answer.
- 5. What is the average product of labor, given that the level of labor equals 10, total output equals 1200 and the marginal product of labor equals 200?1. Explain production function and illustrate examples. 2. Explain marginal product of input in a production process. 3. Illustrate example of getting the slope of the production function curve.5. A company that produces auto parts has a production function of Q = 300 L-75 K-5. %3D If L= 250 and K= 25, what is the output of auto parts? If L increases to 350, what is the output of auto parts? What does the change in output show regarding labor as a factor of production?