Economics 2150A/B Lecture Notes - Isoquant, Production Function, Marginal Product

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Multiple choice: which of the following is a correct definition? a. L,k = 10 kb/lb = 10: you are given the following information about two points a and b that lie on the same isoquant: = 2kl with mpl = 2k and mpk = 2l. Is this technological change: neutral, labor saving, capital saving, it takes three packages of cement mix, one bucket of water and a shovel-full of sand to mix a wheelbarrow-full of cement to patch a wall. If these proportions are not respected, the mixture is useless. Short answers: consider the production function q = k1/3l2/3, where q is output, l is labor and k is capital. The marginal products of capital and labor are mpk = 1/3k-2/3l2/3 and mpl = At what value of l does the total product of labor reach a maximum: a production function has the following total product of labor (q), marginal product of labor (mpl) and average product of labor (apl).

Related Questions

A firm chooses its output level, Q_S, through the choice of inputs. The relationship between inputs and outputs is determined by the production technology used by the firm, but the general relationship assumed to be positive. That is, as you increase the level of inputs (like labor and materials), the output will increase.

But it is also generally assumed that there are diminishing returns to any input.

Why is this?

What is the explanation for this phenomenon?

Please give me an example that demonstrates the principle of diminishing returns of inputs.

goldgnu396

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A firm chooses its output level, QS, through the choice of inputs.The relationship between inputs and outputs is determined by the production technology used by the firm, but the general relationship assumed to be positive. That is, as you increase the level of inputs (like labor and materials), output will increase.

But it is also generally assumed that there are diminishing returns to any input. Why are there diminishing returns to any input?

What is the explanation for this phenomenon?

Please give me an example that demonstrates the principle of diminishing returns of inputs.

A Production Possibilities Frontier (PPF) is a curve depicting all of the combinations of two outputs that can be produced using a constant level of inputs. As long as the agricultural producers in America were producing at a point located on the PPF, they would be efficiently using of the fixed levels of inputs available.

Please explain the answer

True
False

Economics 2150A/B Lecture Notes - Isoquant, Production Function, Marginal Product

ECON 2150A/B Full Course Notes

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