which one is true If a firm uses 10 units of labour and 20 units of capital to produce 10 units of output. The marginal product of labour is 0.5. If there are constant returns to scale the marginal product must be 0.25. or If a firm uses 10 units of labour and 30 units of capital to produce 10 units of output. The marginal product of labour is 0.5. If there are constant returns to scale the marginal product must be 0.25

When Marginal Product of Labor intersects the Average product of labor, minimum average product of labor obtains at the intersection. True False

Consider the production function of the firm below. Which of the following is NOT true? The marginal product of labor at B is 70 units. The total product is increasing as inputs to production increase. The marginal product of capital at point D is 50. The marginal products of both labor and capital are always increasing.

Explain why this statement is true or false: "If the labor cost per table is $20 and the material cost per table is $30, the short run average cost per table is $50."

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Consider the following diagram showing a range of isoquants and isocosts, with labour measured on the horizontal axis and capital measured on the vertical axis. Assume that when the firm is producing in the short run, capital is fixed at K but capital is variable in the long run. K, Capital K A B Q3 Isoquant Q2 Isoquant Q₁ Isoquant L, Labour Which of the following can we conclude? O Only point B represents cost minimisation in both the short run and the long run, as it is on the short run expansion path, as well being the cost minimising point in the long run. Points A, B and C represent cost minimisation in the long run only. There are no points that represent cost minimisation in both the short run and the long run. Points A, B and C represent cost minimisation in both the short run and the long run. Points D and E represent cost minimisation in the short run only. Points A, B and C represent cost minimisation but only in the short run. Points D and E represent cost minimisation in…

Maria produces pizzas using labor, an oven, and flour. When Maria uses 4 workers she can produce 100 pizzas per day. When she uses 8 workers, she can produce 175 pizzas per day. True or false: Maria's production function displays decreasing returns to scale. True or False

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Suppose that a firm has only one variable input, labor, and firm output is zero when labor is zero. When the firm hires 5 workers the firm produces 85 units of output. Fixed costs of production are $5 and the variable cost per unit of labor is $10. The marginal product of the sixth unit of labor is 4. Given this information, when the firm hires 6 workers the total output is amount to $ variable costs are $ production (rounded to the nearest cent) is cents. units, the fixed costs and the average total cost of

Consider a short run production function q=5L+K, using L units of labour and K units of capital. Compute the marginal product of labour.                                      2. Does the production function exhibit decreasing, increasing or constant returns to scale?