Aswer with solution Suppose the production function isgiven by Q = 3K + 4L. What is the%3Daverage product of capital when 5units of capital and 5 units of laborare employed?answer must bea whole number only

Production Function is given as Q = 3K + 4L Average…

Answered: average product of c- units of capital…

Business

Economics

average product of c- units of capital and 5 are employed? whole number onlv

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter7: Production, Costs, And Industry Structure

Section: Chapter Questions

Problem 25RQ: In choosing a production technology, how will firms react if one input becomes relatively more...

See similar textbooks

Related questions

Q: Consider an economy with only two goods: bread and wine. In 1982, the typical family bought 4 loaves...

A: Consumer price index (CPI) is used to estimate the average variation between two given periods in th...

Q: Back in the 1950s, General Motors (GM) was at its peak. It was widely viewed as a shining example of...

A: General Motors (GM) was at its best in the 1950s. It was widely regarded as a model of how a huge co...

Q: What is Development Planning? Why is there a need for economic development planning?

A: The creation of wealth from which the benefits of the community are being realized is known as econo...

Q: For a given aggregate supply curve, if the aggregate price level in an economy rises, O real GDP inc...

A: The aggregate supply is the total amount of services and commodities that firms in an economic plan ...

Q: With the help of a demand and supply diagram explain how q video showing worms in sausages will impa...

A: Demand is a very important concept in economics, used to determine the quantity demanded by the cons...

Q: Potential GDP corresponds to the concept of A aggregate supply. real GDP. C real GDP per capita. agg...

A: PLEASE FIND THE ANSWER BELOW.

Q: When the Fed decreases the discount rate, banks are likely to their lending anc the money supply O A...

A: The answer is- B) increase, increases When the fed decrease the discount rate, banks are likely to ...

Q: A telecommunications business may produce 500, 000 units per month. The company generates a total mo...

Q: We have data on 2323 randomly selected households consisting of three persons in 2013. Let ENTERT de...

A: R-squared is used as measure of goodness of fit, a formula to calculate R-squared: R2=ESSTSS Where E...

Q: 12. Imagine that you are the manager of a company considering direct foreign investment. What count...

A: 12) As a manager of a firm considering FDI, a person would choose the country with the lowest restri...

Q: Output Total Cost 8) $10 20 28 3. 38 4 53 73 6. 98 Refer to the provided table. The total fixed cost...

Q: A printing machine is bought at $1 million and is estimated to have a salvage value of $100,000 afte...

A: Given information The first cost of machine P=$1,000,000 Salvage value of machine after 500,000 copi...

Q: 1. A municipal police department has decided to acquire an unnamed drone for aerial surveillance of ...

A: The correct answer is given in the second step.

Q: The average salary of male employees in a firm was Dollar 5200 and that of females was Dollar 4,200....

Q: Suppose that a product is produced in three factories X, Y and Z. It is known that factory X produce...

Q: Given the equation of Q = min(4K,8L), how much output is produced when 2units of labor and 5 units o...

A: Given: Q=min(4K,8L) Labor=2 units Capital=5 units

Q: Suppose the supply for a certain textbook is given by p=9 1 1 gʻ and demand is given byp= -- 60 +10,...

A: As given Supply equation is p = (1/6)q2 and Demand equation is p = -(1/6)q2+ 10

Q: The following graph shows the short-run average total cost curves and the long-run average cost curv...

A: Answer: (1). According to the above figure, if the firm wants to keep output at the current level i...

Q: What assumptions cause the immediate-short-run aggregate supply curve to be horizontal? Why is the l...

A: The short immediate-run aggregate supply curve is horizontal due to the assumption that both input a...

Q: Find the value of the primary deficit if the fiscal deficit is 186 and the interest payment by the ...

A: Given: Fiscal deficit=186 Interest payment by the government=131

Q: Questions of the day: economics A man decides to deposit Dollar 2730 at the end of each year in a ba...

Q: Latin American and Caribbean citizens who migrate to the United States earn salaries there that are ...

A: Individuals migrate from one country to another in order to take advantage of superior economic oppo...

Q: Soviet Unionlaunches the first satellite into space 1958 The US launches the first American satellit...

