I need some one to help me on the exam
User Generated
Nohfnnq
Economics
Description
I need the answers for the question
User generated content is uploaded by users for the purposes of learning and should be used following Studypool's honor code & terms of service.
This question has not been answered.
Create a free account to get help with this and any other question!
24/7 Homework Help
Stuck on a homework question? Our verified tutors can answer all questions, from basic math to advanced rocket science!
Most Popular Content
Baltimore City Community College Problem Set Production Function Worksheet
Consider the production function 𝑞 = 𝑓(𝐿,𝐾) = 𝐴𝐿
𝑎𝐾
𝑏
, where A, a, b are positive constants ...
Baltimore City Community College Problem Set Production Function Worksheet
Consider the production function 𝑞 = 𝑓(𝐿,𝐾) = 𝐴𝐿
𝑎𝐾
𝑏
, where A, a, b are positive constants.
a. Compute the marginal products of labor and capital, the average product of labor, and the
marginal rate of technical substitution of labor for capital
b. For what values of A, a, and b are there diminishing marginal returns to labor L? What about
diminishing marginal returns to capital?
c. For what values of A, a, and b does the production process have diminishing marginal rate of
technical substitution?
d. Is this function homogeneous? Explain.
e. For what values of A, a, and b are there constant/decreasing/increasing returns to scale?
2) Suppose a firm has the following production function: 𝑞 = 2√𝐾 + 𝐿
a. Compute the marginal products of labor and capital, the average product of labor, and the
marginal rate of technical substitution of labor for capital.
b. Are there diminishing returns to labor? What about to capital?
c. Is there diminishing marginal rate of technical substitution (MRTS)?
d. Draw a couple of the function’s isoquants: for instance 𝑞1 = 2 and 𝑞2 = 4
e. Calculate MRTS on these two isoquants at K=1/4 and K=1. Mark these 4 points in the graph.
f. What type of returns to scale does this production function have?
3) For each of the 9 production functions listed below, compute marginal products and check if they are
diminishing. Is the cross-partial 𝜕
2𝑞
𝜕𝐿𝜕𝐾 positive, zero, or negative? (i.e. how does 𝑀𝑃𝐿 vary with K, and
𝑀𝑃𝐾 with 𝐿?)
Compute |MRTS| and check if there is diminishing MRTS.
Finally, pick the isoquant map that you think best describes the function (out of the 8 options A-H).
[Hint: intersections with the axes will probably be relevant, as will the variation in MRTS. Note
that the isoquants are not labeled, and you should not make any assumptions about their values
(other than the fact that they increase as we move away from the origin). At least one graph
corresponds to multiple production functions, others may not correspond to any.]
a) 𝑞 = 12𝐿 + 𝐾
2
b) 𝑞 = 𝐿√𝐾 [Hint: if you are trying to decide between 2 graphs, you could compare the slope of
isoquants along a 45-degree line from the origin (i.e. where L=K) and see which appears closer
to the MRTS value you found.]
c) 𝑞 = ln 𝐿 +
1
2
ln𝐾
d) 𝑞 = 𝐿√𝐾 + 𝐾 [Hint: remember to be flexible: sometimes you can determine how a function
g(x,y) varies with x simply by noticing whether x appears in the denominator or in the
numerator. Other times you’ll want to check whether 𝜕𝑔
𝜕𝑥 is positive or negative.]
e) 𝑞 = √𝐿 + √𝐾
f) 𝑞 = (√𝐿 + √𝐾)
2
g) 𝑞 = 2𝐿 + 𝐾
h) 𝑞 = 𝐿 + 2𝐾
i) 𝑞 = √𝐿 + 2�
Saudi Electronic University Financial Statement and Ratio Analysis Discussion
Consider a healthcare organization in Saudi Arabia and assume they have a current ratio of 0.5.
Address the fo ...
Saudi Electronic University Financial Statement and Ratio Analysis Discussion
Consider a healthcare organization in Saudi Arabia and assume they have a current ratio of 0.5.
Address the following requirements:
Discuss which actions would improve (i.e., increase) this ratio (with at least three actions ideas with an explanation and an example).
Discuss some of the problems encountered when performing financial statement and operating indicator analyses
ECON 213 Liberty University Supply and Demand in Restaurants Discussion
Thread Prompt: In this module/week’s forum, you must find an article containing material that is relevant to microeconom ...
