Which of the following statements about isocost lines is FALSE? A. their slope is given by...
Which of the following statements about isocost lines is FALSE?
- A.
their slope is given by the ratio of input prices
- B.
they shift inward with a decrease in total expenditures
- C.
they shift outward with a decrease in input prices
- D.
they show the various combinations of two inputs that the firm can hire
- E.
all of the above
Homework Answers
Option E.
All the statements related to the Iso Cost line in the above paragraph are correct. Slope is equal to the ratio of input prices. They shift inwards as total expenditure decreases. They shift outwards as there is decrease in input prices. They show the various combinations of two inputs that the firm can hire. Thus,all statements are correct.
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Which of the following statements about isocost lines is
FALSE?
A.
their slope is given by...
1 pts Question 10 Which of the following is most accurate about an isoquant? O The isoquant of a higher level of o...
1 pts Question 10 Which of the following is most accurate about an isoquant? O The isoquant of a higher level of output is always shown closer to the origin. 0 Anoutput level Q can only be produced by input combinations on its isoquant The isoquants of two different output levels cannot cross each other in the short run, but in the long run they may cross None of the above is correct. 1 pts Question 11 11. Which of...
Select True or False for the following statements about electric field lines. E-field lines may cross...
Select True or False for the following statements about electric field lines. E-field lines may cross E-field lines point inward toward negative charges. E-field lines do not begin or end in a charge-free region except at infinity E-field lines point outward from positive charges E-field lines make circles around positive charges Where the E-field lines are dense the E-field must be weak.
11. Which of the following is most accurate about an isocost? The isocost line is also termed as budget line, and it sh...
11. Which of the following is most accurate about an isocost? The isocost line is also termed as budget line, and it shows the total cost of production with a given set of input prices. To uniquely draw an isocost, we need to know three values: TC, PL and PK. The intercept of an isocost on the K axis represents the amount of K that can be bought if the given total cost TC is used to buy K only....
Select True or False for the following statements about electric field lines. Where the E-field lines...
Select True or False for the following statements about electric field lines. Where the E-field lines are dense the E-field must be weak. A positive point charge released from rest will initially accelerate along an E-field lines make circles around positive charges E-field lines may cross. E-field line eld lines may croOSS E-field lines point inward toward negative charges. E-field lines point outward from positive charges. E-field lines do not begin or end in a charge-free region except at infinity
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...
Select True or False for the following statements about electric field lines. A positive point charge...
Select True or False for the following statements about electric field lines. A positive point charge released from rest will initially accelerate along an E-field line. E-field lines may cross. Where the E-field lines are dense the E-field must be weak. E-field lines point inward toward negative charges. E-field lines do not begin or end in a charge-free region except at infinity. E-field lines point outward from positive charges. E-field lines make circles around positive charges.
select True or False for the follwing statements about electric field lines. A positive point charge...
select True or False for the follwing statements about electric field lines. A positive point charge released from rest will initially accelerate along an E-field line. E-field lines make circles around positive charges. E-field lines point inward toward negative charges. E-field lines may cross. E-field lines point outward from positive charges. Where the E-field lines are dense the E-field must be weak. E-field lines do not begin or end in a charge-free region except at infinity.
QUESTION 12 Which of the following statements about the classical model of the economy is FALSE?...
QUESTION 12 Which of the following statements about the classical model of the economy is FALSE? O Wages and prices are flexible. The economy will always move toward, or be at, full employment. O Savings and investment will always be equal. Individuals pursue the public interest, not their own self-interest. 0.5 points QUESTION 13 Economic growth will NOT result in deflation if aggregate demand shifts inward to the left as aggregate supply shifts outward to the right inward to the...
The following graph illustrates various cost lines (aka isocost lines), where units of labor are measured...
The following graph illustrates various cost lines (aka isocost lines), where units of labor are measured along the horizontal axis, units of capital are measured along the vertical axis. Assume the wage rate is $20 per unit of labor and the rental rate is $100 per unit of capital. - Isocost Lines (ICL) Units of Capital ICL3 ICL ICL 500 1 000 1 500 Units of Labor 2 000 2 500 3 000 Figure Description: Units of labor are measured...
Are the following statements True / False / Uncertain? Support your answer with explanation. 1. It...
Are the following statements True / False / Uncertain? Support your answer with explanation. 1. It is even better for a perfectly competitive firm to produce output even though it is loosing money. 2. If the output elasticity of the total cost is less than one, we have disec- onomies of scale. 3. Inputs are perfect substitutes when one input can always be substitutes for the other on fixed terms and thus corresponding production function is called fixed-proportion production function....
1 pts Question 10 Which of the following is most accurate about an isoquant? O The isoquant of a higher level of output is always shown closer to the origin. 0 Anoutput level Q can only be produced by input combinations on its isoquant The isoquants of two different output levels cannot cross each other in the short run, but in the long run they may cross None of the above is correct. 1 pts Question 11 11. Which of...
Select True or False for the following statements about electric field lines. E-field lines may cross E-field lines point inward toward negative charges. E-field lines do not begin or end in a charge-free region except at infinity E-field lines point outward from positive charges E-field lines make circles around positive charges Where the E-field lines are dense the E-field must be weak.
11. Which of the following is most accurate about an isocost? The isocost line is also termed as budget line, and it shows the total cost of production with a given set of input prices. To uniquely draw an isocost, we need to know three values: TC, PL and PK. The intercept of an isocost on the K axis represents the amount of K that can be bought if the given total cost TC is used to buy K only....
Select True or False for the following statements about electric field lines. Where the E-field lines are dense the E-field must be weak. A positive point charge released from rest will initially accelerate along an E-field lines make circles around positive charges E-field lines may cross. E-field line eld lines may croOSS E-field lines point inward toward negative charges. E-field lines point outward from positive charges. E-field lines do not begin or end in a charge-free region except at infinity
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...
QUESTION 12 Which of the following statements about the classical model of the economy is FALSE? O Wages and prices are flexible. The economy will always move toward, or be at, full employment. O Savings and investment will always be equal. Individuals pursue the public interest, not their own self-interest. 0.5 points QUESTION 13 Economic growth will NOT result in deflation if aggregate demand shifts inward to the left as aggregate supply shifts outward to the right inward to the...
The following graph illustrates various cost lines (aka isocost lines), where units of labor are measured along the horizontal axis, units of capital are measured along the vertical axis. Assume the wage rate is $20 per unit of labor and the rental rate is $100 per unit of capital. - Isocost Lines (ICL) Units of Capital ICL3 ICL ICL 500 1 000 1 500 Units of Labor 2 000 2 500 3 000 Figure Description: Units of labor are measured...
Are the following statements True / False / Uncertain? Support your answer with explanation. 1. It is even better for a perfectly competitive firm to produce output even though it is loosing money. 2. If the output elasticity of the total cost is less than one, we have disec- onomies of scale. 3. Inputs are perfect substitutes when one input can always be substitutes for the other on fixed terms and thus corresponding production function is called fixed-proportion production function....
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