ធWhen he gets the opportunity to do so, Faizan increases the amount of capital his workers have available to them, making eachworker more productive. What happens to the short-run production function in between these opportunities to change theamount of capital?Selected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to select an answer.abQuestion 26CdWhen Faizan increases the amount of capital, the short-run production function shifts up.When Faizan increases the amount of capital, the short-run production function stays the same.When Faizan increases the amount of capital, the short-run production function shifts down.When Faizan increases the amount of capital, the long-run production function shifts down.

The production function consists the combinations of inputs that can give maximum production. The…

a When he gets the opportunity to do so, Faizan increases the amount of capital his workers have available to them, making each worker more productive. What happens to the short-run production function in between these opportunities to change the amount of capital? Selected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to select an answer. b C Question 26 d When Faizan increases the amount of capital, the short-run production function shifts up. When Faizan increases the amount of capital, the short-run production function stays the same. When Faizan increases the amount of capital, the short-run production function shifts down. 3 When Faizan increases the amount of capital, the long-run production function shifts down.

a When he gets the opportunity to do so, Faizan increases the amount of capital his workers have available to them, making each worker more productive. What happens to the short-run production function in between these opportunities to change the amount of capital? Selected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to select an answer. b C Question 26 d When Faizan increases the amount of capital, the short-run production function shifts up. When Faizan increases the amount of capital, the short-run production function stays the same. When Faizan increases the amount of capital, the short-run production function shifts down. 3 When Faizan increases the amount of capital, the long-run production function shifts down.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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18. What word do we use to refer to the amount of goods and services produced for each hour of a worker’s time?
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b. The Yorkshire Cricket Company makes cricket bats out of lumber supplied to it by Acme Sporting Goods, which pays Yorkshire £10 for each finished bat. Yorkshire's only factors of production are lathe operators and a small building with a lathe. The number of bats per day it produces depends on the number of employee-hours per day, as shown in the table below. Number of bats per day 0 5 10 15 20 25 30 35 Number of employee-hours per day 0 1 2 4 7 11 16 22 (i) If the wage is £15 per hour and Yorkshire's daily fixed cost for the lathe and building is £60, what is the profit-maximising quantity of bats? (ii) What would be the profit-maximising number of bats if the firm's fixed cost were not £60 per day but only £30? (iii) How would Yorkshire's profit-maximising level of output be affected if the government imposed a tax of £10 per day on the company? (Hint: This tax independent from the production level.) (iv) What would Yorkshire's profit-maximising level of output be if the government…
3. What are the 2 variables that the Production Function is analyzing/graphing? Why does the production function diminish over time?
Graph the following table. Number of Workers Total Output 0 0 1 20 2 60 3 150 4 260 5 350 6 420 7 455 8 420 9 375 10 300 What is the marginal product and average product at each level of production? Graph marginal product and average product. Label the areas on the graph of increasing marginal productivity, diminishing marginal productivity, and diminishing absolute productivity.
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