Imagine the GDP per capita of a country doubles every one hundred years. What would the shape of a linear-scale graph and a ratio-scale graph be?Select one or more:O a.Linear scale: an upward-slopingRatio scale: an upward-slopingcurve with increasing slope (called straight lineconvex shape)O b.Ratio scale: a straight horizontal lineLinear scale: an upward-slopingstraight lineRatio scale: an upward-slopingcurve with decreasing slope (calledO C.Linear scale: an upward-slopingstraight lineconcave shape)O d.Linear scale: an upward-slopingRatio scale: an upward-slopingconvex curveconvex curve

Gross Domestic Product (GDP) per capita => Country's GDP ÷ Total Populace. GDP per capita is…

Ratio scale: an upward-sloping Linear scale: an upward-sloping curve with increasing slope (called straight line convex shape) O a. O b. Ratio scale: a straight horizontal line Linear scale: an upward-sloping straight line Ratio scale: an upward-sloping curve with decreasing slope (called Oc. Linear scale: an upward-sloping straight line concave shape) Od rd-sloning Ratio scale: an upward-sloping

Ratio scale: an upward-sloping Linear scale: an upward-sloping curve with increasing slope (called straight line convex shape) O a. O b. Ratio scale: a straight horizontal line Linear scale: an upward-sloping straight line Ratio scale: an upward-sloping curve with decreasing slope (called Oc. Linear scale: an upward-sloping straight line concave shape) Od rd-sloning Ratio scale: an upward-sloping

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Diminishing marginal returns occur because O average and marginal relationships behave very differently with respect to each other. O workers in some industries lack an adequate formal education. O producers are not careful enough in the manufacturing process. O the efficiency of variable resources depends on the quantity of the fixed resources.
I’m not sure logically if a production function can simultaneously exhibit CRTS and Economies of scale? And I’m also unsure how to draw the isoquants based on the isocost lines I derived ?
Prd 6000 Pce 10000 Demand Profi Price Price Ouan 1500 Cells A17:B18 and A21:B22 are there to draw the profit function for the model. O A) The statement is true. B) The statement is false.
Question 14 What does scale of operation refer to, and what does it depend on? O a. It refers to the amount of fixed resources required, and it depends on market size O b. It refers to the number of years the fixed resources will last, and it depends on technology Oc. It refers to the total labor force needed, and it depends on the region of the country Od. It refers to the number of competitors in the market, and it depends on technology
Question 9 a) Draw isoquant curves for an economic consulting firm that can always trade two mathematicians for seven economists and still keep the output constant. Put mathematicians on a vertical line the horizontal axis. a horizontal line an upward sloping straight line. an upward sloping curve which is not a straight line • An isoquant curve is 1Select Jan downward sloping straight me an downward sloping curve which is not a straight line L-shaped [ Select ] 0,-2/7,-3.5, -7, 2/7,'3.5, 7, infinite, not exist, none of the above • What is the slope of an isoquant curve at point (20,20)? • What is the slope of an isoquant curve at point (4,17)? [ Select ] 0,-2/7,-3.5, -7, 2/7, 3.5, 7, infinite, not exist, none of the above • What is the slope of an isoquant curve at point (4,12)? [ Select ] 0,-2/7,-3.5, -7, 2/7,3.5, 7, infinite, not exist, none of the above b) Draw isoquant curves for a mathematics department that requires exactly 3 cups of coffee per each mathematician to produce…
Identification. Answer the following questions below. QUESTIONS: 1.) What is the statistical technique for finding the best relationship between dependent variable and selected dependent variable or variables? 2.) What is the increase in output that results from an increase in all of a firm’s outputs by some proportions? 3.) What production function are the 3 stages of production applicable? 4.) What stage of production is the increase in output that results from increase in a firm's outputs by some proportion? 5.) In long run production, a change in output necessitates the what?
QUESTION 35 As you add more and more units of a variable factor to a fixed factor, marginal output will start to fall at some point. What is this called? O a. Diseconomies of scale O b. Diminishing marginal returns O c. Diseconomies of scope O d. Diminishing average returns
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.
QUESTION 18 Table Average Average Average Total Total Fixed Variable Marginal Quantity Fixed Variable Cost Cost Cost Cost Cost Cost Cost $50 S50 SO -- -- -- 1 $150 A C D E F G H I S120 J K 3 M P $120 R Refer to Table. Based on the information given in the above table, the value of F will be O a. $200 O b.$50 O c. $150 O d. $100
The slope of an isocost line is equal to the Select one: O a. O b. and is negative of the ratio of input prices; constant decreases as we move down the line; the ratio of the marginal products O c. is constant; the ratio of the marginal products O d. increases as we move down the line; the ratio of input prices
QUESTION 17 1 po Marginal product is: O A. the increase in total revenue attributable O B. the increase in total output attributable O C. the increase in total cost O D. total product divided to the employment of one more worker to the employment of one more attributable to the employment of by the number of worker one more worker workers employed