question
if the firm is technically efficient.
answer
A production function defines the
output that can be produced
output that can be produced
question
technology
answer
A production function assumes a given
question
a production function
answer
A function that indicates the maximum
output per unit of time that a firm can
produce, for every combination of inputs
with a given technology, is called
output per unit of time that a firm can
produce, for every combination of inputs
with a given technology, is called
question
I is true, and II is false
answer
Use the following two statements to
answer this question:
I.
Production functions describe what is
technically feasible when the firm operates
efficiently.
II.
The production function shows the least
cost method of producing a given level of
output.
answer this question:
I.
Production functions describe what is
technically feasible when the firm operates
efficiently.
II.
The production function shows the least
cost method of producing a given level of
output.
question
All of these (labor, capital and equipment, plant size)
answer
Which of the following inputs are
variable in the long run?
variable in the long run?
question
q = 9L
answer
Joe owns a small coffee shop, and his
production function is q = 3KL where q is
total output in cups per hour, K is
the number of coffee machines (capital), and L is the number of employees hired per hour (labor). If Joe's capital is currently fixed at K=3 machines, what is his short run production function
production function is q = 3KL where q is
total output in cups per hour, K is
the number of coffee machines (capital), and L is the number of employees hired per hour (labor). If Joe's capital is currently fixed at K=3 machines, what is his short run production function
question
Q = 100KL^0.5
answer
Suppose there are ten identical
manufacturing firms that produce computer chips with machinery (capital, K) and labor (L), and each firm has a production function of the form q = 10KL
0.5. What is the industry level production function?
manufacturing firms that produce computer chips with machinery (capital, K) and labor (L), and each firm has a production function of the form q = 10KL
0.5. What is the industry level production function?
question
F(K,L) = K + L-1
answer
Which of the following equations based
on capital (K) and labor (L) inputs does not
represent a plausible production function?
on capital (K) and labor (L) inputs does not
represent a plausible production function?
question
marginal product
answer
The slope of the total product curve is
the
the
question
is less than average product
answer
When the average product is
decreasing, marginal product
decreasing, marginal product
question
MP = 5K
answer
Joe owns a coffee house and produces
coffee drinks under the production function
q = 5KL where q is the number of cups
generated per hour, K is the number of
coffee machines (capital), and L is the
number of employees hired per hour (labor).
What is the marginal product of labor?
coffee drinks under the production function
q = 5KL where q is the number of cups
generated per hour, K is the number of
coffee machines (capital), and L is the
number of employees hired per hour (labor).
What is the marginal product of labor?
question
an implicit cost.
answer
In order for a taxicab to be operated in
New York City, it must have a medallion on
its hood. Medallions are expensive, but can be resold, and are therefore an example of
New York City, it must have a medallion on
its hood. Medallions are expensive, but can be resold, and are therefore an example of
question
5
answer
The total cost (TC) of producing
computer software diskettes (Q) is given as: TC = 200 + 5Q. What is the marginal cost?
computer software diskettes (Q) is given as: TC = 200 + 5Q. What is the marginal cost?
question
they are more likely to become takeover targets of profit maximizing firms.
answer
If managers do not choose to
maximize profit, but pursue some other goal such as revenue maximization or growth,
maximize profit, but pursue some other goal such as revenue maximization or growth,
question
-500,000
answer
Conigan Box Company produces
cardboard boxes that are sold in bundles of 1000 boxes. The market is highly
competitive, with boxes currently selling for $100 per thousand. Conigan's total and
marginal cost curves are:
TC = 3,000,000 + 0.001Q^2
MC = 0.002Q
where Q is measured in thousand box
bundles per year. What is Conigan's profit/loss when the company chooses a profit maximizing quantity?
cardboard boxes that are sold in bundles of 1000 boxes. The market is highly
competitive, with boxes currently selling for $100 per thousand. Conigan's total and
marginal cost curves are:
TC = 3,000,000 + 0.001Q^2
MC = 0.002Q
where Q is measured in thousand box
bundles per year. What is Conigan's profit/loss when the company chooses a profit maximizing quantity?
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