ECON 213 Liberty University Supply and Demand in Restaurants Discussion
Thread Prompt: In this module/week’s forum, you must find an article containing material that is relevant to microeconomics, clearly link your article to material from the textbook, then compose a thread discussing the topic per the instructions below. The article you choose along with the textbook must be referenced in current APA format. Acceptable research sources for your articles include periodicals, journals, newspapers, and magazines. Sources such as Wikipedia, About.com, book reviews, and blogs are prohibited. You may complete the required research using the Jerry Falwell Library website or by searching the internet for news sources.In the opening paragraph, provide a summary of the article.In the second paragraph, explain an economic idea contained in the story. Specifically, refer to material from the textbook, including the page number, and note how the economic idea plays a prominent role in the story.In the third paragraph, explain what you think about the events in the story. You do not have to agree with what is going on, but you do need to provide your reaction to it. This is your chance to express yourself: what are your opinions? Be sure to defend your position.Finally, what do you think is a Christian response to this situation? Provide details to support your view (in other words, do not just say “Christians wouldn’t act the same way as economists”).Be sure to title your thread according to your topic.LINK TO ARTICLE I WANT TO USE :---->https://www.usnews.com/news/best-states/washington... MY TOPIC IM CHOOSING IS COVID I ATTACHED CHAPTER 3 OF THE TEXTBOOK AS HE ASKS FOR SOMETHING TO BE REFERENCED FROM IT PLEASE INCLUDE REFERENCE PAGE APA FORMAT IN CONCLUSION I NEED ABOVE THREAD INCLUDING ALL ASKED ABOVE AND REFERENCE PAGE PLEASE LET ME KNOW IF YOU NEED MORE CHAPTERS OR MORE FROM TEXTBOOK
New England College Car Industry Cost Analysis Discussion
Discussion Board – Cost Analysis When materials are stored in inventory for a period of time before
being used in the ...
New England College Car Industry Cost Analysis Discussion
Discussion Board – Cost Analysis When materials are stored in inventory for a period of time before
being used in the production process, the accounting cost and economic
cost differ if the market price of these materials have changed from the
original purchase price. Accounting cost is equal to the actual
acquisition cost and economic cost is equal to the current replacement
cost. After reading the articles “U.S. Car Business in Major Shift” and
“Car Making in America”, which cost do you feel the U.S. Car industry
(GM, Ford, etc.) is most affected by – accounting or economic cost?180-200 words
New England College Organizational Economics Regulated Monopoly Discussion
Discussion Board – Regulated Monopoly
Research an organization or brand that you feel is a monopoly. Discuss the o ...
New England College Organizational Economics Regulated Monopoly Discussion
Discussion Board – Regulated Monopoly
Research an organization or brand that you feel is a monopoly. Discuss the organization or brand giving your classmates a few details about why you feel it is a monopoly and determine if the monopoly is a regulated natural monopoly and why?
Similar Content
ECON 171 UCR International Economics Worksheet
only need two problems: CHapter 3: #2,#9...
Macroeconomics 10 problems on aggregate demand
Just answer the questionsexample: number 1 is AMacroeconomics aggregate demandonly 10 questionsplease have honest answers...
University of California Tesla Inc TSLA Electric Car Manufacturer Discussion
Please select one of the twenty (20) options on the list. Then research the three (3) companies that are in your chosen op...
ECON 4F03 McMaster University Linear Probability Model Hypothesis Presentation
Answer the questions after reading an article please:1.What type of data does the paper use to tests its hypotheses (obser...
Need economics help with Question 6 about checkable diposits
...
CSUN Demand and Supply in The Copper Industry Case Study
Book: Economics for Managers Publisher: Pearson Author(s): Farnham, P.G. Edition: 3rd (2014) ISBN: 978-013-277370-6Read Ca...
Attachment 2.edited 1
Calculate accurate financial formulas to figure out the business’s current financial health. Specifically, calculate the...
Econ
She might send the remittance because her poor Indonesian family relies on these remittances as their primary source of in...
Economics Discussion
As human beings, it is normal for people to buy more goods when the prices go down and buy less when the prices go up. At ...
Related Tags
Book Guides
Get 24/7
Homework help
Our tutors provide high quality explanations & answers.
Post question
Most Popular Content
Baltimore City Community College Problem Set Production Function Worksheet
Consider the production function 𝑞 = 𝑓(𝐿,𝐾) = 𝐴𝐿
𝑎𝐾
𝑏
, where A, a, b are positive constants ...
Baltimore City Community College Problem Set Production Function Worksheet
Consider the production function 𝑞 = 𝑓(𝐿,𝐾) = 𝐴𝐿
𝑎𝐾
𝑏
, where A, a, b are positive constants.
a. Compute the marginal products of labor and capital, the average product of labor, and the
marginal rate of technical substitution of labor for capital
b. For what values of A, a, and b are there diminishing marginal returns to labor L? What about
diminishing marginal returns to capital?
c. For what values of A, a, and b does the production process have diminishing marginal rate of
technical substitution?
d. Is this function homogeneous? Explain.
e. For what values of A, a, and b are there constant/decreasing/increasing returns to scale?
2) Suppose a firm has the following production function: 𝑞 = 2√𝐾 + 𝐿
a. Compute the marginal products of labor and capital, the average product of labor, and the
marginal rate of technical substitution of labor for capital.
b. Are there diminishing returns to labor? What about to capital?
c. Is there diminishing marginal rate of technical substitution (MRTS)?
d. Draw a couple of the function’s isoquants: for instance 𝑞1 = 2 and 𝑞2 = 4
e. Calculate MRTS on these two isoquants at K=1/4 and K=1. Mark these 4 points in the graph.
f. What type of returns to scale does this production function have?
3) For each of the 9 production functions listed below, compute marginal products and check if they are
diminishing. Is the cross-partial 𝜕
2𝑞
𝜕𝐿𝜕𝐾 positive, zero, or negative? (i.e. how does 𝑀𝑃𝐿 vary with K, and
𝑀𝑃𝐾 with 𝐿?)
