A widget manufacturer has a production function of the form q = L? K² . If the wage rate (w) is $4 and the rental rate on capital (r) is $4 Are the returns to scale increasing, constant, or decreasing for this production function? Choose... What cost minimization combination of K and L will the manufacturer employs to Choose... produce 16 units of output? What is the total cost of producing 16 Choose... units of output? Suppose that the capital input is fixed at K= 4 units in the short run, what is the short run total cost function with q? Choose...

Q: The first two columns in the following table give a firm's short-run production function when the…

A: Given:- Price of capital=$2000 Price of labor=$500 Capital constant at 5 units

Q: Suppose the hourly wage is $20 and the price of each unit of capital is $2. The price of output is…

A: The firm maximizes profit by hiring the number of workers at a point where MPE = w/p

Q: The short-run cost function of a company is given by the equation TC = 200 + 55q, where TC s the…

A: Since you have asked for the solution of B and C only. So, I am answering only B and C.

Q: If we assume that labor is the only variable input, the slope of the short run total product curve

A: Marginal Product of labour is defined as the increase in total production of the company when one…

Q: Suppose a wind turbine producer faces this production function: Q=0.25KL with MP = 0.25K; MPk =…

A: Given wage = 12 and rental cost = 22

Q: The production function for a product is given by q= 10K^(1/2)L^(1/2) where K is capital, and L is…

A: The production is given as follows-

Q: A widget manufacturer has a production function of the form q= VLK. If the wage rate (w) is $4 and…

A: production function q=Lk,w=4 r=1returns to scorelet y=Lk=f(k,L)solving all factors of production by…

Q: A plant's production function is Q = 2KL. For this production function, MPx = 2L and MPL = 2K. The…

A: Marginal productivity of capital: It refers to the additional capital that is added for the…

Q: Suppose a firm with a production function given by Q = 30K0.5L0.5 produces 1,800 units of output.…

A: Firm minimizes cost by employing inputs at a point where ratio of marginal product of inputs is…

Q: A firm produces output that can be sold at a price of $10. The production function is given by Q =…

A: The production function is given below.

Q: Suppose that a firm's production function is given by Q = KL. If capital is fixed at 1 unit in the…

A: The labor market is the market that is determined by employment and wages. The labor demand curve…

Q: Assuming a Cobb-Douglas production function with constant returns to scale then, as K rises with L…

A: Cobb-Douglas is a specific functional form of the production function, generally used to represent…

Q: Assume a Cobb-Douglas production function in which the share of capital is a = 0.25 and the share of…

A: In production, if the rental cost of capital is more then the result will be that the capital that…

Q: In the theory of the firm, economist consider the total cost to be a function of the output level Q:…

A: Answer - According to the mathematical defination of the funtion is that fucntion is a relation…

Q: When a firm uses K units of capital and L units of labor, it can produce Q units of output with the…

A: Production function measures the relationship between the units of output produced by using the…

Q: The short run production function is q = 10*L. The wage rate is $10 per unit of labor, then AVC:

A: AVC is total cost divided by output.

Q: The market for drones is perfectly competitive. Labor is the only variable input. The fixed cost is…

A: Total Cost is the sum of fixed cost and variable cost. TC=FC+VC Fixed cost is that cost which is…

Q: The production function for a product is given by q = 10 K1/2L1/2 where K is capital, and L is labor…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: The production function for a product is given by q= 10K^(1/2)L^(1/2) where K is capital, and Lis…

A: The production is given as follows-

Q: Given Q = AK" LP; Qo = 2,000, A = 100, a = 0.6, p = 0.8, w = 50, r = 80 A. Does this production…

A: The technical relationship b/w the quantities of physical inputs and quantities of products output…

Q: Consider the long-run cost minimisation problem, with L on the horizontal axis and K on the vertical…

A: A firm will minimise its cost at a point where marginal rate of technical substitution is equal to…

Q: A production function for a good Q uses inputs of labor (L) and capital (K) and takes the form Q=LK.…

A: Cost  The number of goods and services necessary to produce or manufacture is referred to as the…

Q: Suppose a firm’s production function is q= 2L+ 5K, the wage is w= 4, and the rental rate of capital…

A: Cost function is the total cost incurred to produce a good. It is the total sum of cost incurred on…

Q: Using Techniques Units of Variable Inputs Produce 1 unit of output K L 12 2 units of output A 14 12…

A: AVC the general variable value per unit of production is that the average variable value (AVC).…

Q: The following table describes the various least cost combinations of two inputs from various…

A: Iso quant shows the different possibil combinations of inputs that give same level of output . And…

Q: When the input price is constant, the slope of the total factor cost function will also be constant.…

A: When the input price is constant, the slope of the total factor cost function will also be constant.…

Q: A plant's production function is Q = 2KL. For this production function, MPx = 2L and MPL = 2K. The…

A: Given production function Q=2KL MPk=2L MPl=2K W=4 r=6

Q: If a firm's marginal product of labour is less than its average product of labour, then an increase…

A: Average product of labor is the total product divided by the quantity of labor employed.  Marginal…

Q: .Suppose the marginal product of labor is MPL=10 and the cost of each worker is w=50.  What is the…

A: MPL=10 w=50

Q: c) Give a formal definition of increasing, decreasing, and constant returns to sale, and determine…

A: Increasing Returns to Scale Increasing our inputs by m increases our output by more than m. Constant…

Q: A bottling company uses two inputs to produce bottles of the soft drink Sludge: bottling machines…

A: Following is the given information:

Q: Answer questions number 15 and 16 on the basis of the following output data for a firm. Assume that…

A: Given Number of workers Units of output 0 0 1 40 2 90 3 126 4 150 5 165 6 180

Q: Consider a firm with the production function q = L}K* The firm faces a wage rate of w = 20 and a…

A: The given production function is a ‘Cobb-Douglas’ function where the producer uses both labor(L) and…

Q: firm has a Cobb-Douglas production function q = f(K, L) = KαL 1−α and faces wages, w, and rental…

A: Answer- "Thank you for submitting the question.But, we are authorized to solve only 3 subparts .For,…

Q: Suppose that a firm had a production function given by: q=LK () is $5. The wage rate (w) is $10 and…

A: In economics, a production function gives the technological relation between quantities of physical…

Q: Assume there is a linear isoquant where the input combination  K = 10, L = 0 produces Q = 100.…

A: We are going to find the production function first to check whether these two inputs are perfect…

Q: Assume that you have the following production function and input prices in the long run: 2 2 3 2 3 3…

A: Given: The production function and input prices are: W = 8 r = 4 Firm input bundle is (8, 10) To…

Q: Consider a firm that produces cars with the following production function: q = min(ak, bL) a. Find…

A: The given production function is a fixed proportions production function as the inputs K and L are…

Q: A firm’s only variable factor is labour and it produces a single product, X. It also has fixed…

A: Since you have asked multiple questions, we will solve the first two questions for you. If you want…

Q: Assume there is a linear isoquant where the input combination  K = 10, L = 0 produces Q = 100.…

A: The isoquant would result in the downward sloping curve which would result in various combinations…

Q: Why would labor be treated as a variable cost? labor costs will decrease as the firm produces more…

A: Fixed cost refers to the cost which remains same at all levels of output. It is independent of…

Q: A plant's production function is Q = 2KL. For this production function, MPK = 2L and MPL = 2K. The…

A: Given: Q=2KL MPK=2L MPL=2K w=$4, r=$6 In the long run cost minimization problem, the optimum is…