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Joshua Badu

Joshua B.

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Suppose that a firm has a fixed-proportions pro. duction function, in which one unit of output is produced using one worker and two units of capital. If the firm has an extra worker and no more capital, it still can produce only one unit of output. Similarly, one more unit of capital does the firm no good. a. Draw the isoquants for this production function. b. Draw the total product, average product, and marginal product of labor curves (you will probably want to use two diagrams) for this production function.

Suppose that a firm has a fixed-proportions pro. duction function, in which one unit of output is produced using one worker and two units of capital. If the firm has an extra worker and no more capital, it still can produce only one unit of output. Similarly, one more unit of capital does the firm no good. a. Draw the isoquants for this production function. b. Draw the total product, average product, and marginal product of labor curves (you will probably want to use two diagrams) for this production function.

Microeconomics

Firms and Production

Long-Run Production

Questions asked

ANSWERED

Question 5. Functional analysisLet f:Rn→Rf:Rn→R and let a=(a1,⋯,an)a=(a1​,⋯,an​) and x=(x1,⋯,xn)x=(x1​,⋯,xn​) be nn-dimensional vectors.Assume that ff has a maximum aa in a given ball. This means that there exists some h>0h>0 such that f(x)≤f(a)f(x)≤f(a) for all vectors xx with ∣xj−aj∣<h∣xj​−aj​∣<h for components 1≤j≤n1≤j≤n.Show that if the first derivatives exist at a=(a1,⋯,an)a=(a1​,⋯,an​) then they are all zero

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INSTANT ANSWER

Okay if that is soo then let's see this question: consider the following vectors in R^3.a1=(1,0,0) a2=(1.0,1) a3=(0,1,0) a4=(-2,3,1) ; b1=(1,0,2) b2=(0,1,1) b3=(1,-4,0) b4=(1,3,1)Determine a linear transformation T:R^3 to R^3 such that Ta_i = b_i forI=1,2,3,4

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INSTANT ANSWER

On the same set of axes, draw "typical" smooth total productivity (TP),average productivity (AP) and marginal productivity (MP) curves forlabour and for land, and define the stages of production (assuming aperfect symmetry between the stages of production for labour andland under constant returns to scale).b) With reference to stage ll of production:i.Why does the producer operate only in stage ll?ii.What factor combination (within stage ) will the produceractually use? andil.where wil the producer operate:IfPubour =Pund?c)Economists identify key short run per unit cost curves comprising theaverage fixed cost (AFC), average variable cost (AVC), average cost(AC) and marginal cost (MC).On the same set of axes, draw these per unit cost curves.il.Explain the relationships among these per unit cost curves.

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