14. Which of these assumptions is often realistic in the long run? A firm can vary...
14. Which of these assumptions is often realistic in the long
run? A firm can vary
A. the number of workers it employs, but not the size of its
factory.
B. the size of its factory, but not the number of workers it
employs.
C. both the size of its factory and the number of workers it
employs.
D. neither the size of its factory nor the number of workers it
employs.
15. Which of the following statements is (are) correct?
(x) A production function is a relationship between inputs and
quantity of output.
(y) Marginal product of labor is calculated as the increase in
output due to the addition of one unit of labor.
(z) Marginal product of labor can be defined as the change in
output divided by the change in labor.
A. (x), (y) and (z)
B. (x) and (y) only
C. (x) and (z) only
D. (y) and (z) only
E. (x) only
Homework Answers
14. Which of these assumptions is often realistic in the long run? A firm can vary
C. both the size of its factory and the number of workers it employs.
Because, long run for a firm is defined as a time period when firm can vary both labour and capital. Here, size of the factory is capital and the number of workers are labour.
15. Which of the following statements is (are) correct?
(x) A production function is a relationship between inputs and quantity of output.
(y) Marginal product of labor is calculated as the increase in output due to the addition of one unit of labor.
(z) Marginal product of labor can be defined as the change in output divided by the change in labor.
A. (x), (y) and (z)
X gives the definition of production function
Y and z gives the definition and method of calculation of marginal product of labor .
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