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Decreasing and then increasing returns to scale

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Reference no: EM13801202

In the Short run, is it possible for a firm to change inputs?

a. Yes, any andall inputs can be changed.

b. Yes, although only small input changes are possible.

c. No, all inputs are fixed in the short run.

d. Not completely; one or more inputs are fixed.

e. It depends on the duration of the short run.

If output is produced according to Q = K + 3L, then this production process exhibits:

a. increasing returns to scale

b. decreasing returns to scale

c. first increasing and then decreasing returns to scale

d. constant returns to scale

e. first decreasing and then increasing returns to scale

If output is produced according to Q = (KL)^1/4, then this production process exhibits:

a. increasing returns to scale

b. decreasing returns to scale

c. first increasing and then decreasing returns to scale

d. constant returns to scale

e. first decreasing and then increasing returns to scale

Firm X sells output at P = $4 per unit and pays labor a wage of $20 per hour. The marginal product of labor is given by: MPL = 30-.1L. What is the profit maximizing quantity of labor?

Reference no: EM13801202

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