Business, 04.06.2020 14:04 esquiveljadyn8054
Suppose that a firm’s production function is given by Q = ( K1/3 + L1/3 ) a , here α is a given parameter.(a) Find the marginal product of capital and labor.(b) Find the average product of capital and labor.(c) Does this production function have increasing, constant or decreasing re- turns to scale? Explain.(d) Find the marginal rate of technical substitution (RTS)(e) Use your result in (d) to find the elasticity of substitution.(f) Suppose a = 3. Set up the cost minimization problem of the firm and solve for the conditional demand for K and L
Answers: 1
Business, 22.06.2019 05:50
Acompany that makes shopping carts for supermarkets and other stores recently purchased some new equipment that reduces the labor content of the jobs needed to produce the shopping carts. prior to buying the new equipment, the company used 6 workers, who produced an average of 79 carts per hour. workers receive $16 per hour, and machine coast was $49 per hour. with the new equipment, it was possible to transfer one of the workers to another department, and equipment cost increased by $11 per hour while output increased by four carts per hour. a) compute the multifactor productivity (mfp) (labor plus equipment) under the prior to buying the new equipment. the mfp (carts/$) = (round to 4 decimal places). b) compute the productivity changes between the prior to and after buying the new equipment. the productivity growth = % (round to 2 decimal places)
Answers: 3
Business, 22.06.2019 17:30
An essential element of being receptive to messages is to have an open mind true or false
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Business, 22.06.2019 19:30
Adisadvantage of corporations is that shareholders have to pay on profits.
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Business, 22.06.2019 21:20
Which of the following best explains how trade enables greater specialization among producers? a. trade diversifies the market by bringing specialized goods from around the world. b. trade requires distribution networks and adds one more step to the production process. c. trade enables producers to open up new markets for their goods and services. d. trade allows people to focus on one kind of production and trade for their other needs.
Answers: 1
Suppose that a firm’s production function is given by Q = ( K1/3 + L1/3 ) a , here α is a given para...
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