A: Thanks for posting the question but according to the guidelines, we answer one question at one time....

Q: When the Fed sells bonds, the money supply A) selling bonds does not have any effect on th...

A: Monetary policy refers to the policy followed by the central bank of a country to control the money ...

Q: You have a very tiny, three person society with the following incomes: 1. 15,000 2. 30,000 3. 105,00...

A: No. of Persons Cumulative of persons Cumulative % of person Income Cumulative income Cumulative % of...

Q: (3) A firms production function is Q(L) =15L' -0.1Ľ' , where output (Q) is a function of a single in...

A: Answer: Given, Production function: QL=15L2-0.1L3 (1). To find the number of workers required to max...

Q: Nadia consumes two goods, food and clothing. The price of food is $2, the price of clothing is $5, a...

A: Elasticity of demand measures the responsiveness of quantity demanded with respect to change in pric...

Q: Suppose there are three buyers of candy in a market: Tex, Dex, and Rex. The market demand and the in...

A: Dear Student as you have posted multiple sub-parts in a question but according to bartleby policies ...

Q: Why would a reduction in tax rates that was anticipated to be only temporary not cause nearly as lar...

A: The answer and explanation is as follows:-

Q: d) If trade is allowed so that the market price for strawberries is $20/box, calculate producer surp...

A: Since you have posted a multi-part question, I hereby provide you with the solution to parts a, d an...

Q: if the current interest rate is 5 percent, what will be the equilibrium interest rate if the money s...

Q: Distinguish between autonomous and accommodating balance of payment transaction..

A: The economies around the globe are involved in the use of their resources in such a way that the max...

Q: Explain how each of the following actions will affect the level of planned investment spending and u...

A: The correct answer is given in the second step.

Q: Chapter 11. Quiz - The World of Imperfect Competition Left Right A в TStimpy = $16 TStimpy = $15 Up ...

A: When talking about a payoff matrix in the game theory, it show the outcomes of different action of t...

Q: What other factors besides interest rates will cause the investment demand curve to shift?

A: Investment demand has an inverse relationship with the interest rate. There are other factors also t...

Q: A firm can borrow at an interest rate of 5%. Its marginal tax rate if 40%. What is its cost of debt?

A: Interest rate = 5% Marginal tax rate = 40% We need to calculate the cost of debt

Q: US President Collin Hawkins is concerned about the economy. He orders the Treasury to issue direct s...

A: Answer: Citizens save 20% of their income. MPS marginal propensity to save=20%=0.2 (1). Multiplier=1...

Q: Go through the below visual and change it to tell a good story. Apply the story-telling techniques t...

A: The given picture represents the budgetary expenditure of India. It shows how India is spending its ...

Q: currency in circulation and bank reserves. B) the facilities of the 12 district banks. SC) corporate...

A: The Federal Reserve System is the national bank of the United States and is answerable for the count...

Q: Refer to the graph shown. This set of cost curves Is: MC ATC B AVC Output Multiple Cholce O wrong be...

A: Total cost is defined as the total expenses that a company or firm has to incur in order to produce ...

Q: China is the major importer of Canadian wheat. Its demand (QPH) and supply (Q°x) for wheat is given ...

Q: Trying to figure out question: If a new home can be constructed for $150,000, what is the opportun...

A: Opportunity cost is the cost of opportunity forgotten in order to choose another opportunity. It is ...

Q: Utils, 8- 7- 6+ 5- TU 2 3 Which of the following characteristics of the total utility function is ex...

A: Total Utility is the overall amount of satisfaction receive by consumption of all the units of outpu...

Q: Use the graph to answer the questions below. X2 В (3, 4) A (1, 5) Y2 Y1 C(7, 2) 4. Which point has g...

A: The curves on the graph are isoquants which different combinations of inputs needed to produce a giv...

Q: Janet has some money set aside for the purchase of a new house. Her friend, Rachel, has some credit ...

A: Answer: When the difference between the interest rate and the expected inflation rate will be maximu...

Q: Fill in the blanks: Supply $70 30 Demand Physician office visits (millions per week) If the governme...

