**Question 11**In the long-run, all inputs are- a. fixed.- b. more expensive.- c. less expensive.- d. variable.*Note: This question is designed to assess your understanding of economic concepts related to the behavior of inputs over different time horizons.*

Long run is the time period where the firm has enough time to change their any inputs. In long run…

Answered: In the long-run, all inputs are a.…

Business

Economics

In the long-run, all inputs are a. fixed. b. more expensive. c. less expensive. O d. variable.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Related questions

Q: Does it make sense to consider the returns to scale of a production function in the short run? A.…

A: Short Run Production Function shows the relationship between the Physical inputs and physical…

Q: A firm called Anonymous of Toronto makes corrugated cardboard boxes. It decides to increases all of…

A: The firms, and businesses in an economy tend to operate with the motive of earning maximum amount of…

Q: If the value of the marginal product of pie makers increased, a possible explanation could be Select…

A: Introduction The Marginal Product is the total product multiplied by a single variable input unit…

Q: Draw the short-run MC, AVC, and AC curves. Please use no less than 5 points for each curve. Label…

A: a. Below is the well labelled graph

Q: 2. What does it mean for two inputs to be perfect substitutes?

A: Inputs refers to the factors used in producing the goods and services. In other words, these are the…

Q: the SRATC can LRAC Q DA The fim cannot produce at pont C because there is no SRATC curve through…

A: The presence of a fixed input constrains is short-run average costs. So, in the long term, we can…

Q: The following three kinds of technological change intue OA larger K. improved inputs, and new…

A: In long run, the technology will brings changes to production process, along with efficiency of…

Q: a When he gets the opportunity to do so, Faizan increases the amount of capital his workers have…

A: The production function consists the combinations of inputs that can give maximum production. The…

Q: Explain fully the law of diminishing returns. Does this occur in the short run or the long run? How…

A: In economics, the short run is a time period where atleast one factor of production is fixed while…

Q: Labor Input (L) TPL APL MPL 1 7 2 18 9 11 3 30 10 12 4 44 11 14 62 12.4 18 6 78 13 16 7 88 12.57 10…

A: Output is done with labour variable input. The rise in output leads to fall in the marginal products…

Q: In the long run, Select one: a. some resources are variable and some resources are fixed. b. all…

A: In economics, a firm's analysis is typically conducted from both a short- and long-run perspective.…

Q: Suppose a firm has two plants, A and B, each producing the same product but using different…

A: As per economics, the marginal product of capital or MPK is the additional production that a firm…

Q: 4. An iso-quant gives: O Combinations of output that can be produced using different levels of…

A: Hi, thank you for the question. As per our Honor code, we are allowed to attempt only first…

Q: Consider the graph below for a firm. At point T, we know that the firm: A.ls a cost minimizer but…

A: Isoquant Curve:- It is a curve showing combination of all the factors and input, used in producing a…

Q: À firm minimizes its production costs, subject to a given output level, at that point where a. the…

A: d. an isoquant is tangent to the isocost curve

Q: QUESTION 7 If a firm increases all of its inputs by 10 percent and its output increases by 10…

A: When there is rise in both inputs (labor and capital) and outputs by the same proportion, constant…

Q: t the following table shows the short run production function where labor is variable and other…

A: Here, L 0 1 2 3 4 5 6 7 8 Total productivity of labor 0 4 10 18 24 28 28 26 22 Marginal…

Q: When the firm's LRATC curve is downward sloping over its range of production, this implies that A.…

A: Long run average total cost curve shows the lowest cost for producing each quantity of output in the…

Q: Which are the following are short-run and which are the long-run adjustment? Explain with the help…

A: The long-run is the situation when there are no fixed factors (every factor is considered as a…

Q: 2-If you have the following production function Q=f( L,K), answer the following : 1. is this…

A: Note:- Since we can only answer up to three subparts, we'll answer first three. Please repost the…

Q: What is the diference between total cost and vaiable cost in the long nun? In the long run A. the…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: The long-run average cost curve is tangent to a series of short-run average total cost curves. O a.…

A: The cost is the expenditure of a firm when it utilises its resources for producing goods and…

Q: What is the diference between total cost and variable cost in the long nun? in the long run OA the…

A: The total cost incurred to produce a certain product or a service is called the cost of production.…

