Question: For a linear production function (q=f(L, K)=2 L+K), what is the short-run production function given that capital is fixed at (bar{K}=100) ? What is the

For a linear production function $q=f(L, K)=2 L+K$, what is the short-run production function given that capital is fixed at $\bar{K}=100$ ? What is the marginal product of labor?

Step by Step Solution

★★★★★

3.25 Rating (160 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

i Obtain the shortrun production functions by setting barK100 The shortrun production fun... View full answer

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 Microeconomics Questions!

A firm operates with the production function Q = K2L. Q is the number of units of output per day when the firm rents K units of capital and employs L workers each day. The marginal product of capital...

Minimum Wage Labor Subsidy: Suppose you run your business by using a homothetic, decreasing returns to scale production process that requires minimum wage labor and capital k where the minimum wage...

A: Assume that the production technology uses labor and capital k as inputs, and assume through- out this problem that the firm is currently long run profit maximizing and employing a production...

For a linear production function q = f(L, K) = 2L + K, what is the short-run production function given that capital is fixed at K = 100? What is the marginal product of labor?

Q2 Read the Jupiter Electronics case study in Chapter 19 and provide responses to the following questions: There are three basic features that should be incorporated into a theoretical framework: a....

Semi-Con, a semi-conductor production firm, is trying to find the cheapest way to produce their product. Their production function is Q(L, K) = 2 L K , where L is the number of labor hours used and K...

Suppose a firm has a production function f(K, L) = K ^1 /6 L ^5 /6 . 1. Graph an isoquant. 2. what is the marginal product of capital and the marginal product of labor? Does it depend on how...

You are given the following production function Q = K 1/3 L 2/3 , where Q is output, L is labor, and K is capital. First, calculate the marginal product of capital and the marginal product of labor....

7.8. Suppose the production of airframes is charac- terized by a CES production function: Q = L' + K The marginal products for this production function are MP, = D' + K L ' and MP = L' + K K ....

A uniform thin film of material of refractive index 1.40 coats a glass plate of refractive index 1.55. This film has the proper thickness to cancel normally incident light of wavelength 525 nm that...

Identify the following costs as fixed or variable: Costs related to plane trips between Seattle, Washington, and Orlando, Florida, follow. Pilots are paid on a per-trip basis. a. Pilots salaries...

15. Measuring Unemployment Suppose that the U.S. noninstitutional adult population is 230 million and the labor force participation rate is 67 percent. a. What would be the size of the U.S. labor...

2. What information is needed to make feasible decisions at the current stage without reexamining the decisions made at previous stages?

Larry, Curly, and Moe run the only saloon in town. Larry wants to sell as many drinks as possible without losing money. Curly wants the saloon to bring in as much revenue as possible. Moe wants to...

The residents of the town Ectenia all love economics, and the mayor proposes building an economics museum. The museum has a fixed cost of $2,400,000 and no variable costs. There are 100,000 town...

Consider the relationship between monopoly pricing and price elasticity of demand: a. Explain why a monopolist will never produce a quantity at which the demand curve is inelastic. b. Draw a diagram...

14. (4.0score) In matlab, the punctuation makes the operation result not displayed in the command window, the punctuation indicates that the line is a comment line

For each of the following annuities, calculate the annual cash flow. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.)

MobyDick Corporation has sales of $4,692,333; income tax $ 572,547; the selling, general and administrative expenses of $ 271,459; depreciation of $ 352,610; cost of goods sold of 2,596,516; and...