A: Answer: According to the above figure, the equilibrium occurs at point E. The equilibrium price for...

Q: Problem: You have a business job where you are helping track revenue and sales. Suppose that p is th...

A: There are two questions here, and according to the guidelines, we will answer the 1st question for y...

Q: 4. A house & lot is offered for sale, the seller offers 3 methods of payments: a. P500,000in cash ...

A: Given the interest rate = 12% Monthly interest rate = 12%/12 = 1% Number of compounding periods = 4 ...

Q: real GDP exceeds potential GDP, then employment is nemployment rate. full employment and the unemplo...

A: Okun's law states the inverse relationship between unemployment and GDP. According to Okun's law: 2...

Q: A. Illustrate and explain the impact that changes in the money supply have in the economy through a ...

A: A) The underlying idea in standard neoclassical theory was that' money is neutral, "money is shroud,...

Question

Aswer with solution

Suppose the production function is
given by Q = 3K + 4L. What is the
%3D
average product of capital when 5
units of capital and 5 units of labor
are employed?
answer must be
a whole number only

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

What is the difference between economies of scale, constant returns to scale, and diseconomies of scale?
What is a production function?
Would you consider an interest payment on a loan to a film an explicit or implicit cost?
A firm is considering an investment that will earn a 6 rate of return. If it were to borrow the money, it would have of pay 8 interest on the loan, but it currently has the cash, so it will But need to borrow. Should the firm make line investment? Show your work.
A small company that shovels sidewalks and driveways has 100 homes signed up for its services this winter. It can use various combinations of capital and labor: intensive labor with hand shovels, less labor with snow blowers, and still less labor with a pickup truck that has a snowplow on front. To summarize, the method Choices are: Method 1: 50 units of labor, 10 units of capital Method 2: 20 units of labor, 40 units of capital Method 3: 10 units of labor, 70 units of capital If hiring labor for the winter costs $100/unit and a unit of capital costs 400, what is the best production method? What method should the company use if the cost of labor rises to $20/unit?
Do you think that the taxicab industry in large cities would be subject to significant economies of scale? Why or why not?
In choosing a production technology, how will firms react if one input becomes relatively more expensive?
USE R LANGUAGE TO SOLVE THE equation The output of a production process, Q is given by the function2K^(-3)L^(5/2)/2K log4 6L^2where K and L denote capital and Inbour. Calculate the output when the capital and labour are 10 and 20 units, respectively.
Write out an example Cobb-Douglas production function. Derive the signsfor the relationship between labor and output and for marginal product oflabor and labor, holding other inputs fixed. Explain with economic intuition.
The production function for Good X: MMarginal Proluct of Capital AP, (OK Average Product ol Capital Labor Capital Ouiput 6. 10 57 5.7 5.70 6. 20 324 26.7 16.20 9. 30 657 33.3 B 40 1,072 41.5 26 80 6. 50 1.524 45.2 30.48 60 1.976 45.2 3293 70 2,391 41.5 34.16 9. 80 2,724 33.3 34.05 2.991 33.23 100 3,048 5.7 30.48 3,016 2.945 T10 -3.2 27.42 6. 120 -7.1 24.54 2) The marginal product of capital of producing 2,991 units of outout (find point A) in the above table is equal to what?
The production function for Good X: MMarginal Product of Capital AP, (OK Average Product ol Capital Labor Capital Ouiput 9. 6. 10 57 5.7 5.70 26.7 33.3 20 324 16.20 9. 30 657 40 1,072 41.5 26 80 6. 50 1.524 45.2 30.48 60 1,976 45.2 3293 6. 70 2.391 41.5 34.16 2.724 2.991 9. 80 33.3 34.05 33.23 100 3.048 5.7 30.48 T10 3,016 3.2 27.42 120 2,945 -7.1 24 54 1) Is the production function for good X exhibited in the above table for the long run or the short run? Explain your answer.
Coosider the production function characterizing garri plant as: Q= 20L + 60k - L^2 - K^2 If total outlay for both capital, K =N50, and a Labour, L= N20, is N4,600. Find: a. The optimal quantity of K* and L* to be employed. b. Calculate the maximum possible output of garri that the plant can produce.