Reference no: EM131093731
Here is a big question in my assignment:
A firm discovers that when it uses K units of capital and L units of labor, it is able to produce √????√???? units of output.
a. Draw the isoquants corresponding to 1,2,3, and 4 units of output.
b. Suppose that the firm produces 10 units of output using 20 units of capital and 5 units of labor. Compute MRTSLK. Compute the MPL. Compute the MPK.
c. On the basis of your answer to part (b), is the equation MRTSLK=MPL/MPK approximately true? (It would become closer to being true if we measured inputs in smaller units.)
d. Suppose that capital and labor can each be hired at $1 per unit and that the firm uses 20 units of capital in the short run. What is the short-run total cost to produce 10 units of output?
e. Continue to assume that capital and labor can each be hired at $1 per unit. Show that in the long run, if the firm produces 10 units of output, it will employ 10 units of capital and 10 units of labor. What is the long-run total cost to produce 10 units of output?
f. Does this production function exhibit constant, increasing, or decreasing return to scale?
Effects on colonic hydrogen production in humans
: Nondigestible carbohydrates can be used in diet foods, but they may have Problem 7.2 effects on colonic hydrogen production in humans. We want to test to see if inulin, fructooligosaccharide, and lactulose are equivalent in their hydrogen producti..
|
Difficult for monetary policy
: What important factor makes it more difficult for monetary policy makers to time policy changes correctly?
|
How they influence the current u.s. criminal justice system
: Respond and offer different social and political influences than your colleagues. Or, provide an alternative perspective on how they influence the current U.S. criminal justice system.
|
Diets on the blood concentration of estradiol
: We are interested in the effects of soy additives to diets on the blood concentration of estradiol in premenopausal women. We have historical data on six subjects, each of whose estradiol concentration was measured at the same stage of the menstru..
|
What is the long-run total cost
: Continue to assume that capital and labor can each be hired at $1 per unit. Show that in the long run, if the firm produces 10 units of output, it will employ 10 units of capital and 10 units of labor. What is the long-run total cost to produce 10..
|
An average one unit different from the low cost tapes
: We are planning an experiment on the quality of video tape and have purchased 24 tapes, four tapes from each of six types. The six types of tape were 1) brand A high cost, 2) brand A low cost, 3) brand B high cost, 4) brand B low cost, 5) brand C ..
|
What values of x y and z should be chosen to minimize the
: A cardboard box without lid must have volume 108m3. Let x, y, and z denote the box's length, width, and height, respectively. What values of x, y, and z should be chosen to minimize the amount of cardboard used?
|
Rejecting the null hypothesis when the null hypothesis
: I conduct an experiment doing fixed-level testing with ε = .05; I know that for a given set of alternatives my power will be .85. True or False ?
|
Increases and the demand for the other goes
: What do we call goods that are replacements of one another especially when a price of one increases and the demand for the other goes up?
|