Homework Answers
28. Answer is (b) because marginal cost = wage rate / Marginal product of labor when the labor is only variable input and capital is constant input.
29. Answer is (d) because in perfect competitive market firm is price taker so firm demand curve is horizontal line which is show the perfect elastic demand and market demand curve is downward sloping.
30. Answer is (a) MRTS of labor for capital tends to higher when larger quantity of labor already employed.
31. Answer is (c) Because
87.50 = 100p + (1-p)50
87.50 = 100p + 50 - 50p
p = (87.50 - 50) / 50 = 0.75
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QUESTION 34 The MRTS of labor for capital tends to be higher the larger the quantity...
QUESTION 34 The MRTS of labor for capital tends to be higher the larger the quantity of capital already employed the lower the quantity of capital already employed when a firm is choosing baskets that are inefficient in the short run compared to the long run
QUESTION 34 The MRTS of labor for capital tends to be higher A) the larger the...
QUESTION 34 The MRTS of labor for capital tends to be higher A) the larger the quantity of capital already employed B) the lower the quantity of capital already employed C)when a firm is choosing baskets that are inefficient D)in the short run compared to the long run
QUESTION 34 The MRTS of labor for capital tends to be higher the larger the quantity...
QUESTION 34 The MRTS of labor for capital tends to be higher the larger the quantity of capital already employed the lower the quantity of capital already'employed when a firm is choosing baskets that are inefficient in the short run compared to the long run
QUESTION 34 The MRTS of labor for capital tends to be higher the larger the quantity of capital already employed...
QUESTION 34 The MRTS of labor for capital tends to be higher the larger the quantity of capital already employed the lower the quantity of capital already employed when a firm is choosing baskets that are inefficient in the short run compared to the long run QUESTION 35 The object of diversification is to reduce risk and fluctuations in income. to reduce risk, but not to reduce fluctuations in income. to reduce fluctuations in income, but not to reduce risk....
7. Assume that the long-run production function can be expressed as Q-SKL? Where Q is quantity...
7. Assume that the long-run production function can be expressed as Q-SKL? Where Q is quantity of output, K is the quantity of capital and L is the quantity of labor. If capital is fixed at 10 units in the short run then the short-run production function is: Q=10KL b. Q=50KL? Q=10L? d. 0=50L Q=500KL 8. For a linear total cost function: a. MC will be downward sloping b. MC = AVC c. AVC is upward sloping and linear d....
Please show as much work and explanation as possible, thank you so much! 7. Which ones of the followings are true in per...
Please show as much work and explanation as
possible, thank you so much!
7. Which ones of the followings are true in perfectly competitive markets? (a) The industry demand curve is flat. (b) Firms' marginal revenue is constant as quantity varies. (c) From a firm's perspective, its price elasticity of demand is zero. 8. Which ones of the followings are true about firms’ short-run behavior in a perfectly competitive market? (a) Firms shut down whenever profit is negative. (b) Firms...
please answer all 16. To say that a firm is a price taker means that: a....
please answer all
16. To say that a firm is a price taker means that: a. the firm's demand curve is perfectly inelastic b. the firm's marginal revenue curve is downward sloping c. the firm's average total cost curve is horizontal d. the firm can alter its output without influencing price e. all of the above 17. In a perfectly competitive market, the demand curve facing the firm is: a. identical to the market demand curve b. perfectly clastic even...
11. In drawing an isoquant curve, what is measured on the axes? a. the prices of...
11. In drawing an isoquant curve, what is measured on the axes? a. the prices of the inputs b. price and output c. the physical quantities of the two inputs d. expenditure on the two inputs e none of the above 12. Learning by doing doctrine suggests that: a. MC shifts upward as current output increases b. an increase in this period's output will cause future periods' long-run average cost curves to be lower c. The long-run average cost curve...
12. Learning by doing doctrine suggests that: a. MC shifts upward as current output increases b....
12. Learning by doing doctrine suggests that: a. MC shifts upward as current output increases b. an increase in this period's output will cause future periods' long-run average cost curves to be lower c. The long-run average cost curve to increase at a smaller output d. the Law of Diminishing Returns to be violated e. none of the above 13. If given quantities of soap and shampoo can be produced together at a lower total cost than they could be...
Question 7 5 pts Let's say that you know the following information for an oligopoly firm:...
Question 7 5 pts Let's say that you know the following information for an oligopoly firm: Total Revenue equals $200 million. Variable Costs are $170 million. Fixed Costs equal $20 million. The firm is currently producing 2,000 products at the MC = MR point (and the MC curve is rising). What recommendation do you have for this firm? Assuming the firm's costs remain the same, the firm should produce fewer products in order to decrease its marginal costs. The profit...
QUESTION 34 The MRTS of labor for capital tends to be higher the larger the quantity of capital already employed the lower the quantity of capital already'employed when a firm is choosing baskets that are inefficient in the short run compared to the long run
7. Assume that the long-run production function can be expressed as Q-SKL? Where Q is quantity of output, K is the quantity of capital and L is the quantity of labor. If capital is fixed at 10 units in the short run then the short-run production function is: Q=10KL b. Q=50KL? Q=10L? d. 0=50L Q=500KL 8. For a linear total cost function: a. MC will be downward sloping b. MC = AVC c. AVC is upward sloping and linear d....
Please show as much work and explanation as
possible, thank you so much!
7. Which ones of the followings are true in perfectly competitive markets? (a) The industry demand curve is flat. (b) Firms' marginal revenue is constant as quantity varies. (c) From a firm's perspective, its price elasticity of demand is zero. 8. Which ones of the followings are true about firms’ short-run behavior in a perfectly competitive market? (a) Firms shut down whenever profit is negative. (b) Firms...
please answer all
16. To say that a firm is a price taker means that: a. the firm's demand curve is perfectly inelastic b. the firm's marginal revenue curve is downward sloping c. the firm's average total cost curve is horizontal d. the firm can alter its output without influencing price e. all of the above 17. In a perfectly competitive market, the demand curve facing the firm is: a. identical to the market demand curve b. perfectly clastic even...
11. In drawing an isoquant curve, what is measured on the axes? a. the prices of the inputs b. price and output c. the physical quantities of the two inputs d. expenditure on the two inputs e none of the above 12. Learning by doing doctrine suggests that: a. MC shifts upward as current output increases b. an increase in this period's output will cause future periods' long-run average cost curves to be lower c. The long-run average cost curve...
12. Learning by doing doctrine suggests that: a. MC shifts upward as current output increases b. an increase in this period's output will cause future periods' long-run average cost curves to be lower c. The long-run average cost curve to increase at a smaller output d. the Law of Diminishing Returns to be violated e. none of the above 13. If given quantities of soap and shampoo can be produced together at a lower total cost than they could be...
Question 7 5 pts Let's say that you know the following information for an oligopoly firm: Total Revenue equals $200 million. Variable Costs are $170 million. Fixed Costs equal $20 million. The firm is currently producing 2,000 products at the MC = MR point (and the MC curve is rising). What recommendation do you have for this firm? Assuming the firm's costs remain the same, the firm should produce fewer products in order to decrease its marginal costs. The profit...
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