question
Given the following data on input and output levels. Suppose the output price is $5 and input price is $10. Find the values of AVP and MVP when X = 4:
answer
$312.50 and $375
question
Given the following data on input and output levels. Suppose the output price is $5 and input price is $10. Find the values of AVP and MVP when X = 8:
answer
$375 and $375
question
Given the following data on input and output levels. Suppose the output price is $5 and input price is $10. Find the values of AVP and MVP when X = 2:
answer
$250 and $250
question
Given the following data on input and output levels. Suppose the output price is $2 and input price is $3. Find the values of AVP and MVP when X = 6:
answer
$25 and $10
question
Given the following data on input and output levels. Suppose the output price is $2 and input price is $3. Find the values of APP and MPP when X = 6:
answer
12.5 and 5
question
Given the following data on input and output levels. Suppose the output price is $2 and input price is $3. Find the values of AVP and MVP when X = 4:
answer
$30 and $30
question
Given the following data on input and output levels. Suppose the output price is $5 and input price is $10. Find the values of APP and MPP when X = 10:
answer
70 and 50
question
If Y is output, given as a function of an input, X, then the marginal product of X is calculated as
answer
The first derivative of Y with respect to X
The slope of Y with respect to X
The slope of Y with respect to X
question
Which of the following is the first condition for profit maximization?
answer
Marginal revenue equals marginal cost
question
What is the first (or first order) condition for finding the maximum point of a function?
answer
First derivative or slope is equal to zero
question
What is the second (or second order) condition for finding the maximum point of a function?
answer
Second derivative (or rate of change of the first derivative) is negative
question
Given the following table:
What is the missing value of MPP represented by "B"?
What is the missing value of MPP represented by "B"?
answer
23
question
The range of production where TPP is decreasing and MPP is negative is
answer
stage III
question
The optimum level of input use will always occur in which stage of a classical production function
answer
stage II
question
In the graph the elasticity of production would be less than 0 between
answer
points C and D
question
The working model of a production process in agriculture defines input as a function of output.
answer
False
question
Given the production function: 10X + 0.7X2 - 0.005X3; what is the value of X at the inflection point
answer
47
question
Given the following data on input and output levels. Suppose the output price is $2 and input price is $3. Find the values of APP and MPP when X = 5:
answer
14 and 10
question
Given the following data on input and output levels. Suppose the output price is $2 and input price is $3. Find the values of APP and MPP when X = 4:
answer
15 and 15
question
Given the following data on input and output levels. Suppose the output price is $2 and input price is $3. Find the values of AVP and MVP when X = 3:
answer
$30 and $40
question
Given the following data on input and output levels. Suppose the output price is $2 and input price is $3. Find the values of APP and MPP when X = 2:
answer
12.5 and 15
question
Given the following data on input and output levels. Suppose the output price is $2 and input price is $3. Find the values of AVP and MVP when X = 2:
answer
$25 and $30
question
If Y is output, given as a function of an input, X, TVC is total variable cost, given as function of Y, then average variable cost given as a function of Y is calculated as
answer
The slope of a ray from origin to the point on the TVC function
question
If Y is output, given as a function of an input, X, TC is total cost, given as a function of Y, then the marginal cost, MC, given as a function of Y is calculated as
answer
The first derivative of TC with respect to Y
MC=DTC/DY
MC=DTC/DY
question
Given the following table:
What is the missing value of APP represented by "C"?
What is the missing value of APP represented by "C"?
answer
16
question
The standard production function representing the total physical product (TPP) indicates the effect on output when
answer
one input is increased and all other inputs are held constant
question
The point at which TPP changes from increasing at an increasing rate to increasing at a decreasing rate is the same as
answer
all of the above
question
In the graph the rational area of production would be between
answer
points A and C
question
Given the production function: 10X + 0.7X2 - 0.005X3; what is the value of X that results in the maximum yield
answer
100
question
Given the following data on input and output levels. Suppose the output price is $5 and input price is $10. Find the values of APP and MPP when X = 4:
answer
62.5 and 75
question
The specific formula for calculating MPP at any point on a production function is MPP =
answer
dY/dX
question
A production function that exhibits diminishing marginal returns implies that
answer
at some point MPP decreases
question
The production function is defined as
answer
the relationship between a variable input and an output
question
Given the production function Y=2X2, what is the expression for marginal physical product (MPP)
answer
MPP=4X
question
Suppose we are given the production function Y = 4X3, where X is the variable input and Y is the output. What is the expression for MPP?
