Department F assembles widgets by hand. A new product line commenced last week. The first widget produced took five hours. The labour hours were fully used-making 2,000 widgets in the first week of production. No additional labour hours are available in the short term. Note: the department bases its learning curve calculations on the following model: y=ax02 How many units were produced in the second week? O 696 O 2,000 O 2,920 O 4,920

Department F assembles widgets by hand. A new product line commenced last week. The first widget produced took five hours. The labour hours were fully used-making 2,000 widgets in the first week of production. No additional labour hours are available in the short term. Note: the department bases its learning curve calculations on the following model: y=ax02 How many units were produced in the second week? O 696 O 2,000 O 2,920 O 4,920

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Which of the following production functions exhibits increasing returns to scale? OA. AY=k1/2 1/2 O B. Y=K°L1-a O.Y=k1/3L 2/3 O D. Y=K1/2L 3/4 O E. Y=K1/3L 1/3
A firm's production function takes the form: Q(L, K) = min{2L, 3K}, where Q represents output and L and K represent labour and capital, respectively and where w and r give the prices of labour and capital. Assuming no other costs, what would be the marginal cost if the firm increased output by 1 unit? O O MC = Q [ 12/2₁ = Q ( + 1/2 + 1/2 ) MC = W 3r 3w+2r 3w+2r + O MC=3w+2r O W r = 21/1/2+1/1/3/2 O MC =2w+3r MC=1/2
The following statements are about the relationship between typical total product (TP), averageproduct (AP), and marginal product (MP) curves. Which statement is correct?O If TP is at a maximum, MP must be zero.O If TP is at a maximum, AP must be zeroO If TP is at a maximum, MP must be at a maximumO If TP is at a maximum, AP must be at a maximumO If TP is at a maximum, both AP and MP must be at a maximum.
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Please indicate which multiple choice awnser is correct for question 1.1)1.2)1.3)Please indicate it correctly as I have had this awnsered with different letters to the awnser I was told 1.1 - A firm trebles its inputs and discovers that its output rises by a factor of four. This is an example of;Select one or more:a. constant returns to scaleb. diminishing returns to a variable factor c. increasing returns to scaled. economies of scale1.2 - Diseconomies of scale are present when.... Select one or more:a. marginalcostsriseb. long run average costs rise as output rises c. totalcostsfallasoutputrisesd. total costs rise as output rises 1.3 - If the demand for a firm’s product is price inelastic, this implies that Select one or more: a. price changes have no impact on quantity demandedb. a fall in price of 3% will lead to a decline in quantity demanded of more than 3%c. a rise in price will raise total expenditure on the goodd. a 5% rise in price will result in a fall in quantity…
Suppose that the production function of a firm can be written as Q = 0.5K0.8L0.3. Which of the following is the equation for the average product of labor (APL)? O 0.3L-0.7 O K0.810.3 O 0.5K0.8L-0.7 O (0.7*0.5) K0.8L-0.7 O 0.5K0.810.3
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Labor Total Production Marginal Production Average Production 0 0 2 30 4 10 6 20 8 200 10 25 In the above table, the marginal production and the average production of the 7th and 8th workers (the values in the row for the 8th worker) are, respectively: Group of answer choices 80; 25 20; 25 80; 100 25; 25 40; 25 25; 200
We classify Three Possible Long-Run Average Cost Curves for a Multiplant Firm; given the following three cost curves/ quantity …classify the type of those long run average cost
Suppose a firm has a production function q = f(L,K) = 3L + 2K, and the factor prices are w = $3 and r = $3. If the firm wants to produce 60 units at the minimum cost possible, how much would it cost to produce those 60 units? (hint: remember perfect substitute technology yields corner solutions for L and K). O $60 O $90 $120 $30 O $150