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Question: The above figure shows the isoquants for the production of steel. In which regions of production ...

Show transcribed image text The above figure shows the isoquants for the production of steel. In which regions of production are: a. increasing. b. decreasing, and c. constant returns to scale? Suppose the short-run production function is q = L^0.5. If the marginal cost of producing the tenth unit is $5. what is the wage per unit of labor? Can a Cobb-Douglas production function possess varying returns to scale? Explain! Assume that the Cobb-Douglas production function for a beer manufacturer is q = 1.52L^0.6K^0.4. Calculate the average fixed cost if we also assume that the firm's capital is fixed at 250 units and the rental rate of capital is $5 per unit Discuss and explain the situation involving the tangency between the isocost line and the isoquant.

The above figure shows the isoquants for the production of steel. In which regions of production are: a. increasing. b. decreasing, and c. constant returns to scale? Suppose the short-run production function is q = L^0.5. If the marginal cost of producing the tenth unit is $5. what is the wage per unit of labor? Can a Cobb-Douglas production function possess varying returns to scale? Explain! Assume that the Cobb-Douglas production function for a beer manufacturer is q = 1.52L^0.6K^0.4. Calculate the average fixed cost if we also assume that the firm's capital is fixed at 250 units and the rental rate of capital is $5 per unit Discuss and explain the situation involving the tangency between the isocost line and the isoquant.