Reference no: EM13817017
1. The slope of the total product curve measures
a. the marginal rate of technical substitution.
b. marginal product.
c. average product.
d. the maximum average product.
e. minimum product.
2. The Law of Diminishing Returns to a variable input (such as labor) assumes that
a. there is at least one fixed input.
b. all inputs are changed by the same percentage.
c. the firm is operating in the short run.
d. all inputs are held constant.
e. a and c.
3. An isoquant curve identifies
a. the maximum output possible, given a fixed budget.
b. the different combinations of goods the can be produced, given fixed amounts of inputs.
c. the different combinations of inputs that can be used to produce a fixed rate of output.
d. none of the above.
4. The ratio of total productivity to the total quantity of a variable input being used in production is
a. equal to marginal physical productivity of the input.
b. constant as employment levels of the input vary.
c. equal to average physical productivity of the input.
d. equal to the marginal rate of technical substitution.
Decreasing returns to scale imply that
: Decreasing returns to scale imply that. When average cost is falling, marginal cost is ____________ and when average cost is rising, marginal cost is _________________. If the price of an input changes, there will be a new expansion path. As long a..
|
Advantages and disadvantages of six sigma
: What are the advantages and disadvantages of Six Sigma? Would you implement it in your organization? Why or why not?
|
Reduction of the enforcing regulatory agency
: Select a Government Regulation. Identify a particular government regulation of your choosing that in your opinion has either been successful or a failure. Briefly state the original purpose of this regulation and whether it has changed over time. The..
|
Science in the media
: Science in the Media
|
The slope of the total product curve measures
: The slope of the total product curve measures. The Law of Diminishing Returns to a variable input (such as labor) assumes that. The ratio of total productivity to the total quantity of a variable input being used in production is
|
What is the significance of descartes cogito argument
: What is the significance of Descartes' Cogito argument. How does it relate to the "evil demon" and dreaming doubt arguments?
|
What is the difference between starch and cellulose
: Describe high- and low-quality proteins in your diet and what is a carbohydrate? What is the difference between starch and cellulose?
|
Training for effective employment interviewing
: Imagine that you have taken a position in which training for effective employment interviewing has been identified as a major need for managers and supervisors. Your assignment is to create a PowerPoint presentation geared toward managers and supe..
|
Suppose a firms production function
: Suppose a firm’s production function is given by Q = 2KL, where K is capital and L is labor. What is the marginal product of labor when 4 units of capital are employed? The marginal product of labor in the production of computer chips is 50 chips per..
|