An isocost line is defined by a. Combinations of inputs required to earn a constant level of profit b. Combinations of inputs required to produce the same quantity of output c. Combinations of inputs required to incur constant cost d. Combinations of labour required to maintain a constant quantity of capital

An isocost line is defined by a. Combinations of inputs required to earn a constant level of profit b. Combinations of inputs required to produce the same quantity of output c. Combinations of inputs required to incur constant cost d. Combinations of labour required to maintain a constant quantity of capital

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

Complete the following table. Find out the total product (TP), average product (AP), marginal product (MP) and draw a graph of TP, AP, MP and also explain the stage of production. if the fixed price of land is 1000 and firm pay 750 to each worker then calculate, Fixed cost, variable Cost, Marginal Cost, Average variable Cost (AVC), Average Fixed Cost(AFC), and Average total cost(ATC). Labor Total Product Average Product Marginal Product 0 0 1 8 2 18 3 25 4 30 5 33 6 34
Lines that represent bundles of inputs that cost the same total amount are called: cost curves. isoquants. isoprofit curves. O isocost curves. Ototal cost curves.
Consider the following figure for short run production: Total Product Stage I Stage II Stage III В E Labor
Jill Pizza restaurant labor is 650 per worker, cost of oven is 800. The workers needed increases as the number of pizzas made increases. Using the information below: 1. Fill in the remaining columns given the calculations to calculate costs: variable (VC), Marginal (MC), Average Var.(AVC) Average Fixed (AFC) 2. Graph the MC, ATC, AVC, AFC curves (start from Quantity of 200 or your graphs look bad) 3. What is happening to your MC curve over time? Total Costs (TC), ATC (Average Total Costs),AFC (Average Fixed Costs), AVC(Average Variable Costs), MC (Marginal Costs) Workers Ovens 0 1 2 3 4 5 6 2 2 2 2 2 2 2 Q of pizzs 0 200 450 550 600 625 640 Fixed Cost of Ovens 800 800 800 800 800 800 800 Varriable Cost of Workers 0 650 Total Costs 0 ATC 0 AFC 0 AVC MC 0 0
Write a paper based on The Theory of the firm, under these two subtitles: 1. Division of labor, 2. Demand and Supply Factors of Production 3. Law of Return to Scale
What best describes the long run? a period of time that labor can change a period longer than six months a period of time that at least one input cannot be changed a period of time that all inputs can be changed
Diminishing returns occurs in the short run because The average product of labor will decrease after some amount of labor is hired in the short run b. There are fixed inputs to production in the short run The marginal product of labor will decrease after some amount of labor is hired in the short run There are variable inputs to production in the short run
Insert the missing numbers in the following tables. number of units of Marginal machinery production production production total average labors 6 5 10 2 10 30 15 70 8 20 85 Q TC TVC TFC ATC AVC AFC MC 80 1 80 2 110 3 70 4 90 3. 00
In the short run, behavior of production is explained by Select one: a. The law of diminishing marginal returns b. The law of returns to scale c. Economies and diseconomies of scale d. The law of demand and supply
Suppose a firm did riveted a useful production technique. We can expect: a. The firm to hire fewer workers b. The firms labour demand curve to shift right c. The firms labour demand to shift left d. The firms labour curve to remain unchanged