The production function for Good X: Marginal Product of Capital AP. (OK Average Product of Labor Capital Ouipul Capital 10 57 5.7 5.70 6. 20 324 26.7 16.20 9. 30 657 33.3 40 1,072 41.5 26 80 50 1.524...

The production function for Good X:<br>Marginal<br>Product of<br>Capital<br>AP. (OK<br>Average<br>Product of<br>Labor Capital Ouipul<br>Capital<br>10<br>57<br>5.7<br>5.70<br>6.<br>20<br>324<br>26.7<br>16.20<br>9.<br>30<br>657<br>33.3<br>40<br>1,072<br>41.5<br>26 80<br>50<br>1.524<br>45.2<br>30.48<br>60<br>1,976<br>45.2<br>32.93<br>70<br>2.391<br>41.5<br>34.16<br>2.724<br>33.3<br>34.05<br>33.23<br>80<br>90<br>2,991<br>100<br>3,048<br>5.7<br>30.48<br>3,016<br>-3.2<br>27.42<br>120<br>2.945<br>-7.1<br>24.54<br>1) Is the production function for good X exhibited in the above table for the long run or the short run?<br>Explain your answer.<br>2) The marginal product of capital of producing 2991 units of outout (find point A) in the above table is<br>equal to what?<br>3) The production function for good X in the above table exhibits increasing marginal returns to capital over<br>what outout range?<br>4) The production function for good X in the above table exhibits negative marginal returns to capital over<br>what outout range?<br>Vi<br>5) The production function for good X in the above table exhibits decreasing marginal returns to capital<br>over what output range?<br>6) The average product of capital of producing 2,991 units of outout (find point B) in the above table is<br>equal to what?<br>

Extracted text: The production function for Good X: Marginal Product of Capital AP. (OK Average Product of Labor Capital Ouipul Capital 10 57 5.7 5.70 6. 20 324 26.7 16.20 9. 30 657 33.3 40 1,072 41.5 26 80 50 1.524 45.2 30.48 60 1,976 45.2 32.93 70 2.391 41.5 34.16 2.724 33.3 34.05 33.23 80 90 2,991 100 3,048 5.7 30.48 3,016 -3.2 27.42 120 2.945 -7.1 24.54 1) Is the production function for good X exhibited in the above table for the long run or the short run? Explain your answer. 2) The marginal product of capital of producing 2991 units of outout (find point A) in the above table is equal to what? 3) The production function for good X in the above table exhibits increasing marginal returns to capital over what outout range? 4) The production function for good X in the above table exhibits negative marginal returns to capital over what outout range? Vi 5) The production function for good X in the above table exhibits decreasing marginal returns to capital over what output range? 6) The average product of capital of producing 2,991 units of outout (find point B) in the above table is equal to what?

Jun 10, 2022

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The production function for Good X: Marginal Product of Capital AP. (OK Average Product of Labor Capital Ouipul Capital 10 57 5.7 5.70 6. 20 324 26.7 16.20 9. 30 657 33.3 40 1,072 41.5 26 80 50 1.524...

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