Q: Along an isoquant, The MRTSfork equals the MP of K/ MP of L. Price of L/ Price of K. O the MP of…

A: The marginal rate of technical substitution (MRTS) illustrates the rate at which one of the factor…

Q: 2. Short Run Cost and Product Curves [S O TPL = Q(L) = 10L½ 200 nav - The wage (price) of labor is W…

A: (a) Q = 10L1/2 => L1/2 = (Q / 10) => L = (Q/10)2 => L = Q2 / 100 -----------> Total…

Q: The production function shows: a. The level of output as a function of the quantity of inputs.…

A: The markets are considered to be place where the meeting, and interaction of the buyers of various…

Q: The table to the right shows the marginal product of capital and labour for each of several methods…

A: A production method refers to the process or system used to create goods or services. It involves…

Q: A firm produces q with inputs labor L and materials M. The production function is q=50(ML)0.5+M+L…

A: Here we are given the production function. A production function is a function of labor, capital,…

Q: 50. If all inputs are trebled and the resultant output is doubled, this is a case of

A: answer is given below

Q: What is the law of diminishing returns? O Additional units of fixed inputs provide less additional…

A: diminishing returns is the decrease in marginal output of a production process as the amount of a…

Q: What should he recommend as a short-run remedy?

A: Marginal product of labour in plant B is higher than Plant A

Q: For an increase in output, average costs change by more in the short-run than in the long-run, but…

A: Average cost: The average cost for a firm can be defined as the cost incurred per unit of output for…

Q: Ab isocost linejdentifies a. The least costly combination-of-inputsmeeded to-produce a given level…

A: The Isocost line show the different combination of inputs that cost the same amount with prevalent…

Q: To economists, the main difference between the short run and the long run is that: Question 17…

A: In economics, the short-run and long-run perspectives are typically used to analyse a corporation.…

Q: Suppose a hotel exhibits constant returns to scale as it increases its output. If it increases all…

A: Returns to scale is about the relationship between input and output. It refers to the amount of…

Q: A fixed input is one: Select one: a. that can never produce more or less in any period. b. that only…

A: In a broad sense, there are two types of inputs (factors) used in the production i.e. fixed input…

Q: -. All inputs can be varied in O Short run

A: To find : When do input varies.

Question

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

In a diagram, how is the effect of an increase in the price of a variable input illustrated? Multiple Choice The MC, AVC, ATC and AFC curves would shift down. Only the MC, AVC, and ATC curves would shift down. Only the MC, AVC, and ATC curves would shift up. The MC, AVC, ATC and AFC curves would shift up.
To economists, the main difference between the short run and the long run is that: the law of diminishing returns applies in the long run, but not in the short run.B. in the long run all resources are variable, while in the short run at least one resource is fixed.C. fixed costs are more important to decision making in the long run than they are in the short run.D. in the short run all resources are fixed, while in the long run all resources are variable.
You own a yogurt shop. 1) The inputs to the production of frozen yogurt are: 3 machines, refrigerators, frozen yogurt mix, cups, sprinkles, workers. What are the fixed inputs, and which are variable? 2) Complete the table: Wages per worker are $80, other variable input costs are $0.50 per cup, and Fixed Costs are $100. Complete the table. Other Cups Worke Labor Variabl of Cost e Input FroYo Cost 0 110 200 270 300 320 330 0 1 2 C 4 LA Variabl Total e Cost Cost (VC) (TC) Averag e Fixed Cost (AFC) Averag Avera ge Variabl Total e Cost Cost (AVC) (ATC) Margi nal Cost (MC)
a) Explain The Law of Diminishing Returns. b) Distinguish between the terms short run and long run in a production scenario. A BI mary here to search !!!
When the law of diminishing returns takes effect a. a firm must always try to add the same amount of input to the production process. b. more input must be added in order to increase its output. c. firms must add decreasingly more input if they are to maintain the same extra amount of output. d. firms must add increasingly more input if they are to maintain the same extra amount of output.
Q15 _____ cost declines over the whole range of output. a. Average variable. b. Total variable. c. Average fixed. d. Total fixed. e. Marginal.
!
i need the answer quickly
34. An iso-quant gives: S Combinations of output that can be produced using different levels of inputs 0. 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