All points on a firm’s total product curve are attainable but not technologically efficient. TRUE or...
All points on a firm’s total product curve are attainable but not technologically efficient. TRUE or FALSE, Explain.
Homework Answers
False
all point on TPP are attainable, however they can be technologically efficient or inefficient
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All points on a firm’s total product curve are attainable but
not technologically efficient. TRUE or...
On a graph of a production possibilities curve, if a point is attainable, then it: O...
On a graph of a production possibilities curve, if a point is attainable, then it: O must be efficient. O might or might not be efficient. O is efficient only if it does not exhaust all currently available resources. O must completely exhaust all currently available resources.
Chapter 2 Homework 1. Points that lie outside (or beyond) the PPF are attainable. ainable. efficient....
Chapter 2 Homework 1. Points that lie outside (or beyond) the PPF are attainable. ainable. efficient. D. ineflficient 2. Which of the following statements is true? less of some other good. to produce goods. another possibilities frontier (PPF). A. In a world of efficiently used scarce B. The law of increasing opportunity costs assumes that all people have the same ability C. Efficiency implies that it is impossible to get more of one good without getting less of D. Even...
The ________ production points on a production possibility curve are the points along and inside the...
The ________ production points on a production possibility curve are the points along and inside the production possibility frontier. A) attainable B) unattainable C) productively efficient D) allocatively efficient
True or false? An increase in Total Factor Productivity always increases the firm’s profit. (You can...
True or false? An increase in Total Factor Productivity always increases the firm’s profit. (You can assume there is no government for simplicity.) Explain/ support answer
3. A firm’s total cost curve is TC = 40Q – 10Q2 + Q3. a. What...
3. A firm’s total cost curve is TC = 40Q – 10Q2 + Q3. a. What are the equations for Marginal Cost and Average Total Cost? b. What is the minimum efficient scale? c. Over what range of output does the production function exhibit economies of scale, and over what range does it exhibit diseconomies of scale?
2) Why is the firm’s demand curve flatter than the total market demand curve in monopolistic...
2) Why is the firm’s demand curve flatter than the total market demand curve in monopolistic competition? Suppose a monopolistically competitive firm is making a profit in the short run. What will happen to its demand curve in long run equilibrium ? What could this firm do to affect what happens to its demand curve? Explain in detail.
Total Product Curve Car Factory Cars Produced Per Day Total Product Curve 1 A B Total...
Total Product Curve Car Factory Cars Produced Per Day Total Product Curve 1 A B Total Product Curve 2 Number of Arm Robots in Factory The above graph shows two different total product curves for the 21st Century Motor Company. The company uses arm robots to make cars. Which of the following would causes a movement along total product curve 1 from point B up to point A? A glitch causing all the arm robots to be less efficient at...
2. Short-run versus long-run costs and expenditures Aa Aa The following isoquants depict the technologically efficient...
2. Short-run versus long-run costs and expenditures Aa Aa The following isoquants depict the technologically efficient bundles of labor and capital for producing 100 and 150 units of output (labeled IQ (Q - 100), and IQ IQ - 150), respectively). Suppose the firm is initially using the cost-minimizing bundle of labor and capital for producing 100 units of output, represented by point A. T XL- HO ---- XT X JQ10 - 1501 - 1010 - 1001 A 0 10 20...
curve to the right. True or false? Explain. 4. The budget line shows all possible combinations...
curve to the right. True or false? Explain. 4. The budget line shows all possible combinations of two goods that yield the same level of utility to the consumer. True or false? Explain. 5. In ordinal utility, consumer equilibrium occurs at the point where: MRSxy Py/Px. (Assume good Y is on the Y axis and good X is on the X axis.) True or false? Explain. 6. Ordinal Utility (Indifference Curves & Budget Constraint Lines) has been said to have...
Having an understanding of the demand curve for a product can be important for a firm’s price setting decision. A firm will likely not have an accurate demand curve for their product (such as log
Having an understanding of the demand curve for a product can be important for a firm’s price setting decision. A firm will likely not have an accurate demand curve for their product (such as log
On a graph of a production possibilities curve, if a point is attainable, then it: O must be efficient. O might or might not be efficient. O is efficient only if it does not exhaust all currently available resources. O must completely exhaust all currently available resources.
Chapter 2 Homework 1. Points that lie outside (or beyond) the PPF are attainable. ainable. efficient. D. ineflficient 2. Which of the following statements is true? less of some other good. to produce goods. another possibilities frontier (PPF). A. In a world of efficiently used scarce B. The law of increasing opportunity costs assumes that all people have the same ability C. Efficiency implies that it is impossible to get more of one good without getting less of D. Even...
Total Product Curve Car Factory Cars Produced Per Day Total Product Curve 1 A B Total Product Curve 2 Number of Arm Robots in Factory The above graph shows two different total product curves for the 21st Century Motor Company. The company uses arm robots to make cars. Which of the following would causes a movement along total product curve 1 from point B up to point A? A glitch causing all the arm robots to be less efficient at...
2. Short-run versus long-run costs and expenditures Aa Aa The following isoquants depict the technologically efficient bundles of labor and capital for producing 100 and 150 units of output (labeled IQ (Q - 100), and IQ IQ - 150), respectively). Suppose the firm is initially using the cost-minimizing bundle of labor and capital for producing 100 units of output, represented by point A. T XL- HO ---- XT X JQ10 - 1501 - 1010 - 1001 A 0 10 20...
curve to the right. True or false? Explain. 4. The budget line shows all possible combinations of two goods that yield the same level of utility to the consumer. True or false? Explain. 5. In ordinal utility, consumer equilibrium occurs at the point where: MRSxy Py/Px. (Assume good Y is on the Y axis and good X is on the X axis.) True or false? Explain. 6. Ordinal Utility (Indifference Curves & Budget Constraint Lines) has been said to have...
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