9. If a firm moves from one point on a production isoquant to another point on the sameisoquant, which of the following will certainly not happen?А.A change in the level of outputA change in the ratio in which the inputs are combinedA change in the marginal products of the inputsВ.С.D.A change in the rate of technical substitutionЕ.A change in profitability10. A firm has the production function f(x, y) = 60x45 yl5. The slope of the firm's isoquant at thepoint (x, y) = (40, 80) is (pick the closest one)A.-0.50.В.-4.С.-0.25.D.-8.Е.-0.25.

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9. If a firm moves from one point on a production isoquant to another point on the same isoquant, which of the following will certainly not happen? A change in the level of output A change in the ratio in which the inputs are combined А. В. С. A change in the marginal products of the inputs A change in the rate of technical substitution A change in nrofitability D. E.

9. If a firm moves from one point on a production isoquant to another point on the same isoquant, which of the following will certainly not happen? A change in the level of output A change in the ratio in which the inputs are combined А. В. С. A change in the marginal products of the inputs A change in the rate of technical substitution A change in nrofitability D. E.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Q. Table 3 above shows how output varies with only one variable input used in production. If the cost of a unit of labor is $500, what is the approximate marginal cost of the 230th unit of output? a. $2.50 b. $8.50 c. $12.50 d. $50.00 e. $100.00
When Marginal Product of Labor intersects the Average product of labor, minimum average product of labor obtains at the intersection. True False
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At Stacy's current production level, an extra bunch of scarves adds 20 extra hats. Each bunch of scarves costs $53. What is Stacy's Marginal Cost of an extra hat?
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tangency point between an isoquant and an isocost line identines a: The least costly combination of inputs required to produce various levels of outputs. b.. The various levels of output that can be produced using a given level of inputs. C. "The various combinations of inputs that can be used to produce a given lever of output. The least costly combination of inputs(fequired to produce given level output.
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From the following production functions 1. Q= a1H + a2L + a3H2 + a4 L2 + a5HL, where ai> 0 2. Q = aH@ Ly, where a, @, y > 0 a. Derive the equation of the relevant isoquant. b. Find out whether the production function is well behaved. c. Examine whether the isoquant is well behaved and therefore represents the behaviour of a rational production. d. Derive equation which describes MRTS of 9ne factor. e. For each equation examine whether the production is homogeneous and if so, what is the degree of homogeneity. Is the equation characterized by IRTS, DRTS or CRTS.
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