Question

Illustrate a production function for a production process for which there are constant marginal returns for...

Illustrate a production function for a production process for which there are constant marginal returns for a particular input.

Homework Answers

Answer #1

The graph shows the total physical product (TPP) for a production function that has only one input. It is given that there are constant marginal returns for this input which means at the marginal physical product is a constant value. When marginal product is constant the increase in total product is also constant and the total product becomes an upward sloping straight line. This case also the total physical product is a straight line because of constant marginal returns.

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Find the marginal product of each input, determine if the production function has diminishing marginal product...
Find the marginal product of each input, determine if the production function has diminishing marginal product for each input, determine if the production function has constant, increasing, or decreasing returns-to-scale. f(x, y) = min{12x, 3y}.
Consider a production function Y=zF(K,Nd) Which of the following properties we assume for F? 1. Constant...
Consider a production function Y=zF(K,Nd) Which of the following properties we assume for F? 1. Constant returns to scale. 2. Output increases with increases in either the labor input or the capital input 3. The marginal product of labor decreases as the labor input increases. 4. The marginal product of capital decreases as the capital input increases. 5. The marginal product of labor increases as the quantity of the capital input increases. A) 1,2,3,4 and 5 B) 1,2,3 and 4...
Define and Illustrate the Following: A production function showing Increasing returns to Scale A Long-Run Cost...
Define and Illustrate the Following: A production function showing Increasing returns to Scale A Long-Run Cost Function showing decreasing returns to Scale Nash Equilibrium (Construct your Own example) Cartel –like Oligopoly
Assuming a Cobb-Douglas production function with constant returns to scale, then, as L rises with K...
Assuming a Cobb-Douglas production function with constant returns to scale, then, as L rises with K and A constant, it will be the case Group of answer choices Both the marginal product of labour and the marginal product of capital will fall Both the marginal product of labour and the marginal product of capital will rise The marginal product of labour will rise and the marginal product of capital will fall The marginal product of labour will fall and the...
Consider the following production function  q = K2 + L2. Does this production function exhibit constant, increasing...
Consider the following production function  q = K2 + L2. Does this production function exhibit constant, increasing or decreasing returns to scale?) Find an expression for the marginal rate of technical substitution. Does this production function exhibit diminishing marginal rate of technical substitution? Explain
The production function Q = 20K0.75L0.25 exhibits A decreasing returns to scale. B constant returns to...
The production function Q = 20K0.75L0.25 exhibits A decreasing returns to scale. B constant returns to scale. C increasing returns to scale. D increasing, then diminishing returns to scale. E negative returns to scale.
Diminishing Returns, also called the law of diminishing returns or principle of diminishing marginal productivity, economic...
Diminishing Returns, also called the law of diminishing returns or principle of diminishing marginal productivity, economic law stating that if one input in the production of a commodity is increased while all other inputs are held fixed, a point will eventually be reached at which additions of the input yield progressively smaller, or diminishing, increases in output. Can you give an example of a business production process and how the law affects the costs/ marginal productivity?
1) The production function Q = 50K0.25L0.25 exhibits A. increasing returns to scale. B. constant returns...
1) The production function Q = 50K0.25L0.25 exhibits A. increasing returns to scale. B. constant returns to scale. C. decreasing returns to scale. Answer D. increasing, then diminishing returns to scale. E. negative returns to scale. 2) The production function Q = 50K0.25L0.75 exhibits A. increasing, then diminishing returns to scale. B. increasing returns to scale. C. decreasing returns to scale. D. constant returns to scale. Answer E. negative returns to scale. could you please explaing me the reason of...
A? Cobb-Douglas production function A. exhibits constant returns to scale. B. exhibits decreasing returns to scale....
A? Cobb-Douglas production function A. exhibits constant returns to scale. B. exhibits decreasing returns to scale. C. exhibits increasing returns to scale. D. can exhibit? constant, increasing, or decreasing returns to scale.
Will a firm experience diminishing marginal returns in the short run if its production function is:...
Will a firm experience diminishing marginal returns in the short run if its production function is: a. q = K+L? b. q = KL? C. q = KL^0· 5?