Production function specifies the maximum output attainable

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Reference no: EM131099856

1) A production function specifies the maximum output attainable from a given amount of inputs. TRUE OR FALSE

2) The relation between output and variation in only one input is: return to scale OR returns to a factor OR Continous

3) The marginal product is the change in output given a 1-unit change in a single input. TRUE OR FALSE

4) The law of diminishing returns is sometimes called the: The law of the land OR the law of diminshing utility OR law of diminshing marginal utility

5) Isoquants are the production analogy to consumption's indifference curves. TRUE OR FALSE

6) Marginal revenue product is the product of marginal revenue and: marginal cost OR marginal product OR marginal utility

7) The optimal level of a single input is where the marginal revenue product equals the marginal cost of the input. TRUE or FALSE

8) If the output elasticity is greater that one we have returns to scale that are: increasing OR decreasing OR constant

Reference no: EM131099856

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