Homework Answers
Answer
Option 2
the isocost become stepper
the slope =price of the input on the x-axis /the price of the input
on the y-axis
the slope increases mean the line become more stepper as the x-axis
intercept moved inward.
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QUESTION 2 A firm uses two inputs: capital and labor. The price of capital increases and the price of labor stays t...
2 poin QUESTION 2 Afirm uses two inputs: capital and labor. The price of capital increases and the price of labor s...
2 poin QUESTION 2 Afirm uses two inputs: capital and labor. The price of capital increases and the price of labor stays the same. What happens to the slope of the isocost line if capital is on the horizontal axis and labor on the vertical axis? The isocost line does not change The Isocost line becomes steeper The isocost line shifts outward The isocost line becomes flatter QUESTION 3
QUESTION 2 A firm uses two inputs: capital and labor. The price of capital increases and...
QUESTION 2 A firm uses two inputs: capital and labor. The price of capital increases and the price of labor stays the same. What happens to the slope of the Isocost line of capital is on the horizontal axis and labor on the vertical axis? The Isocost line does not change The isocost line becomes steeper The isocost line shifts outward The isocost line becomes flatter QUESTION 3 A person is seen placing a bet on the Super Bowl. It...
Suppose you have drawn a consumer's budget line for food and clothing with food on the...
Suppose you have drawn a consumer's budget line for food and clothing with food on the horizontal axis and clothing on the vertical axis. If the price of food increases, A. the budget line shifts outward in a parallel fashion. B. the budget line becomes flatter. C. the budget line becomes steeper. D. the budget line shifts inward in a parallel fashion.
4. Consider a firm that uses both labor and capital in production. The price of capital...
4. Consider a firm that uses both labor and capital in production. The price of capital is $20 per unit and the wage rate is $10 per hour Draw the firm's isocost line assuming a total production cost of $100. How steep is this line (that is, what is its slope)? Be sure to clearly label the axes. (3 points) Suppose the wage drops to $5 per unit. In which direction does the substitution effect change the firm's demand for...
4. Consider a firm that uses both labor and capital in production. The price of capital...
4. Consider a firm that uses both labor and capital in production. The price of capital is $20 per unit and the wage rate is S10 per hour. a. Draw the firm's isocost line assuming a total production cost of $100. How steep is this line (that is, what is its slope)? Be sure to clearly label the axes. (3 points) b. Suppose the wage drops to $5 per unit. In which direction does the substitution effect change the firm's...
Question 14 1 pts Suppose there are two goods: food (horizontal axis) and shelter (vertical axis)....
Question 14 1 pts Suppose there are two goods: food (horizontal axis) and shelter (vertical axis). If income doubles, the price of food doubles, and the price of shelter doubles, then the budget line will be unchanged. budget line will become steeper. budget line will become flatter, budget line will shift outward in a parallel fashion.
Suppose a firm can use either Capital (K) or Labor (L) in a production process. The...
Suppose a firm can use either Capital (K) or Labor (L) in a production process. The firms Production function is given by Q = 5L + 15K. The price of Capital is $20 per unit and the price of Labor is $8 per unit. a) (4 points) What is the firm’s Total Cost function? TC(Q) = ____________________________ b) (8 points) Suppose the firm is producing 30 units of output (Q = 30). Using a graph, draw the firm’s isoquant for...
2. (12 total points) Suppose a firm can use either Capital (K) or Labor (L) in...
2. (12 total points) Suppose a firm can use either Capital (K) or Labor (L) in a production process. The firm's production function is given by Q = 5L + 15K. The price of Capital is $20 per unit and the price of Labor is $8 per unit. a) (4 points) What is the firm's Total Cost function? TC(Q)= b) (8 points) Suppose the firm is producing 30 units of output (Q = 30). Using a graph, draw the firm's...
QUESTION 1 A firm uses two inputs in production: capital and labor. In the short run,...
QUESTION 1 A firm uses two inputs in production: capital and labor. In the short run, the firm cannot adjust the amount of capital it is using, but it can adjust the size of its workforce. -- If the cost of renting capital increases, which of the following curves will be affected? (Check all answers that apply). -- A) Average fixed cost B) Marginal cost C) Average total cost D) Average variable cost QUESTION 2 If the cost of hiring...
Question 7 rding to the production function: uses labor and machines to produce output according to...
Question 7 rding to the production function: uses labor and machines to produce output according to the where Lis ALK) = 41/212, ere is the number of units of labor used and K is the amount of capita or is $40 per unit and the cost of employing capital is $10 per unit. mount of capital employed. The cost (0): On the graph below, draw an isocost line for this firm that includes combin capital and labor that cost $400...
2 poin QUESTION 2 Afirm uses two inputs: capital and labor. The price of capital increases and the price of labor stays the same. What happens to the slope of the isocost line if capital is on the horizontal axis and labor on the vertical axis? The isocost line does not change The Isocost line becomes steeper The isocost line shifts outward The isocost line becomes flatter QUESTION 3
QUESTION 2 A firm uses two inputs: capital and labor. The price of capital increases and the price of labor stays the same. What happens to the slope of the Isocost line of capital is on the horizontal axis and labor on the vertical axis? The Isocost line does not change The isocost line becomes steeper The isocost line shifts outward The isocost line becomes flatter QUESTION 3 A person is seen placing a bet on the Super Bowl. It...
4. Consider a firm that uses both labor and capital in production. The price of capital is $20 per unit and the wage rate is $10 per hour Draw the firm's isocost line assuming a total production cost of $100. How steep is this line (that is, what is its slope)? Be sure to clearly label the axes. (3 points) Suppose the wage drops to $5 per unit. In which direction does the substitution effect change the firm's demand for...
4. Consider a firm that uses both labor and capital in production. The price of capital is $20 per unit and the wage rate is S10 per hour. a. Draw the firm's isocost line assuming a total production cost of $100. How steep is this line (that is, what is its slope)? Be sure to clearly label the axes. (3 points) b. Suppose the wage drops to $5 per unit. In which direction does the substitution effect change the firm's...
Question 14 1 pts Suppose there are two goods: food (horizontal axis) and shelter (vertical axis). If income doubles, the price of food doubles, and the price of shelter doubles, then the budget line will be unchanged. budget line will become steeper. budget line will become flatter, budget line will shift outward in a parallel fashion.
2. (12 total points) Suppose a firm can use either Capital (K) or Labor (L) in a production process. The firm's production function is given by Q = 5L + 15K. The price of Capital is $20 per unit and the price of Labor is $8 per unit. a) (4 points) What is the firm's Total Cost function? TC(Q)= b) (8 points) Suppose the firm is producing 30 units of output (Q = 30). Using a graph, draw the firm's...
Question 7 rding to the production function: uses labor and machines to produce output according to the where Lis ALK) = 41/212, ere is the number of units of labor used and K is the amount of capita or is $40 per unit and the cost of employing capital is $10 per unit. mount of capital employed. The cost (0): On the graph below, draw an isocost line for this firm that includes combin capital and labor that cost $400...
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