Question

In: Economics

Can someone please solve parts c, d, e, and h ASAP? This is due tomorrow 2....

Can someone please solve parts c, d, e, and h ASAP? This is due tomorrow

2. (30 pts) Consider a production function given by: Q = 12(KL)2 – L 4 . a. (5 pts) Does this production function exhibit increasing, constant, or decreasing returns to scale? b. (5 pts) Derive the equation for the average product of labor and the marginal product of labor? c. (4 pts) Let K = 2. Find the level of L at which the marginal product of labor is the highest. d. (3 pts) Let K = 2. Find the level of L at which the marginal product of Labor is zero. 2 ECON 340 Fall 2019 Andres J Vargas e. (3 pts) Let K = 2. Based on you previous answers: Over what range of labor usage do increasing marginal returns exist? Over what range of labor usage do decreasing marginal returns exist? Over what range of labor usage do negative marginal returns exist? f. (4 pts) Let K = 2. Find the level of L at which the average product of labor is the highest. g. (3 pts) Let K = 2. At what level of L does the marginal product of labor equal the average product of labor? h. (3 pts) Let K = 2. Graph the average product of labor and the marginal product of labor identifying as many points as you can.

Expert Solution

Q = 12(KL)² - L⁴

(c) When K = 2,

Q = 12(2L)² - L⁴

Q = 12 x 4L² - L⁴

Q = 48L² - L⁴

MPL = dQ/dL = 96L - 4L³

MPL is maximized when dMPL/dL = 0.

dMPL/dL = 96 - 12L² = 0

12L² = 96

L² = 8

L = 2.83

(d) When K = 2, MPL = 96L - 4L³

96L - 4L³ = 0

4L x (24 - L²) = 0

Either L = 0

Or (24 - L²) = 0, or L² = 24, or L = 9.80

(e)

Increasing (decreasing) marginal returns exist when MPL is increasing (decreasing), i.e. dMPL/dL is positive (negative).

Negative marginal returns exist when MPL is negative.

dMPL/dL = 96 - 12L²

dMPL/dL > 0 when (96 - 12L² ) > 0 or 12L² < 96, or L < 2.83.

dMPL/dL < 0 when (96 - 12L² ) < 0 or 12L² > 96, or L > 2.83.

MPL < 0 when (96L - 4L³) < 0, or 4L³ > 96L, or L² > 24, or L > 4.90.

(h) When K = 2,

MPL = 96L - 4L³

APL = Q/L = 48L - L³

Data table used:

L	MPL	APL
0	0	0
0.5	47.5	23.875
1	92	47
1.5	130.5	68.625
2	160	88
2.5	177.5	104.375
3	180	117
3.5	164.5	125.125
4	128	128
4.5	67.5	124.875

Graph:

Rahul Sunny answered 1 year ago

please, I need it with 30 minutes . can someone solve this ASAP and post ,...

please, I need it with 30 minutes . can someone solve this ASAP and post , I really appreciate. 4. "Machine A has an immediate cost of $15,000, and it will earn a net income of $4300 per year for a total of 7 years. Machine B has an immediate cost of $17,000, and it will earn a net income of $4400 per year for a total of 35 years. Assume that Machine A can continually be replaced at the...

Can someone please answer these 3 by Friday? Problem 2 Let D, E, F, G, and...

Can someone please answer these 3 by Friday? Problem 2 Let D, E, F, G, and H be events such that P(D) = 0.7, P(E) = 0.6, P(F) = 0.8, P(G) = 0.9, and P(H) = 0.5. Suppose that Dc, E, Fc, Gc, and H are independent. (a) Find the probability that all of the events D, E, F, G, and H occur. (b) Find the probability that at least one of the events D, E, F, G, and H...

PLEASE ANSWER PARTS A, B, C, D, AND E. A rocket is launched straight up with...

PLEASE ANSWER PARTS A, B, C, D, AND E. A rocket is launched straight up with a constant acceleration of 25 m/s2. Six seconds after liftoff, a bolt falls off the side of the rocket. (a) Determine the velocity of the bolt just before it falls off the side of the rocket. (b) Determine the altitude of the bolt (measured from the ground) just before it falls off the side of the rocket. (c) How long is the bolt in...

Please fill in the blanks (values of A, B, C, D, E, F, G, H, I...

Please fill in the blanks (values of A, B, C, D, E, F, G, H, I , J) for the following financial statements. The firm’s tax rate is 35.3%. Income Statement for Fiscal Year 2015 Sales 2,000 Cost of goods sold 1,500 Gross margin 500 Selling and general expenses 300 Operating income 200 Interest income 5 205 Interest expense 21 Restructuring charges 14 Income before tax 170 Income tax 60 Net income J Balance Sheet, Year 2014 and Year 2015...

please i need the solve for A&B&C&D&E ESPECIALLY B&C&D&E Company Information Wood Work Ltd manufacture specialist...

please i need the solve for A&B&C&D&E ESPECIALLY B&C&D&E Company Information Wood Work Ltd manufacture specialist wood furniture and sell their products all over Saudi Arabia. The company was established three years ago in Jeddah and is performing well to date. Wood work Ltd have three main product lines; TV tables, dining table and chairs. The following financial information has been provided. Financial Information TV tables dining Tables Chairs Selling Price per unit SAR 1,000 SAR 5,000 SAR 700 Direct Materials (wood...

In how many ways can 9 people { A, B, C, D, E, F, G, H,...

In how many ways can 9 people { A, B, C, D, E, F, G, H, I } be seated at a round table if (A) A and B must not sit next to each other; (B) C, D, and E must sit together? (C) A and B must sit together, but neither can be seated next to C, D, or E. Consider each of these separately. For (C) you may NOT simply list all possibilities, but must use the...

Suppose that A = D + E and that D/A = 0.68. Solve for A/E. Suppose...

Suppose that A = D + E and that D/A = 0.68. Solve for A/E. Suppose that A = D + E and that D/A = 0.24. Solve for D/E. Suppose that D + E = A, that N/A = .15 and that D/A = 0.72. Solve for N/E. Suppose that S/A = 8.4 and N/S = .0925. Solve for N/A. Suppose A – D = E, that N = 21,000, E/A = .75 and N/E = .40. Compute D/A....

Please solve questions in C++ ASAP!! thank you (a) Write a function in C++ called readNumbers()...

Please solve questions in C++ ASAP!! thank you (a) Write a function in C++ called readNumbers() to read data into an array from a file. Function should have the following parameters: (1) a reference to an ifstream object (2) the number of rows in the file (3) a pointer to an array of integers The function returns the number of values read into the array. It stops reading if it encounters a negative number or if the number of rows...

Consider the cross: A/a; b/b; C/c; D/d; E/e x A/a; B/b; c/c; D/d; e/e a) what...

Consider the cross: A/a; b/b; C/c; D/d; E/e x A/a; B/b; c/c; D/d; e/e a) what proportion of the progeny will phenotypically resemble the first parent? b) what proportion of the progeny will genotypically resemble neither parent?

College Algebra Linear Regression Analysis Please complete parts a, b, c, d and e. Use your...

College Algebra Linear Regression Analysis Please complete parts a, b, c, d and e. Use your graphing calculator to complete all parts. You may record your answers on a word document. 1. The table gives the age and systolic blood pressure for a sample of 12 randomly selected healthy adults. Age Systolic Blood pressure (mmHg) 17 110 21 118 27 121 33 122 35 118 38 124 43 125 51 130 58 132 60 138 64 134 70 142 a)...