Suppose the production function for good

Assignment Help Business Economics
Reference no: EM131092376

Suppose the production function for good q is given by q = 3k + 2l where k and l are capital and labor inputs. Please answer the following questions: (1) What is the return to scale for this function? (1) What is the RTS of this function?

Reference no: EM131092376

Questions Cloud

Normal form of the game and derive all of nash equilibria : Consider a firm with two agents – 1 and 2. Both agents have to choose between two options: Client Focus or Cost Focus. If both choose Client the payoffs to 1 are 20 and 10 to agent 2. Assume that the agent choose their actions simultaneously. Draw th..
What would be the change in unemployment rate : Imagine the number of unemployed is 6,554 and the number of employed is 28,446. Then, 3,524 people that were considered unemployed become discouraged and stop looking for a job. What would be the change in the unemployment rate as a resul of this?
Impacted by the country financial and fiscal policies : The quality of life in specific markets sometimes is impacted by the country's financial and fiscal policies. As such, the Global Financial Stability Report is a semi-annual report published by the International Capital Markets division of the Intern..
Free market economy is efficient way to allocate resources : The free market economy is an efficient way to allocate resources. However, this is not true 100% of the time. The government serves a role to intervene when maintaining competition and a legal structure. Also, goods and services that are not compete..
Suppose the production function for good : Suppose the production function for good q is given by q = 3k + 2l where k and l are capital and labor inputs. Please answer the following questions: (1) What is the return to scale for this function? (1) What is the RTS of this function?
Perfect competition-monopolistic competition and oligopoly : Determine whether each of the following is a characteristic of perfect competition, monopolistic competition, oligopoly, and/or monopoly: a. A large number of sellers b. Product is a commodity c. Advertising by firms d. Barriers to entry e. Firms tha..
Firms technology that decreases its production costs : A change in a firm's technology that decreases its production costs will result in:
Firm is monopoly versus perfectly competitive firm : Using the ideas we discuss this week, we are able to make clear statements on when a firm should operate and when it should shut down. When is it sensible for a firm to shut-down? What actions might a firm take to stay in operation in the long-run? D..
Control the impact of the great recession : The 2007-08 Financial Crisis was called the "Great Recession". It started here in the United States, but it had an enormous contagion effect throughout the rest of the world. Provide examples of how other countries were affected and how they managed ..

Reviews

Write a Review

 

Business Economics Questions & Answers

  Hegemonic status has been a subject of heated debate

The US hegemonic status has been a subject of heated debate, especially after the 2008 financial crisis. In your opinion, will the U.S. lose its hegemonic status? If so, which country is likely to replace the U.S. to become the next hegemony?

  A change in input prices shifts the isoquant map

A change in input prices shifts the isoquant map. Convex isoquants mean that the marginal rate of technical substitution decreases as the firm substitutes labor for capital. A change in cost shifts the isocost curve.

  Curly are bidding in an auction for a mint-condition

Suppose Larry, More, and Curly are bidding in an auction for a mint-condition video of Charlie Chaplin's first movie. Each has in mind a maximum amount that he will bid.

  Employed in project selection decision

The Analytical Hierarchy Process is being employed in a project selection decision. One major criteria, cost, receives a weighting value of 40%, which is split into short-term (50%), intermediate term (30%), and long-term (20%). Which of these statem..

  Illustrate what are the state doing that is consistent

Illustrate what are the State's doing that is consistent with the constitution.

  Imagine that you are an international reporters you have

Imagine that you are an international reporters. You have been tasked with describing and critiquing the current state of the U.S. economy.

  Define deductibles-copayments and coinsurance

What are some of the ways a seller of goods might reassure a possible buyer who is faced with imperfect information? What are some of the ways that someone looking for a loan might reassure a bank that is faced with imperfect information about whethe..

  Calculate the equilibrium quantity

Suppose the market for a certain dosage of generic blood thinners has a supply described by P=1.88+2.62Q and a demand described by P=4.74-1.39Q. Calculate the equilibrium quantity?

  Tax arbitrage and economic substance

The ability to arbitrage the differences between international tax systems is a very important aspect of international tax planning - Tax Arbitrage and Economic Substance

  How you got answer and make it very detailed all work shown

step by step all work shown answer and please show all calculations and how you got answer and make it very detailed all work shown please.

  Interest rates on bonds and default risk on bonds

The yield curve is the graph that shows relationship between interest rates on bonds and default risk on bonds with different rating. True/false explain

  Natural extension of stripped down poker game

Consider this natural extension of stripped down poker game we examined in class. Initially each player puts a dollar in the pot. Then each player is dealt; each player’s card is equally likely to be high or low, independently of the other player’s c..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd