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Question Completion Status: O all costs. QUESTION 3 Your firm must produce a specified output level....
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...
You are an efficiency expert hired by a manufacturing firm that uses K and L as...
You are an efficiency expert hired by a manufacturing firm that uses K and L as inputs. The firm produces and sells a given output. If w (price of labor) = $40, r (price of capital) = $100, MPL = 20, and MPK = 40 is the firm minimizing cost? Please explain and show any calculations. (b) The production function for a competitive firm is Q = K0.5L0.5. The firm sells its output at a price of $10 and can...
#3 3. The isoquant map for a firm that produces output with labor and capital is shown on the next page. The price...
#3
3. The isoquant map for a firm that produces output with labor and capital is shown on the next page. The price of labor is $20 per unit and the price of capital is $60 per unit. a) Draw the isocost lines for expenditures of TC =$300 and TC -$360. b) How many units of labor and how many units of capital should the firm hire to minimize the cost of producing Q. units of output? EXPLAIN. c) What...
5. For the cost function unction C(O) = 100+20 + 30%, the average fixed cost of...
5. For the cost function unction C(O) = 100+20 + 30%, the average fixed cost of producing 2 units of output is (Q 10 A 100 B. 50. C. 3. D. 2. w ou are an efficiency expert hired by a manufacturing firm that uses K and Las inputs. The firm produces and sells a given output. If w = $40. r = $100, MP = 20, and MPx = 40 the firme A is cost minimizing B should use...
A firm hires labor and capital to produce grapefruits. Currently the marginal product of the last...
A firm hires labor and capital to produce grapefruits. Currently the marginal product of the last unit of labor input is 40 and the marginal product of the last unit of capital input is 60. The market wage is $20, if the firm is using the optimal combination of inputs, then the price of capital is Select one: a. $30 b. $20 c. $100 d. $40
QUESTION 1 If labor is on the vertical axis and capital is on the horizontal axis,...
QUESTION 1 If labor is on the vertical axis and capital is on the horizontal axis, the slope of an isocost line is given by: O a. -PL/PK O b.-PK/PL OC. -MPLIMPK d. -MP IMPL O e. -PKPL QUESTION 2 You are an efficiency expert hired by a manufacturing firm that uses K and L as inputs. The firm produces and sells a given output. If w = $40,r = $100, MP L = 20, and MP K = 40...
Name: 1. Consider a firm that hires workers (L) and produces output (Q). a. If the...
Name: 1. Consider a firm that hires workers (L) and produces output (Q). a. If the firm charges a price of $1 per unit output (P) and pays a nominal wage of $8 per worker (W), fill in the values in the following table, where MPL is marginal product of labor (units per worker), VMPL is the value of the marginal product of labor ($ per worker), and W/P is the real wage (units per worker). Labor Output MPL Price...
According to Chapter 3 (Classical Model), a profit-maximizing firm will hire labor up to the point...
According to Chapter 3 (Classical Model), a profit-maximizing firm will hire labor up to the point where: marginal product of labor equals the marginal product of capital. O marginal revenue equals zero. marginal product of labor equals real wage. the real wage equals the real rental price of capital.
*provide an explanation/reasoning for each answer The own-wage elasticity of labor demand is higher when no...
*provide an explanation/reasoning for each answer The own-wage elasticity of labor demand is higher when no other inputs can easily be substituted for labor. the demand for the output good is less elastic. the supply of other inputs is more elastic the costs of labor are a smaller share of total production costs. none of the above Another input is more likely to be a substitute for labor if the demand for the output good is less elastic. the supply...
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...
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...
#3
3. The isoquant map for a firm that produces output with labor and capital is shown on the next page. The price of labor is $20 per unit and the price of capital is $60 per unit. a) Draw the isocost lines for expenditures of TC =$300 and TC -$360. b) How many units of labor and how many units of capital should the firm hire to minimize the cost of producing Q. units of output? EXPLAIN. c) What...
5. For the cost function unction C(O) = 100+20 + 30%, the average fixed cost of producing 2 units of output is (Q 10 A 100 B. 50. C. 3. D. 2. w ou are an efficiency expert hired by a manufacturing firm that uses K and Las inputs. The firm produces and sells a given output. If w = $40. r = $100, MP = 20, and MPx = 40 the firme A is cost minimizing B should use...
QUESTION 1 If labor is on the vertical axis and capital is on the horizontal axis, the slope of an isocost line is given by: O a. -PL/PK O b.-PK/PL OC. -MPLIMPK d. -MP IMPL O e. -PKPL QUESTION 2 You are an efficiency expert hired by a manufacturing firm that uses K and L as inputs. The firm produces and sells a given output. If w = $40,r = $100, MP L = 20, and MP K = 40...
Name: 1. Consider a firm that hires workers (L) and produces output (Q). a. If the firm charges a price of $1 per unit output (P) and pays a nominal wage of $8 per worker (W), fill in the values in the following table, where MPL is marginal product of labor (units per worker), VMPL is the value of the marginal product of labor ($ per worker), and W/P is the real wage (units per worker). Labor Output MPL Price...
According to Chapter 3 (Classical Model), a profit-maximizing firm will hire labor up to the point where: marginal product of labor equals the marginal product of capital. O marginal revenue equals zero. marginal product of labor equals real wage. the real wage equals the real rental price of capital.
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...
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