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Category > Economics Posted 17 May 2017 My Price 7.00

production function

1)     Consider the production function: Q= 12L- 2L2   

Where Q is quantity of output, and L is labor. What is the average product?

 

2)     Consider the production function:  Q= K1/3 L2/3

Where Q is quantity of output, K is capital, and L is labor. Does this function exhibit increasing, diminishing, or constant returns to scale?

 

3)     Why does a monopoly lead to allocative inefficiency in the market? Use the concepts of consumer surplus, producer surplus, and “deadweight loss” in your answer. (Draw a graph if you find it helpful.)

 

4)     Explain the concept of “negative externalities.” Give an example. In your example, why does the presence of negative externalities prevent a competitive market from reaching an allocatively efficient outcome?

Answers

SuperTutor
(15)
Status NEW Posted 17 May 2017 05:05 AM My Price 7.00

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