Suppose capital is fixed at 4 units in the production function Q = KL. Draw the total, marginal, and average product curves for the labor input.
Answer to relevant QuestionsIdentify the regions of increasing, constant, and decreasing returns to scale on the isoquant mapshown.Do the following production functions have increasing, decreasing, or constant returns to scale? Which ones fail to satisfy the law of diminishing returns? a. Q = 4K1/2L1/2 b. Q = aK2 = bL2 c. Q = min (aK, bL) d. Q = 4K + 2L ...The Preservation Embalming Company’s cost data have been partially entered in the table below. Following the sudden and unexpected death of the company’s accountant, you are called on to fill in the missingentries.A firm has a long- run total cost function: LTC (Q) = Q3 - 20Q2 + 220QDerive expressions for long-run average cost and marginal cost, and sketch these curves.For a firm with the production function Q (K, L) = 3 ln K + 2ln L, find the optimal ratio of capital to labor if the price of capital is 4 and the price of labor is 6.
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