Homework Answers
The correct option is C.
A production function shows the technological relationship between the Quantity of inputs used by a firm and the Quantity of output produced. It shows the maximum amount of output that can be produced with the given amount of inputs.
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A production function shows (2pts) U how costs change as output expands in the short-run. how...
The short-run production function shows how output changes when A. The quantity of labor changes. B....
The short-run production function shows how output changes when A. The quantity of labor changes. B. The quantity of land changes. C. Technology changes. D. The fixed inputs change.
1. In the case of a short-run production function: all of the inputs are variable. at...
1. In the case of a short-run production function: all of the inputs are variable. at least one of the inputs is fixed. the amount of labor employed is held constant. all of the inputs are fixed. 2. In the long-run production function, all of the inputs to the production process are allowed to vary. True False 3. In which of the following situations would a firm be more likely to rely on a capital-intensive method of production? When labor...
all of them Question 7 (1 point) If the long-run average cost is upward sloping, the...
all of them
Question 7 (1 point) If the long-run average cost is upward sloping, the firm is experiencing decreasing returns diseconomies of scale Oincreasing costs all of the above none of the above Question 8 (1 point) A production function in economics means any function performed by an employee when producing output the various functions performed by all employees when producing output the function performed by the person in charge of the production process the relationship between inputs and...
1. (18pts) Suppose there are 100 firms in a perfectly competitive industry. Short run marginal costs...
1. (18pts) Suppose there are 100 firms in a perfectly competitive industry. Short run marginal costs for each firm are given by SMC = q + 2 and market demand is given by Qd = 1000-20P (5pts) Calculate the short run equilibrium price and quantity for each firm.. b. (3pts) Suppose each firm has a U-shaped, long-run average cost curve that reaches a minimum of $10. Calculate the long run equilibrium price and the total industry output.. (4pts) What is...
study guide help 10) A decreasing-cost industry is characterized by which of the following? (2pts) a...
study guide help
10) A decreasing-cost industry is characterized by which of the following? (2pts) a downward-sloping long-run average cost curve a downward-sloping market demand curve. a downward-sloping long-run industry supply curve All of the above None of the above 11) A constant-cost, perfectly competitive industry experiences a permanent increase in demand. In adjusting to this change, what will happen to the price of the product? (2pts) It will increase in the short-run and then decrease in the long-run, but...
Q1: The following graph shows the current short-run average total cost (ATC), short-run marginal cost (MC),...
Q1: The following graph shows the current short-run average total cost (ATC), short-run marginal cost (MC), and long-run average cost (LATC) curves of a typical perfectly competitive firm that uses only labour and physical capital to produce its product and the current market price (PⓇ). S/unit MC ATC LATC B Pa E Q1 Q2 Quantity a) How many units of output would the firm choose to produce in the short run? Explain. b) Is the firm making an economic profit...
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....
Output 10 18 Labor The above table shows the short-run production function for Alberts Pretzels. The...
Output 10 18 Labor The above table shows the short-run production function for Alberts Pretzels. The average product of labor O A. decreases throughout O B. increases first and then decreases O C increases throughout O D. decreases frst and then increases. Click to select your answer Home End 4 5 6 7 8 9 R T Y U O IP F G H J
1. Draw two graphs. On the first, show the short-run profit maximizing output of an individual...
1. Draw two graphs. On the first, show the short-run profit maximizing output of an individual firm earning an economic profit, including MR, MC, AVC, and ATC. On the second, show the short-run market equilibrium price and quantity. Explain how the industry supply curve and the market equilibrium price and quantity are determined. 2. What is the relationship between the price on the two graphs? Why does this relationship exist? 3. Explain why a firm in a perfectly competitive industry...
1. Which of the following statements about production functions is FALSE? a. Included in the firm's...
1. Which of the following statements about production functions is FALSE? a. Included in the firm's short-run production function are both fixed and variable inputs b. Higher amounts of inputs will allow a firm to produce more output c. The production function shows the technical relationship between a firm's inputs and outputs d. The relationship between inputs and outputs changes if capital becomes variable in the long run 2. The law of diminishing marginal product is a statement a. that...
all of them
Question 7 (1 point) If the long-run average cost is upward sloping, the firm is experiencing decreasing returns diseconomies of scale Oincreasing costs all of the above none of the above Question 8 (1 point) A production function in economics means any function performed by an employee when producing output the various functions performed by all employees when producing output the function performed by the person in charge of the production process the relationship between inputs and...
1. (18pts) Suppose there are 100 firms in a perfectly competitive industry. Short run marginal costs for each firm are given by SMC = q + 2 and market demand is given by Qd = 1000-20P (5pts) Calculate the short run equilibrium price and quantity for each firm.. b. (3pts) Suppose each firm has a U-shaped, long-run average cost curve that reaches a minimum of $10. Calculate the long run equilibrium price and the total industry output.. (4pts) What is...
study guide help
10) A decreasing-cost industry is characterized by which of the following? (2pts) a downward-sloping long-run average cost curve a downward-sloping market demand curve. a downward-sloping long-run industry supply curve All of the above None of the above 11) A constant-cost, perfectly competitive industry experiences a permanent increase in demand. In adjusting to this change, what will happen to the price of the product? (2pts) It will increase in the short-run and then decrease in the long-run, but...
Q1: The following graph shows the current short-run average total cost (ATC), short-run marginal cost (MC), and long-run average cost (LATC) curves of a typical perfectly competitive firm that uses only labour and physical capital to produce its product and the current market price (PⓇ). S/unit MC ATC LATC B Pa E Q1 Q2 Quantity a) How many units of output would the firm choose to produce in the short run? Explain. b) Is the firm making an economic profit...
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....
Output 10 18 Labor The above table shows the short-run production function for Alberts Pretzels. The average product of labor O A. decreases throughout O B. increases first and then decreases O C increases throughout O D. decreases frst and then increases. Click to select your answer Home End 4 5 6 7 8 9 R T Y U O IP F G H J
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