

The production function exhibits Q=4L1/3K3/4. Which of the following statements is (are) FALSE? ОО A. diminishing...
The production function q = k0.620.5 exhibits: a. increasing returns to scale and diminishing marginal products for both k and 1. b. increasing returns to scale and diminishing marginal product for 1 only. c. increasing returns to scale but no diminishing marginal productivities. d. decreasing returns to scale.
The production function 9 = k1.270.5 exhibits: a. increasing returns to scale but no diminishing marginal productivities. b. decreasing returns to scale. C. increasing returns to scale and diminishing marginal product for / only. d. increasing returns to scale and diminishing marginal products for both k and I.
Suppose the production of paved roadways is represented as Q(L,K) = LK + L. Based on this production function, which of the following statements is (are) TRUE? A. In the short-run when capital is held constant, labor exhibits the law of diminishing returns. B. The isoquants for paved roadways are downward sloping and convex to the origin. C. The production function exhibits constant returns to scale. D. Both a and b are true. E. Both b and c are true....
The production function -k0 4710.5. Oa exhibits constant returns to scale and diminishing marginal productivities for k and 1. Ob. exhibits constant returns to scale and constant marginal productivities for k and 1. c.exhibits diminishing returns to scale and diminishing marginal productivities for k and 1. o d. exhibits diminishing returns to scale and constant marginal productivities for k and I.
Which one of the following production functions exhibits diminishing returns to labor and increasing returns to capital? (K=capital, N=labor, A=constant) A. F(K,N) = (AK^1.4)(N^.9) B. F(K,N) = (AK^0.5)(N^0.7) C. F(K,N) = (AK^1.4)(N^1.3) D. F(K,N) = (AK^0.5)(N^1.5)
2. For each of the following production functions: Q = 3L2 +6K4 Q= V25KL Q = 5V1 + 101K a. Find the marginal product of each input, i.e. MP, and MPx: b. Determine whether the production function exhibits diminishing marginal returns to each input. c. Find the marginal rate of technical substitution, MRTSLK and discuss how it changes as the firm uses more L and less K, holding output constant. d. Determine whether the production function exhibits constant, increasing or...
the second question
In Example 6.4 wheat is produced according to the production function: q=100(k0.6 0.4) Beginning with a capital input of 4 and a labor input of 49, show that the marginal product of labor and the marginal product of capital are both decreasing (Round responses to two decimal places.) The MPK at 5 units of capital is 156.12 The MP at 6 units of capital is 144.02 The MP at 50 units of labor is 8.84 The MP...
8. Consider the production function Q = (-1/2 + K1/2)2/3, where L denotes labor and K denotes capital. How many of the following statements are true for this production function? • Production exhibits increasing returns to scale. • For each additional unit of labor, the firm must give up decreasing amounts of capital to maintain output. If the firm is currently using 2 units of labor and 8 units of capital, then according to the MRTS it can trade 2...
Find all the first and second-partial derivatives for the utility function, U -50x 5y 0.2 (a) Give a verbal description of each derivative. (b) Are the marginal functions increasing or decreasing. Use the derivatives to justify your answer b. Given the function Q- Al'KB, explain the terms: constant returns to scale; increasing returns to scale; decreasing returns to scale. Show that the production function, Q -100L0.3K0.5, exhibits decreasing returns to scale and diminishing returns to labour Show that the production...
Consider the following production function: Q = 55⋅K2/3L4/3 A. Determine whether this production function has increasing, decreasing, or constant returns to scale. Explain and show your work. B. Does this production function obey the law of diminishing marginal product in labor? Explain and show your work.