Homework Answers
Q1. The quantity to produce depends on the cost as well as demand factors. The profit-maximizing quantity occurs when marginal revenue = marginal cost. The marginal revenue received depends on the demand curve.
Ans: False
Q2. Education and training improve the efficiency of the work of the labor and hence are considered an addition to the human capital. An improvement in human capital is an improvement in the quality of labor.
Ans: True
Q3. A factor of production that can't be changed during a particular period is called a fixed factor of production.
Sunk costs are those costs that are already incurred and can't be recovered.
Variable factors of production are those factors of production which can be changed during the given period.
Ans: fixed factor of production
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The answers to questions such as the quantity of product to produce and how much to...
b) How much output should the monopolist produce in order to maximize profit? c) How much...
b) How much output should the monopolist produce in order to
maximize profit?
c) How much labor should the firm hire to produce this
output?
d) How Much Capital should the firm hire?
e) What price should the monopolist charge?
f) What is the deadweight loss?
g) What is the Price Elasticity of Demand at the
profit-maximizing price and quantity?
3. Suppose a monopolist has a production function given by Q = L12K12. Therefore, L2 MPL K2 2/12 , and...
Answer these following questions: 1. Only variable costs can be relevant or differential cost A. True...
Answer these following questions: 1. Only variable costs can be relevant or differential cost A. True B. False 2. Fixed Costs which change with a decisions are relevant A. True B. False 3. Sunk costs are always relevant to decisions A. True B. False 4. In incremental analysis, total fixed costs will always remain constant A. True B. False 5. A special order should not be accepted if the sales price is less than the unit variable cost. A. B....
1. The long run is a period that is: A. long enough to vary the quantities...
1. The long run is a period that is: A. long enough to vary the quantities of all factors of production. B. long enough to vary all factors of production except for the amount of capital available. C. at least one year. D. more than one month. 2. In the long run: A. the firm has time to change the level of all inputs. B. all inputs are more expensive. C. inputs are neither variable nor fixed. D. at least...
Could someone please help me with these questions! Thank in advance! Question 8 (1 point) Which...
Could someone please help me with these questions!
Thank in advance!
Question 8 (1 point) Which of the following statements is true for a perfectly competitive market in the short run? I. It is possible that existing firms make positive profit. II. It is possible that existing firms make negative profit. Both are false. Only II. is true. Only I. is true. Both are true. Question 9 (1 point) Suppose that a firm in a perfectly competitive market has sunk...
Techniques that produce 100 sweaters Labor Capital Technique (hours) (machines) 10 B 25 25 10 60...
Techniques that produce 100 sweaters Labor Capital Technique (hours) (machines) 10 B 25 25 10 60 D 30 20 23) In the above table, the technique that is not technologically efficient is A) A. B) B. C) C. DD. 24) The short run is a period of time in which A) the quantity used of at least one factor of production is fixed. B) the quantities used of all factors of production are fixed. C) output prices are fixed. D)...
6. The total product of a firm is as follows, which statement is corvect A) MP,...
6. The total product of a firm is as follows, which statement is corvect A) MP, is increasing in phase 1 B) MP is increasing in phase II. is increasing in phs D) MP, is masimized in the edge of phase ll and Im. 7. Suppose in a particular production process that capital and labor are perfect If the substitutes so that three units of labor are equivalent to one unit of capital. price of capital is sa per unit...
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...
which statement is correcs? 6 The total product of a firn is as follows Total Produa...
which statement is correcs? 6 The total product of a firn is as follows Total Produa A) Mn is increasing in phase L C) APh is increasing in phase III. B) MPh is increasing in phase II D) MP, is maximized in the edge of phase II and I11. a particular production process that capital and labor are perfect l. If the 7. Suppose in substitutes so that three units of labor are equivalent to one unit of capita price...
0.6 pts Use the following information to answer the associated questions below: Lucia's Performance Pizza is...