Compute |MRTS| and check if there is diminishing MRTS.
Finally, pick the isoquant map that you think best describes the function (out of the 8 options A-H).
[Hint: intersections with the axes will probably be relevant, as will the variation in MRTS. Note
that the isoquants are not labeled, and you should not make any assumptions about their values
(other than the fact that they increase as we move away from the origin). At least one graph
corresponds to multiple production functions, others may not correspond to any.]
a) 𝑞 = 12𝐿 + 𝐾
2
b) 𝑞 = 𝐿√𝐾 [Hint: if you are trying to decide between 2 graphs, you could compare the slope of
isoquants along a 45-degree line from the origin (i.e. where L=K) and see which appears closer
to the MRTS value you found.]
c) 𝑞 = ln 𝐿 +
1
2
ln𝐾
d) 𝑞 = 𝐿√𝐾 + 𝐾 [Hint: remember to be flexible: sometimes you can determine how a function
g(x,y) varies with x simply by noticing whether x appears in the denominator or in the
numerator. Other times you’ll want to check whether 𝜕𝑔
𝜕𝑥 is positive or negative.]
e) 𝑞 = √𝐿 + √𝐾
f) 𝑞 = (√𝐿 + √𝐾)
2
g) 𝑞 = 2𝐿 + 𝐾
h) 𝑞 = 𝐿 + 2𝐾
i) 𝑞 = √𝐿 + 2�
Saudi Electronic University Financial Statement and Ratio Analysis Discussion
Consider a healthcare organization in Saudi Arabia and assume they have a current ratio of 0.5.
Address the fo ...
Saudi Electronic University Financial Statement and Ratio Analysis Discussion
Consider a healthcare organization in Saudi Arabia and assume they have a current ratio of 0.5.
Address the following requirements:
Discuss which actions would improve (i.e., increase) this ratio (with at least three actions ideas with an explanation and an example).
Discuss some of the problems encountered when performing financial statement and operating indicator analyses
ECON 213 Liberty University Supply and Demand in Restaurants Discussion
Thread Prompt: In this module/week’s forum, you must find an article containing material that is relevant to microeconom ...
ECON 213 Liberty University Supply and Demand in Restaurants Discussion
Thread Prompt: In this module/week’s forum, you must find an article containing material that is relevant to microeconomics, clearly link your article to material from the textbook, then compose a thread discussing the topic per the instructions below. The article you choose along with the textbook must be referenced in current APA format. Acceptable research sources for your articles include periodicals, journals, newspapers, and magazines. Sources such as Wikipedia, About.com, book reviews, and blogs are prohibited. You may complete the required research using the Jerry Falwell Library website or by searching the internet for news sources.In the opening paragraph, provide a summary of the article.In the second paragraph, explain an economic idea contained in the story. Specifically, refer to material from the textbook, including the page number, and note how the economic idea plays a prominent role in the story.In the third paragraph, explain what you think about the events in the story. You do not have to agree with what is going on, but you do need to provide your reaction to it. This is your chance to express yourself: what are your opinions? Be sure to defend your position.Finally, what do you think is a Christian response to this situation? Provide details to support your view (in other words, do not just say “Christians wouldn’t act the same way as economists”).Be sure to title your thread according to your topic.LINK TO ARTICLE I WANT TO USE :---->https://www.usnews.com/news/best-states/washington... MY TOPIC IM CHOOSING IS COVID I ATTACHED CHAPTER 3 OF THE TEXTBOOK AS HE ASKS FOR SOMETHING TO BE REFERENCED FROM IT PLEASE INCLUDE REFERENCE PAGE APA FORMAT IN CONCLUSION I NEED ABOVE THREAD INCLUDING ALL ASKED ABOVE AND REFERENCE PAGE PLEASE LET ME KNOW IF YOU NEED MORE CHAPTERS OR MORE FROM TEXTBOOK
New England College Car Industry Cost Analysis Discussion
Discussion Board – Cost Analysis When materials are stored in inventory for a period of time before
being used in the ...
New England College Car Industry Cost Analysis Discussion
Discussion Board – Cost Analysis When materials are stored in inventory for a period of time before
being used in the production process, the accounting cost and economic
cost differ if the market price of these materials have changed from the
original purchase price. Accounting cost is equal to the actual
acquisition cost and economic cost is equal to the current replacement
cost. After reading the articles “U.S. Car Business in Major Shift” and
“Car Making in America”, which cost do you feel the U.S. Car industry
(GM, Ford, etc.) is most affected by – accounting or economic cost?180-200 words
New England College Organizational Economics Regulated Monopoly Discussion
Discussion Board – Regulated Monopoly
Research an organization or brand that you feel is a monopoly. Discuss the o ...
New England College Organizational Economics Regulated Monopoly Discussion
Discussion Board – Regulated Monopoly
Research an organization or brand that you feel is a monopoly. Discuss the organization or brand giving your classmates a few details about why you feel it is a monopoly and determine if the monopoly is a regulated natural monopoly and why?
Earn money selling
your Study Documents