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