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- Does the value of λ change if the budget changes from $4600 to $5600?What condition must a Cobb-Douglas production function q = cKαW β satisfy toensure that the marginal increase of production is not affected by the size of thebudget?What is a production function? Response option group It is the production technology It is the relationship between inputs and the level of production It is the average product It is the marginal productConsider a firm that produces a single output good Y with two input goods: labor (L) and capital (K). The firm has a technology described by the production function f : R? → R+ defined by f(1, k) = Vĩ + vk, where l is the quantity of labor and k is the quantity of capital. (a) In an appropriate diagram, illustrate the map of isoquants for the firm's production function. (b) Does the firm's technology satisfy the following properties: (i) strict monotonicity (i.e., are the marginal product of labor and the marginal product of capital strictly positive), (ii) the no-free-lunch property, (iii) constant/decreasing/increasing returns to scale? (iv) 1
- a= min[x,y]^(1/2) a)Draw isoquants for a = 1, a = 4 and a = 9. b)What kind of returns to scale does the production function have? c)The price of x is p_x = 1 and of y p_y = 2. Calculate the cost function. d)Rent is $ 400, calculate average and marginal costs.A firm uses corn and protein supplement to mix a particular type of hog feed. Corn costs $0.08 per pound and protein supplememt costs $0.12 per pound. Let's assume the firm has $3,000 on these two inputs. Plot the iso-cost line suggested by this information. What is the value of this curve's slope?When a firm has a fixed input, all of which must be used all the time, it said that input is?
- When do we say that a firm is operating with least cost combination of inputs?Explain the consequences to the farmer if the production function for milk were a linear function of the amount of feed fed to each cow.The manager of a T-shirt stand found that the cost to produce 1O T-shirts is $112.59, white the cost to produce 40 T-shirts is $401.58. Assune the cost Csa linear function of x, the namber ef T-shirts produced. Calculate the marginal cost ot a T-shirt. that s, the change in cost of producing one additional Tshirt, (Rournd to 2 decimai places
- E. A firm has the production function f(T1, 12) = 1750 , 50 What is the marginal rate of technical substitution (M RTS)? (a) MRTS =-1 2.5x, (b) MRTS = -x2/x1 (c) MRTS = -5x2/01 (d) MRTS =-0.5x2/21 (e) MRTS = -0.2x2/21 %3D %3DCost A company buys and retails baseball caps, andthe total cost function is linear. The total cost for200 caps is $2690, and the total cost for 500 caps is$3530. What is the marginal cost, which is the rate ofchange of the function?What is the marginal cost of producing an additional unit:
