Suppose you are given the following total product function, Ask an Expert

Economics

Suppose you are given the following Total Product Function: ,where Q=100K ^ 3/2 L ^ 4/2 M ^ 4/7 is total output or units produces; K, capital; L, labor; and M, materials.; that is, this is a input factor production function.

1. Suppose K = 1,000; L = 200 workers; and M = value of all materials use at 450. Derive the total product or output.

2. Find the Marginal products of capital, labor, and materials (individually).

3. Find the Average products of capital, labor, and materials (individually)

4. Find and interpret the output elasticity (or elasticities).

View complete question

Business Economics, Economics

Category:- Business Economics
Reference No.:- M91406254

Have any Question?Write your Review or question?

Related Questions in Business Economics

In australia the overall five-year survival rate for breast

In Australia, the overall five-year survival rate for breast cancer in females is 90%. A random sample of 420 breast cancer patients in a rural region was randomly selected and followed up after 5 years. The results show ...

A investment1 the following relates to the choices firms

A. Investment 1. The following relates to the choices, firms can make regarding the allocation of profits. (a) Outline the broad choice available to firms when deciding to allocate profits. (b) Do increases in profits in ...

What is equi-marginal principle why does it have to be true

What is Equi-marginal principle? Why does it have to be true at interior optimum?

A restaurant offers a 12 dinner special that has 7 choices

A restaurant offers a? $12 dinner special that has 7 choices for an? appetizer, 13 choices for an? entrée, and 4 choices for a dessert. How many different meals are available when you select an? appetizer, an? entrée, an ...

Using one-sample hypothesis testingin a high school marks

Using one-sample hypothesis testing. In a high school, Mark's class took the admission test for business school and averaged 83.4. For all the 10 classes taking the same test, their scores are (including Mark's): 78.2, 9 ...

How the manager use the information supposed the

How the Manager use the information "supposed the macroeconomic forecast predict that the economy will be expanding in the near future" in an organization?

In 2016 there were approximately 1592 million people in the

In 2016, there were approximately 159.2 million people in the labor force and the unemployment rate was 4.9 percent. If the unemployment rate had been 4.5 percent instead of 4.9 percent, Instructions: Enter your respons ...

Given two eventsnbspgnbspandnbsph the probabilities of

Given two events G and H , the probabilities of each occurring are as follows: P( G ) = 0.22; P( H ) = 0.34; P( H AND G ) = 0.09. Using this information: Find the complement of P ( H AND G ). Round to 2 places.

If the united were to become more aggressive in trying to

If the United were to become more aggressive in trying to control global thermal warming would this cause extensive economic problems?

A communications company offers 16 different television

A communications company offers 16 different television packages and 16 different internet packages. Of those, 5 packages include both television and internet. How many ways are there to choose either television or inter ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Business Economics Expert