The peak of the Total Product curve relates that a. Maximum output of production b. Maximum productivity O c. Minimum Average Cost d. Minimum Marginal Cost The peak of the Total Product curve marks the point when Marginal Product becomes O a. constant b. negative C. one d. zero
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- Suppose the cost of machines increases to 55, while the cost of labor stays at 40. How would that affect the total cost of the three methods? Which method should the film choose now?9:15 AM O Y O 65 Micro15 - Saved d. Righiward A_ 15. When returns to scale are decreasing, total output a. Increases b. Deсreases c. Does not change d. Varies IV. Match The term (column B) that best fits the phrases (Column A below. Column A Column B a. Marginal product A_1. Describe the functional relationship of input and output v_2. Production function b. Least-cost combination _C_3, Infinitesimal change c. Isocost line 4. Output yielded from the last unit of input d. isquant 5. TP divided by the number of variable inputs e. Production function 6. Refers to the declining trend to MP f. Counterproductive conditions 7. Illustrates the varied combinations of inputs at the same level of plant capacity g Finite change 8. Contains combinations of inputs that the same budget can purchase given constant prices h. Marginal rate of substitution 9. Price of labor inputs over price of capital inputs i. Economies of scale 10. Ration between output and input j. Diseconomies of scale k. Maximum…B. the rodu g one m Average Variable Cost C. fixed costs divided by output D. total cost divided by output v Marginal Cost QUESTION 5 20 points Save Answer Match each of the following terms and descriptions Constant returns to scale when the average cost of producing each individual unit A. declines as total output increases Diseconomies of scale average cost of producing each individual item increases as В. output increases economies of scale average cost of producing each individual unit remains C. constant as output increases Long Run Average Total Cost Curve the relationship between output and costs over the life of a D. business Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save All Answers Save and Submit ype here to search W 63°F Ca ) ENG 8:10 PM 10/18/2021 hp
- age=1 The short run is a time period in which: aved ut of Select one: O A. the level of output is fixed. O B. some resources are fixed and others are variable. O C. the size of the production plant is variable. O D. all resources are fixed. Clear my choice pus pageThe following three kinds of technologicall change influence production and cost in the very lon OA larger K. improved inputs, and new products OB. new techiniques, improved inputs, and new products. OC. larger K, larger L, and new products. O D. new techniques, substitution of K for L, and new products. DE. new techniques, improved products, and larger K.4. An iso-quant gives: O Combinations of output that can be produced using different levels of inpuis b. Combinations of inputs that can produce a constant level of output C. Combination of out puts that can be produced with a given level of upuis. d. None of the above is correct
- Answer the next four questions after completing the cost table below: Quantity TC MC AFC AVC ATC 0 1 2 3 4 5 6 90 140 410 || X 70 X 45 22.5 What is the AVC when two units of output are produced? O a. $50 O b. $55 O c. $60 O d. $70 X 50 90 1 X 100 115Wlhy would a firm be happy to earm zero economic protits? Recause zero cconomic profit means that the firm earns O enough in total revenues to pay for all the fixed costs and some hut not all of the varlable costs. O enough in total revenues to pay for all the accounting custs but rrone of the opportunity costs. O zero accounting profits. O enough in total revenues to pay for all the laccounting costs and all of the opportunity costs.Consider this production function. Study hours 2. 4 10 11 12 14 15 or more 13 Grade 20 33 42 50 57 63 69 73 78 81 84 86 88 89 90 1007 90 - 80 70 60 S0 40 30 20 10 Hours of study per day Select one or more: a. The average product of labour is falling as hours of study increase. O b. The marginal product of labour is constant as hours of study increase. O c. The marginal product of labour is rising as hours of study increase. U d. The marginal product of labour is zero beyond 15 hours. Final grade 9-
- Use the figure below to answer the following questions. Average cost (dollars per sweater) 12 H Select one: OA. Plant A OB. Plant B O C. Plant C O D. Plant D O E. none of the above 10 8 6 4 2 0 5 10 ATCA ATCB ATCC ATCD 15 20 25 30 Output (sweaters per day) Figure 11.4.2 Refer to Figure 11.4.2, which illustrates the short-run average total cost curves for four different plant sizes. Which plant has the lowest average total cost for an output rate of 5 sweaters a day?1.Suppose a chair manufacturer is producing in the short run (with its existing plant andequipment). The manufacturer has observed the following levels of production correspondingto different numbers of workers:Number of Workers Number ofChairs 1 10 2 18 3 24 4 28 5 30 6 28 7 25a. Calculate the marginal and average product of labor for this production function.b. Does this production function exhibit diminishing returns to labor? Explain.c. Explain intuitively what might cause the marginal product of labor to becomenegative.How firm choose optimum combination of inputs in short run and in logn run explain theoritically and graphically?