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1)A Click Submit to complete this assessment. Question 6 Mr. Nasser wants to do a cost estimation for building a small shed near his farm house in Shahama. Use the following resource and unit cost factor to help Mr. Nasser. 1. Direct Labor: 33 days at AED 220 per day. 2. Material: 278 kg of L section for roof trusses at AED 58 per kg 3. Material: 120 numbers of roofing sheet at AED 47 per sheet 4. Material: 96.8 liters of paint at AED 76 per liter
2)Show and explain all calculations. 1. A firm's production function is given by Q = 5L"K" (a) Calculate AP, and MP, Determine if the production function exhibits diminishing marginal returns. Calculate the output (production) elasticity with respect to labor. (b) Calculate MRTS. Determine if the production function exhibits diminishing MRTS. (c) Show with appropriate calculations if the production technology exhibits, increasing, decreasing or constant returns to scale.
1)
Answer 36380.8 AED
Total cost = Quantity * rate per unit
Total cost has been estimated in the following table
| Units | RATE | Cost | |
| Direct labour | 33 | 220 | 7260 |
| Material | 278 | 58 | 16124 |
| Material | 120 | 47 | 5640 |
| Material | 96.8 | 76 | 7356.8 |
| TOTal Cost estimation |
36380.8
|
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