Questions

ECON3200001.1251 Homework Assignment 5

Multiple dropdown selections

Consider the utility functions (i) L2K2, (ii) 2L + 3K. Find MPL and MPK for both of them. We can say: MPL (i) is: Increasing . MPK (i) is: [選擇] Constant Increasing Decreasing . MPL (ii) is: [選擇] Decreasing Increasing Constant . MPK (ii) is: Constant .

View Explanation

Verified Answer

Please login to view

Step-by-Step Analysis

To tackle the problem, we first identify the two utility functions and compute their marginal products. Option set for MPL (i): 'Increasing' vs 'Constant' vs 'Decreasing' corresponds to how ∂U/∂L changes as L changes holding K fixed. - If U(i) = L^2 K^2, then MPL(i) = ∂U/∂L = 2L K^2. Holding K fixed, MPL(i) is proportional to L, so as L increases, MPL(i) increases. Therefore, 'Incre......Login to view full explanation

Log in for full answers

We've collected over 50,000 authentic exam questions and detailed explanations from around the globe. Log in now and get instant access to the answers!

More Practical Tools for Students Powered by AI Study Helper

Making Your Study Simpler

Join us and instantly unlock extensive past papers & exclusive solutions to get a head start on your studies!

ECON3200001.1251 Homework Assignment 5

Consider the utility functions (i) L2K2, (ii) 2L + 3K. Find MPL and MPK for both of them. We can say: MPL (i) is: Increasing . MPK (i) is: [選擇] Constant Increasing Decreasing . MPL (ii) is: [選擇] Decreasing Increasing Constant . MPK (ii) is: Constant .

View Explanation

Log in for full answers

Similar Questions

For a firm hiring labor in a perfectly competitive labor market, the marginal revenue product curve slopes downward after some point because as more of a factor is employed, which of the following declines?

Assume that a firm hires an additional employee. If the marginal product for that employee is greater than for the previous employee hired, it must be that

The marginal physical product of the second worker is

Table 13-1 Labor (Number of Workers) Output (Units) Marginal Product (Units) 0 0 – 1 30 2 45 3 60 4 50 5 40 Refer to Table 13-1. What is total output when 1 worker is hired?

Locotek produces toy trains and pays each worker $350 per week. Five workers can produce 40 trains per week and six workers can produce 45 trains per week. The marginal product per week of the sixth worker is

Question at position 2 Locotek produces toy trains and pays each worker $350 per week. Five workers can produce 40 trains per week and six workers can produce 45 trains per week. The marginal product per week of the sixth worker is $350$705 trains42.5 trains7.5 trains

5. Given the data below on labor and output in the short run: L Q 1 10 2 18 3 24 The marginal product of the second worker is:

More Practical Tools for Students Powered by AI Study Helper

Homework AI Solver

Stylized AI Paper Writer

Plagiarism Checker Assistant

Citation AI Academic Writing Tool

In-Class Translation Assistant

AI Note Generator

AI Quiz Answers

Past Exam Questions from University Test Bank

Smart Practice Assistant

Adaptive Practice

Making Your Study Simpler

ECON3200001.1251 Homework Assignment 5

Consider the utility functions (i) L2K2, (ii) 2L + 3K. Find MPL and MPK for both of them. We can say: MPL (i) is: Increasing . MPK (i) is: [選擇] Constant Increasing Decreasing . MPL (ii) is: [選擇] Decreasing Increasing Constant . MPK (ii) is: Constant .

View Explanation

Log in for full answers

Similar Questions

For a firm hiring labor in a perfectly competitive labor market, the marginal revenue product curve slopes downward after some point because as more of a factor is employed, which of the following declines?

Assume that a firm hires an additional employee. If the marginal product for that employee is greater than for the previous employee hired, it must be that

The marginal physical product of the second worker is

Table 13-1 ​ Labor (Number of Workers) Output (Units) Marginal Product (Units) 0 0 – 1 30 2 45 3 60 4 50 5 40 ​ ​ Refer to Table 13-1. What is total output when 1 worker is hired?

Locotek produces toy trains and pays each worker $350 per week. Five workers can produce 40 trains per week and six workers can produce 45 trains per week. The marginal product per week of the sixth worker is

Question at position 2 Locotek produces toy trains and pays each worker $350 per week. Five workers can produce 40 trains per week and six workers can produce 45 trains per week. The marginal product per week of the sixth worker is $350$705 trains42.5 trains7.5 trains

5. Given the data below on labor and output in the short run: L Q 1 10 2 18 3 24 The marginal product of the second worker is:

More Practical Tools for Students Powered by AI Study Helper

Making Your Study Simpler

Table 13-1 Labor (Number of Workers) Output (Units) Marginal Product (Units) 0 0 – 1 30 2 45 3 60 4 50 5 40 Refer to Table 13-1. What is total output when 1 worker is hired?