Homework Answers
7.
Q=5KL2
If K=10 fixed
Q=5*10 L2
Q=50 L2
Hence short-run production function will be
Q=50 L2
Hence option d is the correct answer.
8.
If total cost function is linear
For example
TC=a+bQ
Here a and b are constant.
MC=dTC/dQ
=0+b
=b
AVC=TVC/Q
=bQ/Q
=b
It means both MC and AVC will be equal.
Hence option b is the correct answer.
9.
Since the slope of isoquant is Marginal rate of technical substitution (MRTS) and it is calculated as= MPL/MPK
Hence it can be said that marginal rate of technical substitution is the absolute slope of the isoquant.
Hence option d is the correct answer.
10.
Since with the decrease in the variable inputs price will leads to decrease in total variable cost as well as average variable cost. so AVC curve will shift downward.
Since this is not given in the option.
Hence option e is the correct answer.
Add Answer to:
7. Assume that the long-run production function can be expressed as Q-SKL? Where Q is quantity...
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...
riod's output will cause future periods' long-run average cost curves to be lower 12 Learning by doing doctrine sug...
riod's output will cause future periods' long-run average cost curves to be lower 12 Learning by doing doctrine suggests that: MC shifts upward as current output increases b. an increase in this period's output 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 sham be produced separately then: both production processes must be characterized by economies of scale...
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...
12. In the long run: A. there will be no entry or exit of firms in...
12. In the long run: A. there will be no entry or exit of firms in this industry B. new firms enter the industry and curve A shifts to the right. C. firms exit this industry and curve A shifts to the left D. new firms enter this industry and curve F shifts to the right Questions 1- 14 refer to Figure 1 I. The industry's short-run supply curve is curve A. A H B. С.Е. D. F 2. The...
QUESTION 24 In the long run, which of the following will never occur at any level...
QUESTION 24 In the long run, which of the following will never occur at any level of output for a perfectly competitive firm? oa P» АТС MRMC c. PMR ed. All the given answers can occur QUESTION 25 The short run supply curve for a perfectly competitive firm is a could be upward sloping, downward sloping or horizontal depending on whether the industry is constant cost, increasing cost or decreasing cost industry b. upward sloping c. downward sloping d horizontal...
14) Which company is most likely to be less efficiently managed? a) U.S. Postal Service b) UPS c)...
Please answer all multiple choices . i would be very
thankful
14) Which company is most likely to be less efficiently managed? a) U.S. Postal Service b) UPS c) FedEx d) AppleS IC AC AVC 30 20 4 10 20 30A 40 50 60 70 80 67 OUTPUT 34 79 The following questions 14 to 16 are based on the above graph 15) The profit-maximizing output is: a) 30 b) 54. c) 60 d) 67 e) 79 16) At the...
The loss of a perfectly competitive firm which shuts down in the short run: Multiple Choice...
The loss of a perfectly competitive firm which shuts down in the short run: Multiple Choice O is equal to its total variable costs. O O ь is zero. гето. O is equal to its total fixed costs. cannot be determined. Refer to the diagrams, which show the demand and cost curves for a perfectly competitive firm producing output and the demand and supply curve for the industry in which it operates. Which of the following is correct? ATC AVC...
The expansion of capital that can occur in the long-run but not, by definition, in the...
The expansion of capital that can occur in the long-run but not, by definition, in the short-run, means that the long-run supply is O perfectly horizontal while the short-run supply curve is upward sloping. O sloping downwards while the short-run supply curve is upward sloping. less elastic than the short-run supply curve. more clastic than the short-run supply curve.
31 In perfectly competitive industries: A. the shont-run market supply curves are positively sloped в. long-rusniustry...
31 In perfectly competitive industries: A. the shont-run market supply curves are positively sloped в. long-rusniustry supply curve,are positively sloped. C. the short-run D. All of the above E. Only B and C are correct market supply curves are more clastic than the long-run industry supply curvers s3. Assame a perfectly-competitive, increasing-cost industry composed of identical firms is initially in long-run equilibrium. Given a decrease in demand, in the short ran: equilbrium price decreases, equilibrium output increases, the output 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. 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...
riod's output will cause future periods' long-run average cost curves to be lower 12 Learning by doing doctrine suggests that: MC shifts upward as current output increases b. an increase in this period's output 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 sham be produced separately then: both production processes must be characterized by economies of scale...
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...
12. In the long run: A. there will be no entry or exit of firms in this industry B. new firms enter the industry and curve A shifts to the right. C. firms exit this industry and curve A shifts to the left D. new firms enter this industry and curve F shifts to the right Questions 1- 14 refer to Figure 1 I. The industry's short-run supply curve is curve A. A H B. С.Е. D. F 2. The...
QUESTION 24 In the long run, which of the following will never occur at any level of output for a perfectly competitive firm? oa P» АТС MRMC c. PMR ed. All the given answers can occur QUESTION 25 The short run supply curve for a perfectly competitive firm is a could be upward sloping, downward sloping or horizontal depending on whether the industry is constant cost, increasing cost or decreasing cost industry b. upward sloping c. downward sloping d horizontal...
Please answer all multiple choices . i would be very
thankful
14) Which company is most likely to be less efficiently managed? a) U.S. Postal Service b) UPS c) FedEx d) AppleS IC AC AVC 30 20 4 10 20 30A 40 50 60 70 80 67 OUTPUT 34 79 The following questions 14 to 16 are based on the above graph 15) The profit-maximizing output is: a) 30 b) 54. c) 60 d) 67 e) 79 16) At the...
The loss of a perfectly competitive firm which shuts down in the short run: Multiple Choice O is equal to its total variable costs. O O ь is zero. гето. O is equal to its total fixed costs. cannot be determined. Refer to the diagrams, which show the demand and cost curves for a perfectly competitive firm producing output and the demand and supply curve for the industry in which it operates. Which of the following is correct? ATC AVC...
The expansion of capital that can occur in the long-run but not, by definition, in the short-run, means that the long-run supply is O perfectly horizontal while the short-run supply curve is upward sloping. O sloping downwards while the short-run supply curve is upward sloping. less elastic than the short-run supply curve. more clastic than the short-run supply curve.
31 In perfectly competitive industries: A. the shont-run market supply curves are positively sloped в. long-rusniustry supply curve,are positively sloped. C. the short-run D. All of the above E. Only B and C are correct market supply curves are more clastic than the long-run industry supply curvers s3. Assame a perfectly-competitive, increasing-cost industry composed of identical firms is initially in long-run equilibrium. Given a decrease in demand, in the short ran: equilbrium price decreases, equilibrium output increases, the output of...
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