The period of a time when a firm is able to change all of inputs factors of production is called the: A) economic term B) short run C) accounting term D) long run
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The period of a time when a firm is able to change all of inputs factors of production is called the:
A) economic term
B) short run
C) accounting term
D) long run
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- Write about the production function with two and more than two variablesWe can describe inputs as either fixed or variable. Thinking about a company that assembles cars, which of the following would be an example of a fixed input that could not be changed in the short run? Group of answer choices A)The robots that help assemble the cars. B)The building where the assembly takes place. C)The electricity required to support the assembly activity. D)The employees that work for the company.Select all that apply A production function can include many inputs. Which of the following are the most commonly used inputs? Land Capital Entrepreneurship Technology Labor
- Explain a firm’s production function. Include in your answer how time influences the production function.Draw the production function graph illustration the three stages (diminishing returns) in the production and the relationship between TP ,MP and AP . Explain how the production of one commodity leads to less production of others .Problem 2 (a) Find an example of a production technology that is such that two inputs must be used in fixed proportions (hopefully a different one from the examples discussed in class). Explain why you chose this example. Draw a typical isoquant of the example you found. (b) Find an example of a production technology that is such that two inputs are completely inter- changeable. Explain why you chose this example. Draw a typical isoquant of the example you found. (c) Find an example of convexity of production technology. Explain why you chose this example. Draw a typical isoquant of the example you found.
- How does the firm increase its production in the long-run? What input/s can it use to increase production?What is the difference between a feasible production plan in the short run and in the long run? Give an example of a real product and the major inputs necessary to produce the product and then a short run and long run production plan.What is a production function? Response option group It is the production technology It is the relationship between inputs and the level of production It is the average product It is the marginal product
- A production process uses two inputs, labor and capital. If the marginal product of labor per dollar is higher than the marginal product of capital dollar, what should the firm do to lower costs? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a Increase output b Decrease output C Increase the amount of capital d Increase the amount of laborThe amount of fish caught per week an a trawler is a function of the crew size assigned to operate the boat. Based on past data, consider the following production function identifying the relationship between output and labor input. You may assume that capital is fixed at 10 units.Labour Input (No of. Workers) (L) Total Product TPL (Q). From the table below :-(a) Calculate APL and MPL. (b) Graph APL and MPL. Do they have the expected shape? (c) On your graph, identify the three stages of production Labour input (No of Workers) (L) Total Product TP L (Q) 0 0 1 80 2 170 3 300 4 450 5 540 6 620 7 700 8 770 9 830 10 880 11 920 12 950 13 970 14 980 15 985 16 988 17 988The short run is a time period that is A) long enough to change the size of the firm's plant. B) too short to change the size of the firm's plant. C) too short to change the amount of ANY resource the firm employs. D) too short to change the amount of labor hired.
