Microeconomics
21st Edition
ISBN: 9781259915727
Author: Campbell R. McConnell, Stanley L. Brue, Sean Masaki Flynn Dr.
Publisher: McGraw-Hill Education
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Textbook Question
Chapter 9, Problem 2RQ
Which of the following are short-run and which are long-run adjustments? LO9.1
a. Wendy’s builds a new restaurant.
b. Harley-Davidson Corporation hires 200 more production workers.
c. A farmer increases the amount of fertilizer used on his corn crop.
d. An Alcoa aluminum plant adds a third shift of workers.
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6.Which of the following are short-run and which are long-run adjustments? LO3
a.Wendy’s builds a new restaurant.
b.Harley-Davidson Corporation hires 200 more production workers.
c.A farmer increases the amount of fertilizer used on his corn crop.
d.An Alcoa aluminum plant adds a third shift of workers.
Variable Input 1 Variable Input 2
Fixed Input
$30
$20
$40
Price
A
Marginal Product
60
B
Suppose you are the manager of Super Suds, a large manufacturer of laundry detergent that uses two variable
inputs and one input that is fixed in the short-run.
Refer to the table above. In the short run, if A = 40 and B = 40, which of the following is true?
Select one:
O A. You should buy more of Input 1 and less of Input 2.
O B. You should buy more of Input 2 and less of Input 1.
OC. You should buy less of the Fixed Input.
O D. Your firm is minimizing costs.
The following is a table of cost for a toy manufacturing firm. The variable input is labor. Use
this table to answer the following question.
Average variable Average fixed
cost
Average
Variable
Quantity of toys
Total costs
cost
total cost
costs
$0
$20
$10
A
$40
В
In the cell B, which number is correct?
10
O 5
none of these options is correct
O 15
Chapter 9 Solutions
Microeconomics
Ch. 9.2 - Prob. 1QQCh. 9.2 - Prob. 2QQCh. 9.2 - Prob. 3QQCh. 9.2 - Prob. 4QQCh. 9.5 - Prob. 1QQCh. 9.5 - Prob. 2QQCh. 9.5 - Prob. 3QQCh. 9.5 - Prob. 4QQCh. 9.8 - Prob. 1QQCh. 9.8 - Prob. 2QQ
Ch. 9.8 - Prob. 3QQCh. 9.8 - Prob. 4QQCh. 9 - Prob. 1DQCh. 9 - Prob. 2DQCh. 9 - Prob. 3DQCh. 9 - Prob. 4DQCh. 9 - Prob. 5DQCh. 9 - Prob. 6DQCh. 9 - Prob. 7DQCh. 9 - Prob. 8DQCh. 9 - Prob. 1RQCh. 9 - Which of the following are short-run and which are...Ch. 9 - Prob. 3RQCh. 9 - Indicate how each of the following would shift the...Ch. 9 - Prob. 5RQCh. 9 - Prob. 6RQCh. 9 - Prob. 1PCh. 9 - Prob. 2PCh. 9 - Prob. 3PCh. 9 - Prob. 4P
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