Consider the production function Y=√K√N, where Y is output, K is capital, and N is the number of workers (labor). When K= 30 and N= 86, output is (Round your response to two decimal places.)
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- A firm can manufacture a product according to the production function: Q = F(K, L) = K3/4L1/4.a. Calculate the average product of labor, APL, when the level of capital is fixed at 81 units and the firm uses 16 units of labor. (Enter your responses rounded to three decimal places)(Part of A): What is the average product of labor when the firm uses 256 units of labor?Answer:b. Find an expression for the marginal product of labor, MPL, when the amount of capital is fixed at 81 units. (The second response is the exponent on L in the expression. Enter your responses rounded to two decimal places).MPL = × L ^ Then, illustrate that the marginal product of labor depends on the amount of labor hired by calculating the marginal product of labor for 16 and 81 units of labor. (Enter your responses rounded to three decimal places).MPL when L = 16: MPL when L = 81: c. Suppose capital is fixed at 81 units. If the firm can sell its output at a price of $200 per unit of output and can hire labor at…For the production function Q = 4LK, returns to scale: O is decreasing O Can be increasing, decreasing, or constant depending on the values of L and K. O is increasing O is constantSuppose the production function for widgets is given by q=kl -0.8k²-0.21² where q represents the annual quantity of widgets produced, k represents annual capital input, and I represents annual labor input. Suppose k = 10; at what level of labor input does this average productivity reach maximum? (please put your answer in numerical values with no comma or decimal place). How many widgets are produced at that point? (please put your answer in numerical values with no comma or decimal place). If k = 10, at what level of labor input does MPL = 0? Suppose capital inputs were increased to k = 20, at what level of labor input does this average productivity reach maximum? widgets are produced at that point? (please put your answer in numerical values with no comma or decimal place). If k = 20, at what level of labor input does MPL = 0? answer in numerical values with no comma or decimal place). Does the widget production function exhibit constant, increasing, or decreasing returns to scale?…
- Suppose the labor cost (in dollars) for manufacturing a camera can be approximated by: L(x,y) = 2.8x² + 4.9y²-3x - 4y - 2.7xy +98 I where x is the number of hours required by a skilled craftsperson and y is the number of hours required by a semiskilled person. Find the minimum labor cost. Provide the solution with two decimal places.100VKL, where q is 4. The production function for puffed rice is given by q = the number of boxes produced per hour, K is the number of puffing guns used each hour, and L is the number of workers hired each hour. (a) Calculate the q = 1,000 isoquant for this production function and show it on a graph. (b) If K = 10, how many workers are required to produce q =1,000? What is the average productivity of puffed-rice workers? (c) Suppose technical progress shifts the production function to q = 200 VKL. Answer parts (a) and (b) for this new situation.Suppose that the production function is given by Y=AK0.4N0.6. What is the percentage change in output if both capital and labor rise by 42%? Write the answer in percent terms with up to two decimals (e.g., 10.22 for 10.22%, or 2.33 for 2.33%).
- What are the steps to solve for K in terms of L. Given a production function of Q = 2KL, and Q is 16, how do i solve and what are the steps to solve for K in terms of L. What if Q is 32? 64? Just algebra not calculus please.The aggregate production function is Y = 3KL. If there are 20 units of capital and 50 units of labor, what is labor productivity? Group of answer choices 250 150 60 100For the production function Q = L2 +0.5K2, returns to scale: is constant Can be increasing, decreasing, or constant depending on the values of L and K. is increasing O is decreasing
- Consider the production function f(x1, X2) = 4x1x2, where x1 and x2 are the quantities of inputs 1 and 2, respectively. One of the following statements is true. %3D Which statement is true? The production function exhibits: А Constant returns to scale. Increasing returns to scale. C Decreasing returns to scale.Q = A Lx Ky (Quantity, A, Labor, Capital) If A; X; Y are all positive numbers, does the production function exhibit Increasing return to scale, Constant return to scale or Decreasing return to scale?Consider a Production Function given by the form z=F(K,L)=(K^(0.3) + L^(0.7) )^2 where K is the amount of capital and L is the amount of labor. Further, we assume that K>0 and L>0. Take the first order partial derivative of the production function with respect to capital and labor. What does the first order partial derivative imply? (Hint: Remember the definitions of the variables)