Which of the following production functions exhibits constant returns to scale?
A. Q = K1/2Ll/2
B. Q = Kl/2L2/3
C. Q = Kl/4Ll/3
D. Q = K/L
42.For most production function in the short-run output will ___________ if equal amounts of the variable input are added and all other inputs are held fixed.
A. increase at a decreasing rate
B. decrease at an increasing rate
43.Suppose you are using 10 units of labour in your short-run production process. At this point, the average product of your labour is 10, and the marginal product of the last unit of labour was 14. Given this, we know that the:
A. average product of labour must be increasing
B. average product of labour must be decreasing
C. marginal product of labour must be increasing
D. marginal product of labour must be decreasing
44.Suppose that at a firm's current level of production the marginal product of capital is equal to 10 units, while the marginal rate of technical substitution between capital and labour is 2. Given this, we know the marginal product of labour must be:
D. It is not possible to say with the information given in the problem
45.In the production of bicycles an increase of 2 percent in the level of capital and labour respectively will generate an increase of 1 per cent in the production of bicycles. From this information we know that the production of bicycles exhibits:
A. diminishing marginal returns
B. decreasing returns to scale
C. increasing returns to scale
D. constant returns to scale
46.(Appendix) Suppose the production function for widgets is Q = (KL)½. If capital is fixed at 4 units, what is the marginal product of labour when you produce 10 units of output?
47.Sketch graph a standard short-run production function, and identify on it the points where the average product peaks, the marginal product peaks, the marginal product reaches zero, and the average and marginal product intersect.
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