User Account

All Pages

Does the production function exhibit diminishing returns

Assignment Help Microeconomics
Reference no: EM13126997

Suppose that the production function for a commodity is given by Q = 10√LK

Where Q is the quantity of output, L is the quantity of labor, and K is the quantity of capital. (a) Calculate Q when L=1 and K=1, and L=2 and K=2, then indicate whether this production function exhibits constant, increasing, or decreasing returns to scale. (b) Given K=1, show the change in Q if L changes from 1 to 2, and 2 to 3, and does the production function exhibit diminishing returns? If so, when does the law of diminishing returns begin to operate? Could we ever get negative returns?

Reference no: EM13126997

Questions Cloud

Calculate the mass of ice : Consider a glass of 171 mL of water at 29°C. Calculate the mass of ice at -15°C that must be added to cool the water to 10°C after thermal equilibrium is achieved.
Balance and do total net ionic equations : If doing by hand, please write dark onpaper before scanning. Balance and do total net ionic equations
Deferred tax expense : The enacted tax rate increased to 30 percent in Year 2 compared to an enacted rate of 20 percent in the prior year. At December 31, Year 2, the company would record a deferred tax expense of:
Identify the limiting reagent : The equation for the complete combustion of ethene (C2H4) is C2H4(g) + 3 O2(g) ==> 2CO2(g) + 2H2O(g) If 2.70 mol C2H4 is reacted with 6.30 mole O2,
Does the production function exhibit diminishing returns : Show the change in Q if L changes from 1 to 2, and 2 to 3, and does the production function exhibit diminishing returns? If so, when does the law of diminishing returns begin to operate? Could we ever get negative returns?
The rate constant increases by a factor : The rate constant increases by a factor of 2.00 when the temperature is increased from 80 C to 115 C. estimate the arrhenius activation energy.
Enacted tax rate-current and future periods : The enacted tax rate is 25% in current and future periods. What will White record as its income tax expense in Year 1?
How many workers should ms smith hire : how many workers should Ms. Smith hire? (Ms. Smith should hire workers as long as their marginal revenue product (MRP) exceeds their marginal resource cost
What is the volume in liters of ethylene glycol : Ethylene glycol, antifreeze, has a density of 1.11 g/cm^3.a. What is the mass, in grams, of 410 mL of ethylene glycol?

Reviews

Write a Review

Microeconomics Questions & Answers

  The free rider problem

Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good.

  Failure of the super committee is good thing for economy

Some commentators have argued that the failure of the “Super committee” is good thing for the economy?  Do you agree?

  Case study analysis about optimum resource allocation

Case study analysis about optimum resource allocation: -  Why might you suspect (even without evidence) that the economy might not be able to produce all the schools and clinics the Ministers want? What constraints are there on an economy's productio..

  Fixed cost and vairiable cost

Questions:  :   Which of the following are likely to be fixed costs and which variable costs for a chocolate factory over the course of a month?  Explain your choice.

  Problem - total cost, average cost, marginal cost

Problem - Total Cost, Average Cost, Marginal Cost: -  Complete the following table of costs for a firm.  (Note: enter the figures in the  MC   column  between  outputs of  0 and 1, 1 and 2, 2 and 3, etc.)

  Oligopoly and demand curve problem

Problem based on Oligopoly and demand curve,  Draw and explain the demand curve facing each firm, and given this demand curve, does this mean that firms in the jeans industry do or do not compete against one another?

  Impact of external costs on resource allocation

Explain the impact of external costs and external benefits on resource allocation;  Why are public goods not produced in sufficient quantities by private markets?  Which of the following are examples of public goods (or services)? Delete the incorrec..

  Shifts in demand and movements along the demand curve

Describe the differences between shifts in demand and movements along the demand curve. What are the main factors which can shift the demand curve? Explain why they cause the demand curve to shift. Use examples and draw graphs to support your discuss..

  Article review question

Article Review Question: Read the following excerpts from the article "Fruit, veg costs surge' by Todd, Dagwell, published in the Herald on January 25th 2011 and answer questions below:

  Long-term growth, international trade & globalization

Long-term Growth, International Trade & Globalization:- This question deals with concepts such as long-term growth, international trade and globalization. Questions related to trade deficit, trade surplus, gains from trade, an international trade sce..

  European monetary union (emu) in crisis

"Does the economic bailout of Spain and Greece spell the beginning of the end for the European Monetary Union (EMU)?"

  Development game “settlers of catan”

Read the rules of the game, the overview and the almanac for the Development Game "Settlers of Catan"

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd