True or false: If the marginal product is decreasing, then the average product must also be decreasing. Explain.
Answer to relevant QuestionsGraph the short- run total product curves for each of the following production functions if K is fixed at K0 = 4.a. Q = F (K, L) = 2K + 3L. b. Q = F (K, L) = K2L2.Do the two production functions in Problem 1 obey the law of diminishing returns?Suppose you are a baseball pitcher with two pitches, fastball and curve. Your opponents’ batting averages against these two pitches are as shown in the diagram below. If your goal is to minimize your opponents’ overall ...A firm finds that no matter how much output it produces and no matter how input prices vary, it always minimizes its costs by buying half as many units of capital as of labor. Draw this firm’s isoquant map.A firm produces output with the production function Q = √K √LWWhere K and L denote its capital and labor inputs, respectively. If the price of labor is 1 and the price of capital is 4, what quantities of capital and ...
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