hey there I am doing a hypothesis testing research and was wondering if im doing this correctly.
October 11, 2020
Suppose you have 10 individuals with values {$1,2,3,4,5,6,7,8,9,10}. Your marginal cost of productin is $2.50. What is the profit mazimizing price?
October 11, 2020
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Suppose the production function for widgets is given by q = KL- .8K2 – .

Suppose the production function for widgets is given byq = KL- .8K2 – .IV,where q represents the annual quantity of widgets produced, K represents annual capital input,and L represents annual labor input.a. Suppose K— 10; graph the total and average productivity of labor curves. At what levelof labor input does this average productivity reach a maximum? How many widgets areproduced at that point?b. Again assuming that K= 10, graph the MPL curve. At what level of labor input doesMPL = 0?c. Suppose capital inputs were increased to K — 20. How would your answers to parts (a)and (b) change?d. Does the widget production function exhibit constant, increasing, or decreasing returnsto scale?

 

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