Answered: "Production function" is the name for…

"Production function" is the name for OA. a working part. OB. a mathematical relationship between inputs and output. OC. technological change.

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter11: The Firm: Production And Costs

Section: Chapter Questions

Problem 5P

See similar textbooks

Related questions

Q: The production function q = log(L) is associated with OA. increasing returns to scale. OB. first…

A: A production function is a fundamental concept in economics that represents the relationship between…

Q: The slope of an isoquant measures the

A: Isoquant curve is the curve which shows the combination of inputs which can be used for producing…

Q: rease in average

A: Economies of scale are the cost advantages being reaped by companies when production in turn becomes…

Q: 4. Select the production function with increasing returns to scale: A. q = (L+ 1)K B. q = (VI + VR)²…

A: To get which function has what type of scale we will scaled up the factors of production by 2 to…

Q: Economies to scale refer to Select one: a. the point at which marginal cost equals average cost.…

A: "Long-run average cost curve is used to determine the scale of production process."

Q: Whenever a firm increases both its labor and capital by 2 percent, and as a result, output increases…

A: Economies of Scale:Economies of scale refer to the cost advantages that a firm can achieve when it…

Q: Lesson 7- Production Question 4

A: The slope of an isoquant reflects the rate at which one input can be substituted for another while…

Q: Lesson 7- Production Question 2

A: An isoquent in economics is the curve on the graph that shows all the combination of inputs that…

Q: (2] PV (Present Value) = PV(rate,nper,pmt, Fv,type) PV( 1%,n,A,Fv) Problem: : i= 8% per year, n= 36…

A: PMT 300 FV 12,000 i 0.667% (8%/12) n 36

Q: When total product is increasing at an increasing rate, marginal product is: positive and…

A: Production is the process of creating finished goods and services using the available raw materials…

Q: QUESTION 1 Which of the following statements is/ are correct i. At the maximum point of the total…

A: This can be defined as a cost that shows the type of cost that an individual, business, or any other…

Q: Which of the following is not correct? Choose one answer. Where marginal product is greater than…

A: In the context of production and input analysis, TP, AP, and MP are abbreviations for Total Product,…

Q: The period of time over which at least one factor of production is fixed is called the A. long run.…

A: The inputs are used to produce certain outputs in a production process technologically known as…

Q: The marginal product of labor is A) output that does not meet quality specifications. B) total…

A: Marginal product refers to the addition in total product when one more unit of production is used.

Q: If a technology displays increasing returns to scale, then: a. The ATC curve is increasing at an…

A: Returns to scale refer to how the output of a production process changes as all inputs are increased…

Q: The production function shows: a. The level of output as a function of the quantity of inputs.…

A: The markets are considered to be place where the meeting, and interaction of the buyers of various…

Q: A firm is using a single variable input, labor, with a given amount of a fixed input, capital. If…

A: Variable Inputs exist both in the short run and long run. Variable inputs changes with the changes…

Q: Question 5 Which of the following production functions exhibit increasing return to scale?…

A: There are three types of returns to scale- Increasing returns to scale The constant return to…

Q: Consider the following table showing short run production:

A: Marginal product of labor or MPL is described as the increase in total production when labor is…

Q: X and Y are factors of production. They are used to make a fixed output, Z, of the product. The…

A: The main objective of a rational producer is to maximize profit by allocating its resources…

Q: 2. The production is given by Y= 2L+K. The firm currently produces 200 units a. Graph an isoquant…

A: b) MPL =dY/dL = 2 MPK = dY/dK = 1 what is TRS could you elaborate MRTS = MPL/MPK = 2

Q: Average product is equal to A) marginal product + total product. B) total product + marginal…

A: When talking about average of any economic variable or measurement, it can be said that it explains…

Q: The total product curve shows the relationship between total product a A) the marginal product. B)…

A: Total product refers to the quantity of output that a firm produces using factors of production.

Q: unds of carrots. You spent $1.50 per pound on fertilizer and used 2 pounds of fertilizer. Planting…

A: Given: Production of carrots=436 pounds Cost of fertiliser= $1.50 per pound Quantity of fertiliser=2…

Question

"Production function" is the name for
OA. a working part.
B. a mathematical relationship between inputs and output.
OC. technological change.
D. none of the above.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1: State significance of production function

VIEW

Step 2: Choose the correct option

VIEW

Step 3: Justify the incorrect options

VIEW

Solution

VIEW

Step by step

Solved in 4 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

What is a production function?
What shape of a long-run average cost curve illustrates economies of scale, constant returns to scale, and diseconomies of scale?
What is a long-run average cost curve?
A small company that shovels sidewalks and driveways has 100 homes signed up for its services this winter. It can use various combinations of capital and labor: intensive labor with hand shovels, less labor with snow blowers, and still less labor with a pickup truck that has a snowplow on front. To summarize, the method Choices are: Method 1: 50 units of labor, 10 units of capital Method 2: 20 units of labor, 40 units of capital Method 3: 10 units of labor, 70 units of capital If hiring labor for the winter costs $100/unit and a unit of capital costs 400, what is the best production method? What method should the company use if the cost of labor rises to $20/unit?
A firm had sales revenue of 1 million last year. It spent 600,000 on labor, 150,000 on capital and 200,000 on materials. What was the firms accounting profit?
A common name for fixed cost is overhead. If you divide fixed cost by the quantity of output produced, you get average fixed cost. Supposed fixed cost is 1,000. What does the average fixed cost curve look like? Use your response to explain what spreading the overhead means.