A technological improvement that causes an increase in the marginal product of a resource will:  A. Decrease the demand for the resource B. Increase the demand for the resource C. Decrease the marginal revenue product D. Increase the marginal resource cost

1. Which of the following statements is true? a. the cost of producing output in the short run is always strictly less than the cost of production in the long run b. the cost of producing output in the short run is always strictly greater than the cost of production in the long run c. the cost of producing output in the short run is greater than or equal to the cost of production in the long run d. the cost of producing output in the short run is less than or equal to the cost of production in the long run

Question 4 For a firm, the production function represents the relationship between OOO implicit costs and explicit costs. quantity of inputs and total cost. quantity of inputs and quantity of output. quantity of output and total cost. iz Instructions Question 5 Grace is a self-employed artist. She can make 20 pieces of pottery per week. She is considering hiring her sister Kate to work for her. Both she and Kate can make 35 pieces of pottery per week. What is Kate's marginal product? O 15 pieces of pottery O22.5 pieces of pottery O 35 pieces of pottery O 55 pieces of pottery

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When the marginal cost is lesser than the average cost the firm is producing in which     Answers: A.  The average cost is decreasing.   B.  The total cost is decreasing.   C.  The average cost is increasing.     D.  The marginal cost is decreasing.

Long-run costs of production are generally lower than the short run costs because:   a. all inputs are fixed in the long run. b. firms cannot change their scale of production in the long run. c. there is greater flexibility in input usage in the long run.

According to a firm’s technology of production, you can take away 3 units of labor if you add 5 units of capital without changing production. The price of labor is $8 and the price of capital is $6. Assuming the firm’s MRTS is diminishing, this firm a. is minimizing cost at its current output level. b. should use more capital and less labor to lower the cost of producing its current output. c. should use less capital and more labor to lower the cost of producing its current output. d. should use less capital and less labor to lower the cost of producing its current output. e. None of above.

QUESTION 5 If we know a firm's demand for an input then we can derive the firm's a. mission, vision, and values b. output supply c. opportunity cost d. stock price