Homework Answers
Answer : 9) The answer is option C.
Here only labor is a variable input and other inputs are fixed. In short-run time period only one input is variable and all other inputs are fixed. So, here I am in short-run time period. Therefore, option C is correct.
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D Question 9 1 pts The price of your output rises, so you hire more labor, but are unable to increase your plant si...
D Question 8 1 pts The price of your product has risen and will remain high...
D Question 8 1 pts The price of your product has risen and will remain high for the foreseeable future. Accordingly, you decide to hire more workers, buy more raw materials, and build a second plant. What time period of production are you in? market period long run Impossible to determine from the information given. short run
help with practice test Question 651 pts Natural barriers to entry ________. include patent laws and...
help with practice test Question 651 pts Natural barriers to entry ________. include patent laws and exclusive franchises must be sustained by government regulation result from an increasing long-run average cost curve most commonly arise through economies of scale Flag this Question Question 661 pts When a firm obtains market power through barriers to entry created not by the firm, but by the government, it is referred to as ________. regulated market power legal market power differentiated market power natural...
12. Learning by doing doctrine suggests that: a. MC shifts upward as current output increases b....
12. Learning by doing doctrine suggests that: a. MC shifts upward as current output increases b. an increase in this period's output will cause future periods' long-run average cost curves to be lower c. The long-run average cost curve to increase at a smaller output d. the Law of Diminishing Returns to be violated e. none of the above 13. If given quantities of soap and shampoo can be produced together at a lower total cost than they could be...
When an input represents a larger proportion of a firm's total costs, then O A. demand...
When an input represents a larger proportion of a firm's total costs, then O A. demand for the input will tends to be less elastic. O B. demand for the input will tends to be more elastic. O C. the input demand will not vary significantly with a change in input price. O D. the usage of the input cannot be varied in the production function. If the price of labor increases, the typical perfectly competitive firm in the short...
A firm uses two types of inputs, labor (L) and capital (K), to produce an output,...
A firm uses two types of inputs, labor (L) and capital (K), to produce an output, which is sold in a perfectly competitive market. The production function is given by y = f(L, K) = L 1 6 K 1 6 for all L, K ≥ 0. The price of labor is w > 0 and the price of capital is 1. Each unit of the output is sold at price p > 0. First, we consider the short-run decision...
Question 9 a) An increase in potential output in the AD-AS supply model will in the...
Question 9 a) An increase in potential output in the AD-AS supply model will in the long run lead to what? A. None of the other options B. No change in output and an increase in inflation relative to the initial equilibrium C. An increase in output and an increase in inflation relative to the initial equilibrium D. A decrease in output and a decrease in inflation relative to the initial equilibrium b) Consider an AD-AS model with AD curve...
4. Your dad recently handed you the small family farm. Your total costs depend on the...
4. Your dad recently handed you the small family farm. Your total costs depend on the quantity of soybean bushels that you produce: TC = 20 + 2q +9? where q denotes bushels of soybeans (the lower case q indicates the quantity that you are producing). The demand and supply of soybeans in the world market are the following: lg = 20 – P Qs = 5 + <P where Q denotes total bushels of soybeans, in millions (the upper...
சம் VU labor markets, firms hire: additional workers as long as the marginal produ s as...
சம் VU labor markets, firms hire: additional workers as long as the marginal produ s as long as the marginal product of labor is positive. the amount of labor needed to produce the profit-maximizing the amount of labor needed to produce the revenue-max the number of workers they can afford given a fixed budget. ce the profit-maximizing level of output. produce the revenue-maximizing level of output. Ceteris paribus, the value of the marginal product of labor (demand for labor by...
hapter 9 9.1 You are a manager in a perfectly competitive market. The price in your...
hapter 9 9.1 You are a manager in a perfectly competitive market. The price in your market is $35. Your tota is C(Q)-10+2Q+0.5Q. Marginal cost is 2+Q. (8 points) a. Find the profit-maximizing output in the short.nun. b. What price should you charge in the short-run? c. Will you make any profits in the short-run? If so, find your profit. If not, please explain why yo firm does not make any profits. What will happen in the long run2 d....
11. In drawing an isoquant curve, what is measured on the axes? a. the prices of...
11. In drawing an isoquant curve, what is measured on the axes? a. the prices of the inputs b. price and output c. the physical quantities of the two inputs d. expenditure on the two inputs e none of the above 12. Learning by doing doctrine suggests that: a. MC shifts upward as current output increases b. an increase in this period's output will cause future periods' long-run average cost curves to be lower c. The long-run average cost curve...
D Question 8 1 pts The price of your product has risen and will remain high for the foreseeable future. Accordingly, you decide to hire more workers, buy more raw materials, and build a second plant. What time period of production are you in? market period long run Impossible to determine from the information given. short run
12. Learning by doing doctrine suggests that: a. MC shifts upward as current output increases b. an increase in this period's output will cause future periods' long-run average cost curves to be lower c. The long-run average cost curve to increase at a smaller output d. the Law of Diminishing Returns to be violated e. none of the above 13. If given quantities of soap and shampoo can be produced together at a lower total cost than they could be...
When an input represents a larger proportion of a firm's total costs, then O A. demand for the input will tends to be less elastic. O B. demand for the input will tends to be more elastic. O C. the input demand will not vary significantly with a change in input price. O D. the usage of the input cannot be varied in the production function. If the price of labor increases, the typical perfectly competitive firm in the short...
4. Your dad recently handed you the small family farm. Your total costs depend on the quantity of soybean bushels that you produce: TC = 20 + 2q +9? where q denotes bushels of soybeans (the lower case q indicates the quantity that you are producing). The demand and supply of soybeans in the world market are the following: lg = 20 – P Qs = 5 + <P where Q denotes total bushels of soybeans, in millions (the upper...
சம் VU labor markets, firms hire: additional workers as long as the marginal produ s as long as the marginal product of labor is positive. the amount of labor needed to produce the profit-maximizing the amount of labor needed to produce the revenue-max the number of workers they can afford given a fixed budget. ce the profit-maximizing level of output. produce the revenue-maximizing level of output. Ceteris paribus, the value of the marginal product of labor (demand for labor by...
hapter 9 9.1 You are a manager in a perfectly competitive market. The price in your market is $35. Your tota is C(Q)-10+2Q+0.5Q. Marginal cost is 2+Q. (8 points) a. Find the profit-maximizing output in the short.nun. b. What price should you charge in the short-run? c. Will you make any profits in the short-run? If so, find your profit. If not, please explain why yo firm does not make any profits. What will happen in the long run2 d....
11. In drawing an isoquant curve, what is measured on the axes? a. the prices of the inputs b. price and output c. the physical quantities of the two inputs d. expenditure on the two inputs e none of the above 12. Learning by doing doctrine suggests that: a. MC shifts upward as current output increases b. an increase in this period's output will cause future periods' long-run average cost curves to be lower c. The long-run average cost curve...
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