Shows the relationship between output and number of workers

Reference no: EM131098507

Q1. Following are different algebraic expressions of the production function. Decide whether each one has constant, increasing, or decreasing return to scale.

a. Q = 75L^0.5L^0.75

b. Q = 75A^0.15B^0.4C^0.45

c. Q=100+50L+50K

d. Q=L²+50K²

Q2. The following table shows the relationship between output and number of workers in the short run. If the wage is $50/day, find the marginal cost of production.

Number of Workers	Output
0	0
1	50
2	110
3	300
4	450
5	590
6	665
7	700
8	725
9	740
10	735

Q3. For each of the following cost functions, find MC, AC, and AVC.

a. TC = 20,000 + 10 Q

b. TC = 18,000 + Q + 0.2 Q²

Reference no: EM131098507

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