Homework Answers
Correct Answer:
B
Explanation:
Cost of capital is assumed to be fixed in short run. Capital cannot vary in the short run. So, cost of capital cannot change in the short run.
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Question 9 Economists assume that the cost of is fixed in the short run. legal expenses...
In the short-run, we assume that capital is a fixed input and labor is a variable...
In the short-run, we assume that capital is a fixed input and labor is a variable input, so the firm can increase output only by increasing the amount of labor it uses. In the short-run, the firm's production function is q = f(L,K), where q is output, L is workers, and K is the fixed number of units of capital. Production Output (a) Labor (L) A specific equation for the production function is given by 481 987 9 = 8LK...
In the short-run, we assume that capital is a fixed input and labor is a variable...
In the short-run, we assume that capital is a fixed input and labor is a variable input, so the firm can increase output only by increasing the amount of labor it uses. In the short-run, the firm's production function is q = f(L, K), where q is output, L is workers, and K is the fixed number of units of capital. Production Output or Marginal Product Product Labor Average Product Given a specific equation for production: 0 249 9 =...
A firm is seeing a $500 loss in the short run. The fixed cost of operation...
A firm is seeing a $500 loss in the short run. The fixed cost of operation for this firm is $1,000. What is the best decision for this frm in the short run? e This firm should shut down production immediately o This firm should produce more than what it is aurrently producing O This firm should not shut down production in the short run. eThere is not enough information provided to answer. 1 pts Question 16 A firm is...
In the short run, a tool manufacturer has a fixed amount of capital. Labor is a...
In the short run, a tool manufacturer has a fixed amount of
capital. Labor is a variable input. The cost and output structure
that the firm faces is depicted in the table below. Assume the
product price is $3.
Calculate the marginal revenue product and the marginal resource
cost, and then complete the table.
Instructions: Enter your answers as whole
numbers.
Final Exam G Saved Help Save & Exit 2 In the short run, a tool manufacturer has a fixed...
In the short-run, we assume that capital is a fixed input and labor is a variable...
In the short-run, we assume that capital is a fixed input and labor is a variable input, so the firm can increase output only by increasing the amount of labor it uses. In the short-run, the firm's production function is q =f(L,K), qs8LK + 3L2-1.3 where q is output, L is workers, and K is the fixed number of units of capital. What is the marginal product of labor as a function of L and K? MPL=/ -(Properly format your...
A firm uses labor (L) and capital (K) as inputs, and has a short run cost function C=15+ 10q+ q2. Capital is fixed at K̅
A firm uses labor (L) and capital (K) as inputs, and has a short run cost function C=15+ 10q+ q2. Capital is fixed at K̅ a. Give the formula for the firm's marginal cost function. Any method of deriving the marginal cost function is acceptable. (Hint: When calculating MC, you can assume that increases by a very, very small amount, so that q2 = q1 + ε ≈ q and q1 + q2 ≈ 2q.) b. Give the formula for the firm's...
h the short-run, we assume that capital is a fixed input and labor is a variable...
h the short-run, we assume that capital is a fixed input and labor is a variable input, so the firm can increase output only by increasing the amount of labor it uses. In the short-run, the firm's production function is q f(L, K), where q is output, L is workers, and K is the fixed number of units of capital. Production Labor (L) Output (q) 10 0 2 481 4 987 A specific equation for the production function is given...
Use this information for questions 6-9. Assume cost of per unit of capital is $40 and...
Use this information for questions 6-9. Assume cost of per unit of capital is $40 and 100 units of capital is used as a fixed factor of production. Cost of per unit variable factor of production, labor, is $25. Use the production function presented below and calculate short-run costs of production and answer questions 6-9. Labor Total Point Product of Labor (TPL=0) 100 500 2.000 2.225 2,465 1,600 100 160 What is Average Fixed Cost at point D? What is...
In the short run, we assume that capital is a fixed input and labor is a variable input, so the f...
In the short run, we assume that capital is a fixed input and labor is a variable input, so the firm can increase output only by increasing the amount of labor it uses. In the short-run, the firm's production function is q fixed number of units of capital. fL, K), where q is output, L is workers, and K is the A specific equation for the production function is given by: Or , when K=29, q - (Bx29xL) 512- The...
A firm has a short run cost function of C=10+2q+q2 with capital fixed at K. What...
A firm has a short run cost function of C=10+2q+q2 with capital fixed at K. What is the firm's average product of labor if it produces 6 units and labor wage is $8 per unit. How many units of labor must be used in the short run if it is currently producing 6 units.
In the short-run, we assume that capital is a fixed input and labor is a variable input, so the firm can increase output only by increasing the amount of labor it uses. In the short-run, the firm's production function is q = f(L,K), where q is output, L is workers, and K is the fixed number of units of capital. Production Output (a) Labor (L) A specific equation for the production function is given by 481 987 9 = 8LK...
In the short-run, we assume that capital is a fixed input and labor is a variable input, so the firm can increase output only by increasing the amount of labor it uses. In the short-run, the firm's production function is q = f(L, K), where q is output, L is workers, and K is the fixed number of units of capital. Production Output or Marginal Product Product Labor Average Product Given a specific equation for production: 0 249 9 =...
A firm is seeing a $500 loss in the short run. The fixed cost of operation for this firm is $1,000. What is the best decision for this frm in the short run? e This firm should shut down production immediately o This firm should produce more than what it is aurrently producing O This firm should not shut down production in the short run. eThere is not enough information provided to answer. 1 pts Question 16 A firm is...
In the short run, a tool manufacturer has a fixed amount of
capital. Labor is a variable input. The cost and output structure
that the firm faces is depicted in the table below. Assume the
product price is $3.
Calculate the marginal revenue product and the marginal resource
cost, and then complete the table.
Instructions: Enter your answers as whole
numbers.
Final Exam G Saved Help Save & Exit 2 In the short run, a tool manufacturer has a fixed...
In the short-run, we assume that capital is a fixed input and labor is a variable input, so the firm can increase output only by increasing the amount of labor it uses. In the short-run, the firm's production function is q =f(L,K), qs8LK + 3L2-1.3 where q is output, L is workers, and K is the fixed number of units of capital. What is the marginal product of labor as a function of L and K? MPL=/ -(Properly format your...
h the short-run, we assume that capital is a fixed input and labor is a variable input, so the firm can increase output only by increasing the amount of labor it uses. In the short-run, the firm's production function is q f(L, K), where q is output, L is workers, and K is the fixed number of units of capital. Production Labor (L) Output (q) 10 0 2 481 4 987 A specific equation for the production function is given...
Use this information for questions 6-9. Assume cost of per unit of capital is $40 and 100 units of capital is used as a fixed factor of production. Cost of per unit variable factor of production, labor, is $25. Use the production function presented below and calculate short-run costs of production and answer questions 6-9. Labor Total Point Product of Labor (TPL=0) 100 500 2.000 2.225 2,465 1,600 100 160 What is Average Fixed Cost at point D? What is...
In the short run, we assume that capital is a fixed input and labor is a variable input, so the firm can increase output only by increasing the amount of labor it uses. In the short-run, the firm's production function is q fixed number of units of capital. fL, K), where q is output, L is workers, and K is the A specific equation for the production function is given by: Or , when K=29, q - (Bx29xL) 512- The...
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