Question: 3.2 If the production function is q = f(L, K) =3L + 2K, and capital is fixed at K = 50, what is the short-run

3.2 If the production function is q = f(L, K)

=3L + 2K, and capital is fixed at K = 50, what is the short-run production function? What is the marginal product of labor? (Hint: See Solved Problem 6.1.)

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Intermediate Microeconomics Questions!

123 Compare the purely graphical properties of these two notations, and the ways in which the graphical properties of each display correspond to the information structure being defined. Describe...

Section A. . Answer the following questions. (30 marks) The local council of a city plans to reduce pollution by imposing a tax on gasoline. To avoid any backlash from voters, they decide to impose...

Question 1. Answer the following questions appropriately. Multiple Choice (2 point each) Michelle grows apples and catches fish. Last year she harvested 1500 apples and 600 fish. She values one fish...

Answer the question for: Consider a rm with a production function given by F (L, K ) = A (L2 +K2) where A 2 1 is a xed scaling factor that affects rm's productivity. That is, a higher A means that a...

3. For each of the following production functions, graph the total (TPL), average ( APL), and marginal (MPL) products of labor. Your 'PL curve should be on a separate graph than your APL and MPI...

For each of three production functions below, determine: (1) whether there are diminishing marginal returns to labor in the short-run, and (2) the returns to scale. Determine: (1) whether there are...

Please explain how to solve part f, g , h, i , j , k Suppose a firm's production function is q = k 0.510.5 Suppose the capital input is fixed at k = 1 in the short run. Suppose the capital input is...

A paper firms short-run Cobb-Douglas production function is q = ALK, where K is the fixed amount of capital. What is its short-run labor demand function? The estimated Cobb-Douglas production...

1)If a production function is: Q= 250K 0.7 L 0.3 . Determine the marginal product of capital and the marginal product of labor when K = 50 and L= 150. 2)Suppose that a firm's production function is...

Consider q is output level, K is capital input and L is labour input. In the short run, capital input is fixed at Ko. Labour input varies from 0 to 5. Production function is given by q = K L. (a)...

What needs would you strive to satisfy on the job? Why? What role would your manager play in helping you satisfy these needs?

Brainpower Pty Ltd is an advertising agency that uses a job costing system. Brainpower applies overhead to jobs based on direct professional labour hours. At the beginning of the year, overhead was...

12. Show an example of a macro parameter having a default argument initializer.

Draw all constitutional isomers with molecular formula C 4 H 11 N, and provide a name for each isomer.