If a firm is producing a given level of output in a technically-efficient manner, then it...
If a firm is producing a given level of output in a technically-efficient manner, then it must be the case that…
a. it is choosing the lowest-cost method of producing that output.
b. this output level is the most that can be produced with the given levels of inputs.
c. each input is producing its maximum marginal product.
d. None of these options are correct.
Homework Answers
this output level is the most that can be produced with the given levels of inputs.
because technical efficiency helps to increase the production to most level
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If a firm is producing a given level of output in a
technically-efficient manner, then it...
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...
QUESTION 31 An efficient scale of the firm is the quantity of output that maximizes marginal product maximizes pro...
QUESTION 31 An efficient scale of the firm is the quantity of output that maximizes marginal product maximizes profit minimizes average total cost minimizes average variable cost QUESTION 32 If marginal cost is rising average variable cost must be falling average fixed cost must be rising marginal product must be falling marginal product must be rising QUESTION 33 Diminishing marginal product suggests that additional units of output beccome less costly as more output is produced marginal cost is upward sloping...
Question Completion Status: QUESTION 31 An efficient scale of the firm is the quantity of output...
Question Completion Status: QUESTION 31 An efficient scale of the firm is the quantity of output that maximizes marginal product • maximizes profit minimizes average total cost • minimizes average variable cost QUESTION 32 If marginal cost is rising - average variable cost must be falling average fixed cost must be rising marginal product must be falling • marginal product must be rising QUESTION 33 Diminishing marginal product suggests that additional units of output beccome less costly as more output...
The relationship between a firm's level of output and level of inputs is given by... economic...
The relationship between a firm's level of output and level of inputs is given by... economic costs. a marginal cost curve. a production possibilities frontier. the production function. an average cost curve. Economics defines the "long run" as a time period where... all inputs are variable. output is variable. all inputs are fixed. fixed costs must be paid. all inputs but one are fixed. What is the marginal cost of wheat? The cost of producing the cheapest bushel of wheat....
1. Suppose a firm is producing output according to Q=1001KL. A. Draw a sketch of this...
1. Suppose a firm is producing output according to Q=1001KL. A. Draw a sketch of this firm's isoquant map B. What equation do you use to find a cost-minimizing combination of inputs for a certain output level Q.? K C. The marginal products of labor and capital are given by MP, = 50, and L MPK = 50, L respectively. The price of labor is $5 per unit, and the price of K capital is $20 per unit. What is...
In long run equilibrium, a competitive firm maximizes profits by a. producing an output level where...
In long run equilibrium, a competitive firm maximizes profits by a. producing an output level where marginal revenue equals marginal cost. b. charging a price equal to marginal revenue and marginal cost. c. charging a price where marginal cost equals average total cost. d. All of the above are correct.
QUESTION 34 The efficient scale of the firm is the quantity of output that o maximizes...
QUESTION 34 The efficient scale of the firm is the quantity of output that o maximizes marginal product maximizes profit minimizes average total cost O minimizes average variable cost am QUESTION 35 The average fixed cost curve o always declines with increased levels of output O always rises with increased levels of output is flat with respect to output declines as long as marginal cost is going down
Question 3 Long-run average total cost (LAC) O a represents the lowest average cost of producing a given level of...
Question 3 Long-run average total cost (LAC) O a represents the lowest average cost of producing a given level of output. b. is always equal to or greater than short-run average total cost. c. can be measured in the short-run. If a firm is producing the level of output at which long-run average cost equals long-run marginal cost, then a long-run marginal cost is at its minimum point b. long run average cost is at its minimum point. c long...
If a monopolistically competitive firm is producing the profit-maximizing level of output and is earning an...
If a monopolistically competitive firm is producing the profit-maximizing level of output and is earning an economic profit in the short run: Select one: a. marginal revenue is less than marginal cost. b. price is less than average total costs. c. price is less than marginal cost. d. marginal revenue equals marginal cost.
What happens if a competitive firm is currently producing a level of output at which marginal...
What happens if a competitive firm is currently producing a level of output at which marginal revenue exceeds marginal cost? Select one: O a. A one-unit decrease in output will increase the firm's profit. b. A one-unit increase in output will increase the firm's profit. O c. Total revenue exceeds total cost. d. Total cost exceeds total revenue.
QUESTION 31 An efficient scale of the firm is the quantity of output that maximizes marginal product maximizes profit minimizes average total cost minimizes average variable cost QUESTION 32 If marginal cost is rising average variable cost must be falling average fixed cost must be rising marginal product must be falling marginal product must be rising QUESTION 33 Diminishing marginal product suggests that additional units of output beccome less costly as more output is produced marginal cost is upward sloping...
Question Completion Status: QUESTION 31 An efficient scale of the firm is the quantity of output that maximizes marginal product • maximizes profit minimizes average total cost • minimizes average variable cost QUESTION 32 If marginal cost is rising - average variable cost must be falling average fixed cost must be rising marginal product must be falling • marginal product must be rising QUESTION 33 Diminishing marginal product suggests that additional units of output beccome less costly as more output...
The relationship between a firm's level of output and level of inputs is given by... economic costs. a marginal cost curve. a production possibilities frontier. the production function. an average cost curve. Economics defines the "long run" as a time period where... all inputs are variable. output is variable. all inputs are fixed. fixed costs must be paid. all inputs but one are fixed. What is the marginal cost of wheat? The cost of producing the cheapest bushel of wheat....
1. Suppose a firm is producing output according to Q=1001KL. A. Draw a sketch of this firm's isoquant map B. What equation do you use to find a cost-minimizing combination of inputs for a certain output level Q.? K C. The marginal products of labor and capital are given by MP, = 50, and L MPK = 50, L respectively. The price of labor is $5 per unit, and the price of K capital is $20 per unit. What is...
QUESTION 34 The efficient scale of the firm is the quantity of output that o maximizes marginal product maximizes profit minimizes average total cost O minimizes average variable cost am QUESTION 35 The average fixed cost curve o always declines with increased levels of output O always rises with increased levels of output is flat with respect to output declines as long as marginal cost is going down
Question 3 Long-run average total cost (LAC) O a represents the lowest average cost of producing a given level of output. b. is always equal to or greater than short-run average total cost. c. can be measured in the short-run. If a firm is producing the level of output at which long-run average cost equals long-run marginal cost, then a long-run marginal cost is at its minimum point b. long run average cost is at its minimum point. c long...
What happens if a competitive firm is currently producing a level of output at which marginal revenue exceeds marginal cost? Select one: O a. A one-unit decrease in output will increase the firm's profit. b. A one-unit increase in output will increase the firm's profit. O c. Total revenue exceeds total cost. d. Total cost exceeds total revenue.
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