3 Consider the following production function q 2 L 3VK Assume K 16, derive the marginal product schedule for L What direction is it moving a b What returns to scale does the production function exhibit Explain Let w $4, r $2, and K 16 for the given values of q determine average fixed costs, averag...

The Answer is in the image, click to view ...

3. Consider the following production function: q = 2/L + 3VK Assume K = 16, derive...

Fantastic news! We've Found the answer you've been seeking!

Question:

Related Book For answer-question

Microeconomics

ISBN: 978-0073375854

2nd edition

Authors: Douglas Bernheim, Michael Whinston

See More Books

Posted Date: Jan 02, 2021 01:04 PM

See More Questions

A hat manufacturing firm has the following production function with capital and labor being the inputs: Q = min(4L, 7K)-that is it has a fixed-proportions production function. If w is the cost of a...
Consider the following production function f(x_1,x_2 )=Ax_1^ x_2^, where A, and are strictly positive constants, i.e., A, , 0. Determine returns to scale for the distinct values of and . Suppose ...
Consider the following production functions and their associated marginal products. For each production function, determine the marginal rate of technical substitution of labor for capital, and...
A $250 suit is on sale for $190, and a $90 pair of shoes is on sale for $65. Find the average percent decrease in price for the 2 items.
Nationwide Mutual Insurance, based in Columbus, Ohio, is one of the largest diversified insurance and financial services organizations in the world, with more than $140 billion in assets. Nationwide...
Create class fancyTime with the following capabilities: a) Output the time in multiple formats, such as HH:MM:SS a.m. / p.m. (12 hour format) HH:MM:SS (24 hour format) HH:MM (24 hour format) b) Use...
Shells statement of business principles (Shell 1998: 24): Principle 6, on health, safety and the environment (HSE).Consistent with their commitment to contribute to sustainable development, Shell...
Suppose the marginal cost of writing a contract of length L is MC(L) = 10 + 2L. Find the optimal contract length when the marginal benefit of writing a contract is: a. MB(L) = 100. b. MB(L) = 150. c....
A portfolio contains four assets. Asset 1 has a beta of 0.8 and comprises 30% of the portfolio. Asset 2 has a beta of 1.1 and comprises 25% of the portfolio. Asset 3 has a beta of 1.5 and comprises...
In 2012, George wright started the Old Oregon Wood Store to man-ufacture Old Oregon tables. Each table is carefully constructed by hand using the highest- quality oak. Old Oregon tables can support...
The classification of the specific type of fraud that is alleged is important to ensure that the correct investigation and data collection methods are used. The fraud tree is a framework that is used...
Record the July transactions. ( Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required,...
7. During the next 12 months, Crown, Inc. plans to pay dividends of $1.20 per share. Currently, its stock price is $30 per share. Growth is expected at 9 percent. Flotation costs are $2. Compute the...
What are the molecular mechanisms underlying the formation and maintenance of the blood-brain barrier, and how do disruptions in its integrity contribute to the pathogenesis of neuroinflammatory...
What are the implications of epigenetic regulation, such as DNA methylation and histone modifications, on neuronal gene expression patterns, synaptic plasticity mechanisms, and ultimately, cognitive...
What are the intricate mechanisms underlying the development and function of the hypothalamic-pituitary-adrenal (HPA) axis, a pivotal neuroendocrine system involved in the regulation of stress...
1) A power cycle for a piston-cylinder device is described by the following four processes 1-2 Isothermal compression from 300 K, 100 kPa to 600 kPa 2-3 Constant pressure heat addition until the...
Three successive resonance frequencies in an organ pipe are 1310, 1834, and 2358 Hz. (a) Is the pipe closed at one end or open at both ends? (b) What is the fundamental frequency? (c) What is the...
Ray buys only hamburgers and bottles of root beer out of a weekly income of $100. He currently consumes 20 bottles of root beer per week, and his marginal utility of root beer is 6. The price of root...
The following incomplete table shows a firm's various costs of producing up to 6 units of output. Fill in as much of the table as possible. If you cannot determine the number in a box, explain why it...
The demand function for widgets is given by D(P) = 16 2P. Compute the change in consumer surplus when price of a widget increases for $1 to $3. Illustrate your result graphically.
An ideal inverting op-amp circuit is to be designed with a closed-loop voltage gain of $A_{v}=-1000$. The largest resistor value to be used is $500 \mathrm{k} \Omega$. (a) If the simple...
For the op-amp circuit shown in Figure P9.25, determine the gain $A_{v}=v_{O} / v_{I}$. Compare this result to the gain of the circuit shown in Figure 9.12, assuming all resistor values are equal....
The inverting op-amp circuit in Figure 9.9 has parameters $R_{1}=20 \mathrm{k} \Omega$, $R_{2}=200 \mathrm{k} \Omega$, and $A_{o d}=5 \times 10^{4}$. The output voltage is \(v_{O}=-4.80...

3. Consider the following production function: q = 2/L + 3VK Assume K = 16, derive...

Question:

Expert Answer:

Microeconomics

Students also viewed these economics questions