answer
MPP = 12X^2
question
You are on a research team and have been given data on the output, Y, of a special variety of corn silage as a function of one variable input, X. You are able to obtain the following precise function for silage yield: Y = 4X2 - 5X +20. Which of the following is the correct expression for the Marginal Physical Product (MPP) of that variety of silage?
answer
MPP = 8X - 5
question
Given that Px is the price of the input, and X is the amount of the input used in production, total factor cost is calculated as TFC =
answer
Px * X
question
The rational area of production is
answer
stage II
question
In the graph the beginning of stage II would be nearest
answer
point A
question
APP can be found graphically at any point on the production function
answer
by finding the slope of a ray drawn from the origin to that point
question
If Y is output, given as a function of an input, X, and P and V are the respective output and input prices, then TVP (total value of the product) is calculated as
answer
TVP=PY
question
MPP is
answer
the slope of the TPP curve
question
In the graph the rational area of production would be between
answer
points A and C
question
The beginning of any of the three stages of production can be determined from
answer
Not Elasticity of production
question
Given the production function Y=X2, what is the expression for marginal physical product (MPP)
answer
MPP=2X
question
Suppose we are given the production function Y = 3X2, where X is the variable input and Y is the output. What is the expression for MPP?
answer
MPP = 6X
question
You are on a research team and have been given data on the output, Y, of a special variety of corn silage as a function of one variable input, X. You are able to obtain the following precise function for silage yield: Y = X2 + 3X +15. Which of the following is the correct expression for the Marginal Physical Product (MPP) of that variety of silage?
answer
MPP = 2X + 3
question
If Y is output, given as a function of an input, X, then the average product of X is calculated as
answer
Y/X
The slope of a ray from the origin to the point on the function
Not Change in Y divided by change in X
Not The first derivative of Y with respect to X
The slope of a ray from the origin to the point on the function
Not Change in Y divided by change in X
Not The first derivative of Y with respect to X
question
Given the following data on input and output levels. Suppose the output price is $5 and input price is $10. Find the values of APP and MPP when X = 8:
answer
75 and 75
question
Given the following data on input and output levels. Suppose the output price is $2 and input price is $3. Find the values of APP and MPP when X = 3:
answer
15 and 20
question
Given the following data on input and output levels. Suppose the output price is $5 and input price is $10. Find the values of AVP and MVP when X = 10:
answer
$350 and $250
question
With respect to the production process, when at least one input is fixed, is defined as
answer
the short-run or planning phase
question
Py*MPP =
answer
MVP
question
Given the production function: 10X + 0.7X 2 - 0.005X 3; what is the yield (output) at maximum output
answer
3000
question
What is the second (or second order) condition for finding the minimum point of a function?
answer
Second derivative (or rate of change of the first derivative) is positive
question
If Y is output, given as a function of an input, X, TVC is total variable cost, given as a function of Y, then average variable cost, AVC, given as a function of Y is calculated as
answer
TVC/Y
question
On the attached graph of TPP, the inflection point would be nearest
answer
point E
question
Stage of production can be determined from
answer
all of the above
question
Given the following data on input and output levels. Suppose the output price is $5 and input price is $10. Find the values of APP and MPP when X = 6:
answer
75 and 100
question
Given the following data on input and output levels. Suppose the output price is $5 and input price is $10. Find the values of AVP and MVP when X = 6:
answer
$375 and $500
question
Given the following data on input and output levels. Suppose the output price is $2 and input price is $3. Find the values of AVP and MVP when X = 5:
answer
$28 and $20
question
Py * TPP =
answer
TVP
question
As long as APP is increasing
answer
additional units of the variable input should be added
question
Given the production function: 10X + 0.7X2 - 0.005X3; what is the value of X at the beginning of stage II
answer
70
question
Given the following data on input and output levels. Suppose the output price is $2 and input price is $10. Find the values of APP and MPP when X = 2:
answer
50 and 50
question
What is the missing value of MPP represented by "B"?
answer
16
question
Average physical product (APP)
answer
Not all the above
Not is a measure of profitability
Not is a measure of profitability
question
Which of the following is the second order condition for profit maximization?
answer
Slope of marginal revenue is less than slope of marginal cost
question
If Y is output, given as a function of an input, X, TC is total cost, given as function of Y, then the marginal cost given as a function of Y is calculated as
answer
The slope of TC with respect to Y
question
What is the missing value of APP represented by "A"?
answer
11
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