Question

Sketch a set of long run isoquants and label them so there are increasing and constant...

Sketch a set of long run isoquants and label them so there are increasing and constant and decreasing returns to production.

Homework Answers

Answer #1

Please refer to the attached image for a handwritten answer which explains everything with diagrams

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
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
What are increasing, constant, and decreasing returns to scale? How are they related to the shape...
What are increasing, constant, and decreasing returns to scale? How are they related to the shape of the long-run average cost curve?
1. Long run average costs rise as output (q) increases Select one: a. Economy of Scale...
1. Long run average costs rise as output (q) increases Select one: a. Economy of Scale b. Decreasing Returns to Scale c. Increasing Returns to Scale d. Constant Returns to Scale e. Diseconomy of Scale 2. A production function where the MRTS is constant at all points. Isoquants are straight lines. Select one: a. Production Function b. Isoquant c. Perfect Substitutes Production Function d. Isocost Line e. Technology Function f. Fixed-Proportions Production Function 3. A production function with L-shaped isoquants...
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...
Does the Production Function Q = 6K + 3L have increasing, constant or decreasing returns to...
Does the Production Function Q = 6K + 3L have increasing, constant or decreasing returns to scale?
Suppose that a firm has the Cobb-Douglas production function Q = 12K ^ (0.75) L^ (0.25)....
Suppose that a firm has the Cobb-Douglas production function Q = 12K ^ (0.75) L^ (0.25). Because this function exhibits (constant, decreasing, increasing) returns to scale, the long-run average cost curve is (upward-sloping, downward-sloping, horizontal), whereas the long-run total cost curve is upward-sloping, with (an increasing, a declining, a constant) slope. Now suppose that the firm’s production function is Q = KL. Because this function exhibits (constant, decreasing, increasing) returns to scale, the long-run average cost curve is (upward-sloping, downward-sloping,...
Increasing Returns to Scale means that the long-run AC is upward sloping.
Increasing Returns to Scale means that the long-run AC is upward sloping.
Does the Production Function Q = min(K,4L) have increasing, constant or decreasing returns to scale?
Does the Production Function Q = min(K,4L) have increasing, constant or decreasing returns to scale?
Determine the returns to scale (increasing, constant, or decreasing) for each of the following production functions....
Determine the returns to scale (increasing, constant, or decreasing) for each of the following production functions. Q = 2L0.5K0.2   Q = 200L0.5K0.5    Q = 10L0.6K0.8   Q = 500L0.6K0.4
For each of the following production functions, determine if the technology exhibits increasing, decreasing, or constant...
For each of the following production functions, determine if the technology exhibits increasing, decreasing, or constant returns to scale. a. ??(??,??)=2??+?? b. ??(??, ??) = √?? + √?? c. ??(??, ??) = ???? + ??2 + ??2 d. ??(??, ??) = √????