Question

In: Economics

Solve the following: A) If q=min(AK,BL) then the MRTS is: A) constant B) B/A C) A/B...

Solve the following:

A) If q=min(AK,BL) then the MRTS is:

A) constant

B) B/A

C) A/B

D) DNE

E) Variable

B) For a roofing or gardening business, the best representation of the production function is:

A) y=KL

B) y = K+L

C) y= min (K,L)

C) If MPL/w is less than MPK/r, then there

A) increases both investment and hiring

B) neither increase investment or hiring

C) increase investment in machines

D) increase hiring of workers

D) Y= K^1/3 L^2/3 and r=w=$10. cost fixed at $300

A) K=30, L=0

B) K=10, L=20

C) K=0, L=30

D) K=15, L=15

e) K=20, L=10

E) if c(q) = 100 + 4q^2 and q star=16, then we know the profits earned by the firm are

A) 1124

B) 0

C) 2048

D) 924

Expert Solution

Rahul Sunny answered 2 years ago

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