Can anyone please help answer these questions (16) The production process exhibi

Question

Can anyone please help answer these questions

(16) The production process exhibits (a) Constant-returns-to- scale. (b) Increasing-returns-to- scale. (e) Diminishing-returns-to- scale. (e) At first increasing-returns-to- scale, then diminishing-returns-to- scale (17) ) When K -3 and L-4 the morginal product (MP the of the 4 unit of capital is 44 When K -2 and L- 4 the MP of the 5% unit of labor is 6s. When K-3 and L-3 the MP of the 4 unit of capital is 64 When K - 4 and L - 2 the MP of the S unit (e) None of the above The table below relates a purely competitive firm's (TC). Use it to answer the following four (4) questions: (Q) to its short-run "total costs output 0 l TC l s5501 587 636 | 693 758 829 912 999 587 636 693 758 829 912 999 (18) Total fixed cost (TFC): (a) Cannot be determined from the information given. (b) Equals $550 (c) Equals $587 (d) Becomes smaller as Q increases. (e) Becomes larger as Q increases. If the market price of the good in question is $73 and we assume that only whole units can be produced (e.g., 3 units but profits the firm will, in the short run, produce: ) (a) 0 units. (b) 2 units (c) 3 units. (d) 4 units (e) 5 units.

Explanation / Answer

for 16 and 17 question the information is missing

18) Ans b) Equals $550

As the quantity is zero so there is no variale cost so the TC is TFC only

19) Ans)e) 5 units

As after 5 units the MC is more than marginal revenue of 73$

20)

Ans) e) 5 units

since the MR > MC till 5 units

21)Ans)e) None of the above

Reason- All the values given are incorrect

Q 0 1 2 3 4 5 6 7 TC 0 37 86 143 208 279

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