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(VIII) Consider an example of a production function that relates the monthly production of widgets to the monthly use of capital and labour services. Suppose the production function takes the following specific algebraic form: Q = K*L - (0.1)*L2 where Q is the output of widgets, K is the input of capital services, and L is the input of labour services. a. Suppose that, in the short run, K is constant and equal to 10. Fill in the following table. LQ 10 20 30 50 b. Using the values from the table, plot the values of Q and L on a scale diagram, with Q on the vertical axis and L on the horizontal axis. (This is analogous to the TP curve) c. Now suppose that K increases to 20 because the firm increases the size of its widget factory. Re-compute the values of Q for each of the alternative values of L. Plot the values of Q and L on the same diagram as in part (b). d. Explain why an increase in K increases the level of Q (for any given level of L). K 5 10 10 15 10 10 25 10 10 40 10 10 Page 4 of 7 ECON 1900(Winter 2020… read more
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linda_us

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A tutor for Business, Finance, Accounts and other related topics.

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B.Com

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