0.6 pts Use the following information to answer the associated questions below: Lucia's Performance Pizza is a small restaurant in Detroit that sells gluten free pizzas. Lucia's very tiny kitchen has barely enough room for the three ovens in which her workers bake the pizzas. Lucia signed a lease obligating her to pay the rent for the three ovens for the next year. Because of this, and because Lucia's kitchen cannot fit more than three ovens, Lucia cannot change the...
Please solve True and falses 1. If the yield to maturity of a bond is less...
Please solve True and
falses
1. If the yield to maturity of a bond is less than the bond's coupon rate, then the bond will sell at a discount a. True b. False 2. Bondholders face interest rate risk because as interest rates increase, bond prices decrease. a. True Bob. False that the thou 3. Stark Industries purchased a new arc reactor two years ago at a cost of $1,739,000.00. Last year, the government changed the emission requirement and this...
b) How much output should the monopolist produce in order to
maximize profit?
c) How much labor should the firm hire to produce this
output?
d) How Much Capital should the firm hire?
e) What price should the monopolist charge?
f) What is the deadweight loss?
g) What is the Price Elasticity of Demand at the
profit-maximizing price and quantity?
3. Suppose a monopolist has a production function given by Q = L12K12. Therefore, L2 MPL K2 2/12 , and...
Answer these following questions: 1. Only variable costs can be relevant or differential cost A. True B. False 2. Fixed Costs which change with a decisions are relevant A. True B. False 3. Sunk costs are always relevant to decisions A. True B. False 4. In incremental analysis, total fixed costs will always remain constant A. True B. False 5. A special order should not be accepted if the sales price is less than the unit variable cost. A. B....
Could someone please help me with these questions!
Thank in advance!
Question 8 (1 point) Which of the following statements is true for a perfectly competitive market in the short run? I. It is possible that existing firms make positive profit. II. It is possible that existing firms make negative profit. Both are false. Only II. is true. Only I. is true. Both are true. Question 9 (1 point) Suppose that a firm in a perfectly competitive market has sunk...
Techniques that produce 100 sweaters Labor Capital Technique (hours) (machines) 10 B 25 25 10 60 D 30 20 23) In the above table, the technique that is not technologically efficient is A) A. B) B. C) C. DD. 24) The short run is a period of time in which A) the quantity used of at least one factor of production is fixed. B) the quantities used of all factors of production are fixed. C) output prices are fixed. D)...
6. The total product of a firm is as follows, which statement is corvect A) MP, is increasing in phase 1 B) MP is increasing in phase II. is increasing in phs D) MP, is masimized in the edge of phase ll and Im. 7. Suppose in a particular production process that capital and labor are perfect If the substitutes so that three units of labor are equivalent to one unit of capital. price of capital is sa per unit...
which statement is correcs? 6 The total product of a firn is as follows Total Produa A) Mn is increasing in phase L C) APh is increasing in phase III. B) MPh is increasing in phase II D) MP, is maximized in the edge of phase II and I11. a particular production process that capital and labor are perfect l. If the 7. Suppose in substitutes so that three units of labor are equivalent to one unit of capita price...
0.6 pts Use the following information to answer the associated questions below: Lucia's Performance Pizza is a small restaurant in Detroit that sells gluten free pizzas. Lucia's very tiny kitchen has barely enough room for the three ovens in which her workers bake the pizzas. Lucia signed a lease obligating her to pay the rent for the three ovens for the next year. Because of this, and because Lucia's kitchen cannot fit more than three ovens, Lucia cannot change the...
Please solve True and
falses
1. If the yield to maturity of a bond is less than the bond's coupon rate, then the bond will sell at a discount a. True b. False 2. Bondholders face interest rate risk because as interest rates increase, bond prices decrease. a. True Bob. False that the thou 3. Stark Industries purchased a new arc reactor two years ago at a cost of $1,739,000.00. Last year, the government changed the emission requirement and this...
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