1 10. Consider a production function of the form y=AK 2L² where y is units of output, K is units of capital and L is the number of people employed. How much will output increase by if both capital and labour employed increase by 25%? a. 25% b. 6,250 c. 50% Od. 5,000
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- AK.25L.75 A=3 K=15 L=140 there is a 30% reduction in L a. how much does marignal product of labor change?Coosider the production function characterizing garri plant as: Q= 20L + 60k - L^2 - K^2 If total outlay for both capital, K =N50, and a Labour, L= N20, is N4,600. Find: a. The optimal quantity of K* and L* to be employed. b. Calculate the maximum possible output of garri that the plant can produce.1. Assume the following Cobb-Douglas production function: Y = 0.5K°.2 10 .8 If L=100, a. What is the marginal product of capital?e b. With your answer in (a), can you prove diminishing marginal product of capital?- c. Estimate real capital incomee
- 70,0001 Norway 60,000 United States 50,000- Netherlands Denmark •. Germany France 40,000- :UK South Korea Jарan. Italy" • Spain 30,000- Greece Russia 20,000- Mexico Chile Turkey 10,000- 0. 6,400 6,500 6,600 6,700 6,800 6,900 7,000 7,100 7,200 7,300 7,400 7,500 Average annual hours of free time per worker According to the graph: Select one or more: а. UK workers have more free time than Greek workers. b. UK workers have lower GDP per capita than Spanish workers. O c. The relationship between GDP per capita and free time is downward sloping. d. US workers work longer hours than French workers. GDP per capita (USD PPPS)Y=10.KO.5 L0.5 K starts at 500, L at 50, Investment 0.10Y, Depreciation 0.05K An alien invasion leads to a reduction in labour to 25 but no capital is damaged. What happens to the marginal product of labour? Increase O stays the same DecreaseTime The government increases the funding to new start-ups. What would be the impact on the country's production function? Select one: movement upwards along the same curve O b. movement downward along the same curve shift outwards d. remain unchanged O e. shift inwards Next age this page
- 13. A firm's only variable factor is labour and it produces a single product, X. It also has fixed costs. The short-run production function is; X-0.1L+ 6L? + 12L. Where X is the output in tons, and L is the number of persons employed. a. How many persons are employed if the average physical product of labour is maximized? b. How many persons are employed if the marginal physical product of labour is maximized? c. What is the quantity of X when average variable cost is minimized?MCQ 45 Suppose the production function exhibits constant returns to scale, with diminishing marginal productivities for both capital and labour. For this function, we would expect a fall in employment and an increase in the capital stock to generate: A a fall in the marginal product of labour and a fall in the marginal product of capital I do not want to answer this question. a fall in the marginal product of labour, but the change in the marginal product of capital can't be determined from the information provided D a rise in the marginal product of labour and a fall in the marginal product of capital E a rise in the marginal product of labour and a rise in the marginal product of capital F a fall in the marginal product of labour and a rise in the marginal product of capitalSuppose that the production function for the economy is: Y= AK"L Assume that A = 1,000, the capital stock is $32,000 bilion, and the labor force is 120 milion (or 0.120 billion) workers. The value of the marginal product of labor is OA $14,290.17. OB. $17,043.29 OC. $20,451.95. OD. $22,724.33.
- Consider a production function Q-AL KP (00 None of the other answers are correct.Suppose we have a produ ction function for wheat Q = KL - 0.8K2 - 0.212 A. Given K = 10 Units, calculate the level of labourth at the AP reaches max andh ow Much wheatis produced at that point B. Given K = 10 at what level of labour outputreaches maximum C. How mu ch Ilevel of labor should the company hire in order to be efficient |Kilogrammes of grain produced (thousands) 12 After the shift from A to B, labour productivity remains the same. Number of farmers 008 008 0000 009 2400 1200 0- 00. 00 00- 00- 009 00- B. 008 00- The diagram below shows an agricultural production function. i2/attempt.php?attempt3D366292&cmid%=1570973
