Select all that apply

A production function

shows the maximum output possible.

is not a mathematical equation.

holds fixed technology.

relates output to units of technology.

can be expressed as Q=f(L, K).

shows the maximum output possible.

holds fixed technology.

can be expressed as Q=f(L, K).

Select all that apply

The two reasons for fixed or quasi-fixed inputs include

the input is immovable.

the cost of the input is fixed.

the input must be purchased in bulk amounts.

the cost of adjusting the input is prohibitively high.

the input must be purchased in bulk amounts.

the cost of adjusting the input is prohibitively high.

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Average variable cost is dependent on

the average product of the variable input.

total cost.

the marginal product of the variable input.

the wage.

the fixed input.

the average product of the variable input.

the wage.

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Short run marginal cost is dependent on

the average product of the variable input.

the marginal product of the variable input.

the fixed input.

the wage.

total cost.

the marginal product of the variable input.

the wage.

To answer, refer to the following:

"Ford built 18 vehicles per auto employee in North America last year, while GM could only manage 12."

In comparison with GM, Ford had a higher

To answer, refer to the following:

"At Huffy's ... bicycle factory, 1,700 employees turn out 15,000 bicycles a day. Five years ago, it required 2,200 workers to make 10,000 bikes daily."

Holding all else equal, we can conclude that, over the past 5 years,