04 Jun Question Learning activity 1 ch 7-U3
Question
Learning activity 1 ch 7-U3
Read chapter 8, Production Analysis and Compensation Policy. Hand in your assignment in microsft word .Show step by step how you obtained your result . Observe the due date for submitting assignments.
Exercise 1
Corporation XYZ has the following data on labor input and production of commodity Z for each of the eight production periods.
Production
Period
1
2
3
4
5
6
7
8
Labor input
5
4
7
8
2
3
6
1
Total output of
Z
280
250
300
288
110
200
290
40
1. Use the data on labor input and total output to calculate the marginal and average product of labor input rates from one to eight.
2. Identify the regions of:
a. increasing returns of labor input
b. decreasing returns of labor input
c. negative returns of labor input
3. Suppose that the firm wants to maximize profits. Do we have sufficient information to determine the required output level that maximizes profits? If not, what additional information is needed
Exercise 2
For each of the following production functions,
determine whether returns to scale are decreasing, constant or increasing (show your computations).
a. Q = 3K + 2L + KL
b. Q = 20K.7L.5
The multiplicative production function in part b is known as:________________________production functio
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