9:15 AM O Y O65Micro15 - Savedd. RighiwardA_ 15. When returns to scale are decreasing, total outputa. Increasesb. Deсreasesc. Does not changed. VariesIV.Match The term (column B) that best fits the phrases (Column A below.Column AColumn Ba. Marginal productA_1. Describe the functional relationship of input andoutputv_2. Production functionb. Least-cost combination_C_3, Infinitesimal changec. Isocost line4. Output yielded from the last unit of inputd. isquant5. TP divided by the number of variable inputse. Production function6. Refers to the declining trend to MPf. Counterproductiveconditions7. Illustrates the varied combinations of inputs atthe same level of plant capacityg Finite change8. Contains combinations of inputs that the samebudget can purchase given constant pricesh. Marginal rate of substitution9. Price of labor inputs over price of capital inputsi. Economies of scale10. Ration between output and inputj. Diseconomies of scalek. Maximum output11. Change in capital inputs over change in laborinputs12. Combination of resources that yields output atthe lowest possible cost1. Improved production13."same quantity"m. Isoquant map14. Any downward sloping portion of a long-runaverage cost curven. Average product15. Any upward sloping portion on the sameo. Returns to scaleaverage cost curve in #1416. Illustrated by the TP, MP, and AP curvesp. Law of diminishing returnsshifting upward9. Resource inputs17.% change in plant capacity over % change inresource input__18. An eventual result of expansion of plant sizer. An infinitely small change5. Theory of production.t. Productivity19. Units of increase in TPS 20. Measures the change between output andinput as their levels vary in the hierarchy productionfunctionsu. utilizationv. production isoquant12 of 22 43 Words...

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A_15, When returns to scale are decreasing, total output a. Increases b. Decreases c. Does not change d. Varies

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter11: The Firm: Production And Costs

Section: Chapter Questions

Problem 21P

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Concept explainers

Short-Run Costs and Long-Run Costs

Cost of short-run and the long-run is an economic term that describes the cost involved in the production of goods in a firm in the short as well as long period.

Question

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 output
11. Change in capital inputs over change in labor
inputs
12. Combination of resources that yields output at
the lowest possible cost
1. Improved production
13."same quantity"
m. Isoquant map
14. Any downward sloping portion of a long-run
average cost curve
n. Average product
15. Any upward sloping portion on the same
o. Returns to scale
average cost curve in #14
16. Illustrated by the TP, MP, and AP curves
p. Law of diminishing returns
shifting upward
9. Resource inputs
17.% change in plant capacity over % change in
resource input
__18. An eventual result of expansion of plant size
r. An infinitely small change
5. Theory of production.
t. Productivity
19. Units of increase in TP
S 20. Measures the change between output and
input as their levels vary in the hierarchy production
functions
u. utilization
v. production isoquant
12 of 22 43 Words
...

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