Homework Answers
Add Answer to:
The marginal product of an input is: o total product divided by the amount of the...
1)The marginal product of labor is equal to the A. total product divided by the total...
1)The marginal product of labor is equal to the A. total product divided by the total number of workers hired. B. increase in the total product that results from hiring one more worker. C. slope of the marginal product of labor curve. D. None of the above answers are correct. 2) The marginal product of labor is the increase in total product from a A. one dollar increase in the wage rate, while holding the price of capital constant. B....
1. According to the law of diminishing returns, the: a. total product of an input must...
1. According to the law of diminishing returns, the: a. total product of an input must eventually decline b. average produt of an input must always increase c. marginal product of an input must eventually decline d. marginal product of an input must eventually rise 2. An isocost line shows the: a. input combinations that can be purchased with a given outlay of funds b. costs of inputs needed to produce along an isoquant c. costs of inputs needed to...
A production function exhibits constant returns to scale if: Doubling all inputs delivers exactly twice the...
A production function exhibits constant returns to scale if: Doubling all inputs delivers exactly twice the output. Doubling all inputs delivers exactly more than twice the output. Doubling all inputs delivers exactly less than twice the output. none of the above The marginal product of capital (MPK) is: The additional unit of output that is produced when both labor and capital are increased by one unit. The additional output that is produced when there is technological improvement. The additional output...
The marginal product of labour (MPL) at a particular labour input level (L) corresponds to the...
The marginal product of labour (MPL) at a particular labour input level (L) corresponds to the __ on the total product of labour (TPL) curve. O area under the curve between 0 and a particular level of L area above the curve between 0 and a particular level of L slope of the ray from the (0,0) origin to the particular level of L slope of a tangent line at the particular level of L The average product of labour...
Marginal cost represents the Question 21 options: 1) additional cost of hiring one more unit of...
Marginal cost represents the Question 21 options: 1) additional cost of hiring one more unit of input 2) the amount of output we get when spending $1 more on inputs 3) additional cost of producing one more unit of output. 4) change in total cost divided by the change in an input. 5) all of the above.
The law of diminishing returns suggests that, in the short run, the marginal product of a...
The law of diminishing returns suggests that, in the short run, the marginal product of a variable input eventually diminishes because: at least one of the other inputs is fixed. demand is too weak to allow a firm to sell additional output. none of the other inputs is fixed. all inputs are being increased at the same time.
Diminishing marginal productivity a. means that adding one more unit of the variable input will reduce...
Diminishing marginal productivity a. means that adding one more unit of the variable input will reduce total product. b. occurs when the marginal product curve begins to slope downward c. occurs eventually because each additional unit of the variable unit has, on average, fewer units of the fixed input with which to work. d. both a and c e. both b and c 7. The marginal rate of technical substitution is a. the rate at which the firm can substitute...
The Average Product of Labor is the ratio of output to the number of workers used...
The Average Product of Labor is the ratio of output to the number of workers used to produce that output. the amount of output that can be produced by a given amount of labor. equal to the marginal product of labor when the average product is increasing, the change in total product resulting from an extra unit of labor, holding other factors constant.
Question Completion Status: QUESTION 38 Marginal cost equals total cost divided by the quantity of output produced...
Question Completion Status: QUESTION 38 Marginal cost equals total cost divided by the quantity of output produced total output divided by the change in total cost the slope of the total cost curve the slope of the line drawn from the origin to the total cost curve QUESTION 39 wa firm produces nothing which of the following costs will be zero? - total cost faxed cost opportunity cost variable cost QUESTION 40 A production function is a relationship between Inputs...
QUESTION 4 The slope of an isocost line shows: the ratio of the marginal revenue product...
QUESTION 4 The slope of an isocost line shows: the ratio of the marginal revenue product of the inputs. O the ratio of marginal product of the inputs. the marginal rate of technical substitution. the ratio of the input prices. the output elasticity of production. QUESTION 5 If the marginal product per dollar spent on capital is less than the marginal product per dollar spent on labor, then in order to minimize costs the firm should use less capital and...
The marginal product of labour (MPL) at a particular labour input level (L) corresponds to the __ on the total product of labour (TPL) curve. O area under the curve between 0 and a particular level of L area above the curve between 0 and a particular level of L slope of the ray from the (0,0) origin to the particular level of L slope of a tangent line at the particular level of L The average product of labour...
The Average Product of Labor is the ratio of output to the number of workers used to produce that output. the amount of output that can be produced by a given amount of labor. equal to the marginal product of labor when the average product is increasing, the change in total product resulting from an extra unit of labor, holding other factors constant.
Question Completion Status: QUESTION 38 Marginal cost equals total cost divided by the quantity of output produced total output divided by the change in total cost the slope of the total cost curve the slope of the line drawn from the origin to the total cost curve QUESTION 39 wa firm produces nothing which of the following costs will be zero? - total cost faxed cost opportunity cost variable cost QUESTION 40 A production function is a relationship between Inputs...
QUESTION 4 The slope of an isocost line shows: the ratio of the marginal revenue product of the inputs. O the ratio of marginal product of the inputs. the marginal rate of technical substitution. the ratio of the input prices. the output elasticity of production. QUESTION 5 If the marginal product per dollar spent on capital is less than the marginal product per dollar spent on labor, then in order to minimize costs the firm should use less capital and...
Most questions answered within 3 hours.
-
What percentage of former indentured servants in
Pennsylvania acquired land between 1686 and 1720?
A.35%
B.45%...
asked 7 minutes ago -
A wave reflects off a wall. Which of the following is true of
the reflected wave?...
asked 1 minute ago -
Calculate what happens to nominal GDP if velocity remains
constant at 4 and the money supply...
asked 11 minutes ago -
1) For x1 = 3 + 4j and x2 = 3 - 4j, angle of (x1+x2)...
asked 13 minutes ago -
Under certain conditions, the substance ammonium
nitrate can be broken down to form dinitrogen
monoxide and...
asked 14 minutes ago -
1. (Show work) A 120.0 lb person stands in an elevator. If the
elevator is slowing...
asked 20 minutes ago -
Question 1: (3 marks) Calculate the synchronous speed for a 60
kW, 50 Hz, 4 pole...
asked 21 minutes ago -
what are the units for torque, moment of inertia, and angular
acceleration? show all work.
write...
asked 27 minutes ago -
Draw the tripeptide gly-lys-glu as it exists under physiological
pH. Write the reaction for the hydrolysis...
asked 30 minutes ago -
An electron is accelerated through a potential difference of 150
volts and projected into a magnetic...
asked 37 minutes ago -
Which of the following responsibilities of operations managers
is considered a directing activity rather than a...
asked 36 minutes ago -
Is Beer's law valid at wavelengths other than lambda max?
asked 38 minutes ago