QUESTION 9 The slope of the iso-cost curve O a. Depends on the marginal productivity of the inputs of production Ob. Depends on both the marginal productivity of the inputs of production and on the relative prices of such inputs Oc Only depend on the relative prices of the inputs of production O d. Depend on both the prices of the inputs of production and on the level of total costs incurred by the firm Oe. None of the proposed answers is correct

QUESTION 9 The slope of the iso-cost curve O a. Depends on the marginal productivity of the inputs of production Ob. Depends on both the marginal productivity of the inputs of production and on the relative prices of such inputs Oc Only depend on the relative prices of the inputs of production O d. Depend on both the prices of the inputs of production and on the level of total costs incurred by the firm Oe. None of the proposed answers is correct

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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69 O Completed 17 out of 20 Question 7 of 20 Because P> MR, which equation applies to the value of a firm's marginal product? O VMPL = MRPL O VMPL > MRPL O MRPL = VMPL O VMPL < MRPL LAPTOP LOGIN acer r USERNAME: student PASSWORD: Broward1 TravelMate B F8 F10 F11 95
Q18
Bob produces candles. The average total cost reaches its minimum at a quantity O A. the same as the quantity at which the average variable cost reaches its minimum. O B. lower than the quantity at which the average variable cost reaches its minimum. O C. the same as the quantity at which the marginal cost is at a maximum. O D. the same as the quantity at which the marginal cost is at a minimum. O E. greater than the quantity at which the average variable cost reaches its minimum.
O Question 2 The average total cost curve is intersected at its minimum point by the average variable cost curve only. the marginal cost curve only. both the average variable cost curve and the marginal cost curve. neither the average variable cost curve or the marginal cost curve. T OL
Suppose that the firm Smith Co sells 400 blouses per month for $80 per blouse. Roberto, the owner of the business and does not take salary from her business yet. Roberto is a textile engineer by trade and could be earning $ 4800 per month working for a similar firm. The monthly costs of production are as follow: materials: $ 8000 labor: $12800 other: $1600 What is are Smith Co's total explicit costs? $ What is are Smith Co's total implicit costs? $ What is Smith Co's accounting profit? $ What is Smith Co's economic profit? $ ID - -> -
When fixed costs are ignored because they are irrelevant to a business's production decision, they are called O explicit costs. O implicit costs. Osunk costs. O opportunity costs.
Question 6 A production function defines the output that can be produced: O A. as technology changes over time. B. if the firm is technically efficient. O C. for the average firm. O D. in a given time period if no additional inputs are hired. O E. at the lowest cost, given the inputs available.
Economics Question
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A Share Zoom TVC TC AVC MC 0. 15 23 30 Answer the following questions:
A firm's production function takes the form: Q(L, K) = min {8L, 6K}, where Q represents output and L and K represent labour and capital, respectively and where w and r give the prices of labour and capital. What would be the expression for the firm's marginal costs? O O O O MC = w + 1/ MC = 6r + 8w MC = W MC 6w+8r W MC = 8 +! 6 + 3r 6w+8r = Q (²= ² + ² )
1. Figure 1 shows the production function of a firm. Y В Y2 Y1 X X1 X2 a) What are the variables along (i) of the X axis? (ii) Y axis? b) Does the firm operate in the short term or long term? c) Referring to the diagram above, what is the level of input where (i) firms experiencing increased marginal output? (i) does the firm experience a declining marginal output? (i) the firm achieves maximum marginal output? (iv) the firm achieves a blank marginal output?