Maurice Tutor

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    Argosy University/ Phoniex University/
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    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 21 Oct 2017 My Price 7.00

hourly output of chili

Suppose that the hourly output of chili at a babecue (q, measured in pounds) is characterized by

where K is the number of large pots used each hour and L is the number of worker hours employed.

a. Graph the q = 2,000 pounds per hour isoquant.

b. The point K = 100, L = 100 is one point on the q = 2,000 isoquant. What value of K corresponds to L = 101 on that isoquant? What is the approximate value for the RTS at K = 100, L =100?

c. The point K = 25, L = 400 also lies on the q = 2,000 isoquant. If L = 401, what must K be for this input combination to lie on the q = 2,000 isoquant? What is the approximate value of the RTS at K = 25, L = 400?

d. For this production function, the RTS is

Compare the results from applying this formula to those you calculated in part b and part

c. To convince yourself further, perform a similar calculation for the point K = 200, L = 50.

e. If technical progress shifted the production function to

all of the input combinations identified earlier can now produce q = 4,000 pounds per hour. Would the various values calculated for the RTS be changed as a result of this technical progress, assuming now that the RTS is measured along the q = 4,000 isoquant?

Answers

Maurice Tutor
(5)
Status NEW Posted 21 Oct 2017 08:10 PM My Price 7.00

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