Answer : Option C is correct. A Production function shows that how a firms production changes as Quantity of labour and other input changes. This shows maximum output a firm can produce with varying level of input in an economy.
A production function shows Multiple Choice How a firm's costs of production increase as it produces...
The short-run production function shows how output changes when A. The quantity of labor changes. B. The quantity of land changes. C. Technology changes. D. The fixed inputs change.
For Question 1-4, use the following information: A firm's production function is gives as: q=3K0.6 L0.4 and its cost minimizing choice of inputs is L=250 and K=400 1. What is the value of MRTS at the firm's cost minimizing choice of input? 2. If the wage that the firm's pay to hire one unit of labor is 10, what is the user cost of capital? (Graph questions) <--- (Really important - please give clear steps and explanation) 3. Write down...
A production function shows (2pts) U how costs change as output expands in the short-run. how costs change as output expands in the long-run. the technological relationship between the quantity of inputs used by a firm and the quantity of output produced. All of the above None of the above
Variable costs are rev: 06_26_2018 Multiple Choice the change in total cost associated with the production of an additional unit of output. sunk costs. costs that change every day. costs that change with the amount of output a firm produces.
The law of diminishing returns means that Multiple Choice O total product will eventually increase at a decreasing rate as more inputs are employed. O the marginal product will increase at an increasing rate. O average total costs are rising and then falling as output is increased. O average fixed cost will fall as production increases.
1) A firm's production function is the relationship between: 1) _______ A) the demand for a firm's output and the quantity it is able to produce with available resources. B) the factors of production and the resulting outputs of the production process. C) the firm's production costs and the amount of revenue it receives from the sale of its output. D) the inputs employed by the firm and the resulting costs of production. 2) The demand curve faced by the...
The firm's production function is the relationship between the firm's and its maximum 0 A, inputs, outputs O B. costs; outputs OC. inputs; profits OD. outputs, profits
8.13. A firm produces a product with labor and capital. Its production function is described by Q = L + K. The marginal products associated with this production function are MPL = 1 and MPK = 1. Let w= 1 and r = 1 be the prices of labor and capital, respectively. a) Find the equation for the firm's long-run total cost curve as a function of quantity Q when the prices labor and capital are w = 1 and...
The globalization of production of goods and services is largely the result of: Multiple Choice None of the options. the depletion of home country natural resources. multinational corporations' efforts to source inputs and locate production wherever costs are lower and profits higher. the unfettered movement of highly skilled labor across national boundaries. the global homogenization of consumer tastes for goods and services.
Anwser all multiple choice Multiple Choice (3 points each) 0 costs include all of the following event A wages of production workers B. depreciation on factory equipment C. factory utilities D. direct materials purchased 10) Which of the following is not considered a product cost? A direct materials B. direct labor C. indirect materials D. selling expense 11) Fixed costs are expenses that A. vary in response to changes in activity level B. remain constant on a per-unit basis C....