Question: Answer asap Question 9 (1 point) Suppose that the production function is given by Q=min[2L,K]. (a) The optimal input combination will involve twice as much

Answer asap

Question 9 (1 point) Suppose that the production function is given by Q=min[2L,K]. (a) The optimal input combination will involve twice as much labor as capital. (b) The optimal input combination will involve twice as much capital as labor. If the firm wants to produce 100 units of output, the optimal input combination will depend on the input price ratio. Od) Both a) and c) are true. e) Both b) and c) are true

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 Economics Questions!

I really need help on part 7 of this marketing project. I have chosen drunk driving but do not know how to go about the benefit-cost impact at all. In this project you will prepare a consumer/market...

Kindly help me solve these 1. Consider the market for apartments in Atlanta. Suppose that the supply and demand curves in this unregulated competitive market are given by: P= 12- QD P = 2+ Qs a. What...

Kindly help me solve these problems. Show step by step workings Problem 4 - Optimal production The Acme Corp produces widgets using labor (L) and capital (K) according to the production, Q = F(L, K)...

Question 5 (1 point) At the farmer's market in Irvine, California, the price of avocados is set at $3 each. At that price, 120 avocados are supplied but only 100 are purchased. Represent this on a...

PLS HELP ME 6. (4p) Consider a Heckscher-Ohlin model with two countries, Home and Foreign, and two factors of production, land (T) and labor (L). Land and labor are used to produce two goods, gadgets...

Can you answer part E. 2 Investment and Capital Stock (15 points) When disussing the business cycles, and introducing the IS curve, we stated that investment demand is the most volatile part of...

help me pliz Problem 4 (23 points) Firm X has the following production function (K, I) = (1 + K2/3). 1. (6 points) Find the marginal product of labor and capital and the marginal rate of technical...

Answer all.... Part III. Solow Model of Growth Suppose that the production function is given by Y=0.5 VK VN. Assume that the size of the population, the participation rate, and the unemployment rate...

Question 7(1 point) Saved If price is between AVC and ATC, the best and most practical thing for a perfectly competitive firm to do is to: Question 7 options: lower prices to gain revenue from extra...

Economics 876909 4. Suppose there is a decrease in the price level from P to P'. Given the stock of nominal money, M. this leads to an increase in the real money stock, M/P, which shifts the LM curve...

Q#1 (40 marks) Suppose the firm's production function is given as Q = 10KL , where L is labor, K is capital. 1) Calculate the elasticity of substitution of this production function. (5marks ) 2) What...

Specific heat is defined as the amount of energy needed to increase the temperature of a unit mass of a substance by one degree. The specific heat of water at room temperature is 4.18 kJ/kg C in SI...

What are the three primary forms of business ownership? What are the advantages and disadvantages of each?

Which of the following is a characteristic of intangible assets? monetary asset physical existence long - lived held for resale

1. DuPont analysis is an expression which breaks Return on Equity (ROE) into three parts namely profitability, asset efficiency, and financial leverage. As a financial manager, how are you going to...

LO8.5 Define fairness and give examples of how it affects behavior in the economy and in the dictator and ultimatum games.

6. Suppose that Ike is loss averse. In the morning, Ikes stockbroker calls to tell him that he has gained $1,000 on his stock portfolio. In the evening, his accountant calls to tell him that he owes...

1. Which of the following are systematic errors? LO8.1 a. A colorblind person who repeatedly runs red lights. b. An accountant whose occasional math errors are sometimes on the high side and...