Lesson 7- ProductionQuestion 7 A curve showing all the possible combinations of inputs that yield a givenamount of output.Select one:a. Isoquantb. Isocost Linec. Production Functiond. Technology Function

a. IsoquantExplanation:Approach to solving the question and detailed explanation:An isoquant is a…

Answered: A curve showing all the possible…

Microeconomics A Contemporary Intro

10th Edition

ISBN:9781285635101

Author:MCEACHERN

Publisher:MCEACHERN

Chapter7: Production And Cost In The Firm

Section: Chapter Questions

Problem 18PAE

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Similar questions

What shape of a long-run average cost curve illustrates economies of scale, constant returns to scale, and diseconomies of scale?
Explain a firm’s production function. Include in your answer how time influences the production function.
A production process uses two inputs, labor and capital. If the marginal product of labor per dollar is higher than the marginal product of capital dollar, what should the firm do to lower costs? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a Increase output b Decrease output C Increase the amount of capital d Increase the amount of labor
Define marginal physical product of labor (MPP) and marginal cost of product (MC). How are these two related? Why is MC called the mirror image of MPP? Explain. Answer must correct. Describe it step by step. Don,t copy from anywhere. Use word file for answer. Use graph. word limit minimum 350 .
hi Suppose you build bird houses. One day, you double the time you spend building and double the wood, nails, paint, and all the other inputs in order to build twice as many bird houses. What kind of production function is this? options: increasing returns to scale constant returns to scale decreasing returns to scale zero returns to scale
A firm that employs labor and capital has production function q = LK. What returns to scale does the production function exhibit? Select one: a. decreasing returns to scale. b. increasing returns to scale. c. indeterminate. d. constant returns to scale.
a. Isoquants can be convex, linear, or L-shaped. What does each of these shapes tell you about the nature of the production function? What does each of these shapes tell you about the MRTS?
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If an increase of an equal percentage in all factors of production increases output by the same percentage, then a production function has the property called: Select one: a. constant marginal product of labour cross out b. increasing marginal product of labour cross out C. constant returns to scale cross out d. increasing returns to scale cross out e. decreasing returns to scale cross out O O
Production Point Capital (K) Labor (L) Output (Q) A 1 1 2 B 2 2 C 1 3 D 2 4 E 1 5 F 2 6 G 1 7 H 2 8 X The profuction function is given as: Q=αK + βL B andf E lie on the same isoquant, while D and G are on a higher isoquant. 3. a. This production exhibits what kind of returns to scale? Explain how you arrived at this conclusion. b. Will any combination of α and β lead to this production exhibiting increasing returns to scale? c. True or false. In general, production can display diminishing returns in all variables but still display increasing returns to scale. Explain.
The production function for Good X: MMarginal Product of Capital AP, (OK Average Product ol Capital Labor Capital Ouiput 9. 6. 10 57 5.7 5.70 26.7 33.3 20 324 16.20 9. 30 657 40 1,072 41.5 26 80 6. 50 1.524 45.2 30.48 60 1,976 45.2 3293 6. 70 2.391 41.5 34.16 2.724 2.991 9. 80 33.3 34.05 33.23 100 3.048 5.7 30.48 T10 3,016 3.2 27.42 120 2,945 -7.1 24 54 1) Is the production function for good X exhibited in the above table for the long run or the short run? Explain your answer.
Define marginal physical product of labor (MPP) and marginal cost of product (MC). How are these two related? Why is MC called the mirror image of MPP? Explain. Answer must correct.Describe it step by step. Don,t copy from anywhere.

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A curve showing all the possible combinations of inputs that yield a given amount of output. Select one: a. Isoquant b. Isocost Line c. Production Function d. Technology Function