QUIThe figure below depicts the production function of grain for farmers under average growing conditions with the currently availableNoitechnology.Mar9007PF800-700-600-500-400-300-200어100-oSlope 732,000/ 1,600 = 4580440080012001600200024002800Number of farmersSelect one or more:In a year with exceptionally good weather conditions, the production function curve will be higher and parallel to the curveO a.above.O b. A discovery of new high yielding crop seeds would tilt the production function curve higher anti-clockwise, pivoted at theorigin.O C. In a year of bad drought the production curve can turn downwards for large numbers of farmers.O d. If there is an upper-limit on the amount of grain that can be produced, then the curve will end up horizontal for largenumber of farmers.S Type here to search25hpt41516eSC56.7.00%243.. ........Kilogrammes of grain produced (thousands)

In a year of a bad drought, the production curve can turn downward for a large number of farmers.…

The figure below depicts the production function of grain for farmers under average growing conditions with the currently available technology. 900 800- 700- 600- 500 400- 300- 200- 100- Slope = 732,000/1,600 = 458 400 800 1200 1600 2000 2400 2800 Number of farmers Select one or more: O a. In a year with exceptionally good weather conditions, the production function curve will be higher and parallel to the curve above. O b. A discovery of new high yielding crop seeds would tilt the production function curve higher anti-clockwise, pivoted at the origin. C. In a year of bad drought the production curve can turn downwards for large numbers of farmers. O d. If there is an upper-limit on the amount of grain that can be produced, then the curve will end up horizontal for large number of farmers. O Tyne bere to search 25 Kilogrammes of grain produced (thousands)

The figure below depicts the production function of grain for farmers under average growing conditions with the currently available technology. 900 800- 700- 600- 500 400- 300- 200- 100- Slope = 732,000/1,600 = 458 400 800 1200 1600 2000 2400 2800 Number of farmers Select one or more: O a. In a year with exceptionally good weather conditions, the production function curve will be higher and parallel to the curve above. O b. A discovery of new high yielding crop seeds would tilt the production function curve higher anti-clockwise, pivoted at the origin. C. In a year of bad drought the production curve can turn downwards for large numbers of farmers. O d. If there is an upper-limit on the amount of grain that can be produced, then the curve will end up horizontal for large number of farmers. O Tyne bere to search 25 Kilogrammes of grain produced (thousands)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Answer the ff. 1. suppose you operate a sandwich shop and currently have 2 employees. if you hire a 3rd employee, your output of sandwiches per day rises from 75 to 90. if you hire a 4th employee, ouput rises to 110 per day. a 5th and 6th employee would cause output to rise to 120 and 125 per day respectively. choose the correct statement a. diminishing returns have not yet set in because output is still increasing b. diminishing returns set in with the hiring of the 4th worker c. diminishing sets in with the hiring of the 5th worker d. diminishing returns set in with the hiring of the 6th worker 2. a production function measures the relation between a. input prices and output prices b. input prices and the quantity output c. the quantity of of inputs and the quantity of output d. the quantity of inputs and the input prices 3. the short run production function assumes that a. the usage of at least one input is fixed b. the level of output is fixed c. all inputs are fixed inputs…
The short run is a time period such that the existing firms in the market do not have sufficient time to change the amounts of any of the inputs that they employ. O the existing firms in the market do not have sufficient time to either increase or decrease their current rate of output. the existing firms in the market do not have sufficient time to increase the size of their existing plant or build a new factory. new firms may build plants and enter the industry.
A production function defines the output that can be produced A. as technology changes over time. B. in a given time period if no additional inputs are hired. C. for the average firm. D. at the lowest cost, given the inputs available. E. if the firm is technically efficient. Why E is correct? Please explain every opinion for me. Thx~ Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
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
Cost LRAC B A Quantity Figure 1 Long run average cost curve for a firm Figure 1 shows a long run average cost curve for a firm. If the firm increases output from point A to point B this is an example of: Select one: O i. A change in production function O ii. Economies of scale iii. Constant unit cost O iv. Diseconomies of scale
Do question 4
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
22.5 Recall that Touchie McFeelie's production function for comic books is .1J1/213/4. Suppose that Touchie can vary both jokes and cartoonists' labor. If old jokes cost $2 each and cartoonists' labor costs $18 per hour, then the cheapest way to produce comics books requires using jokes and labor in the ratio J/L= (a) 9. (b) 12. (c) 3. (d) 2/3. (e) X+ PC X4.0 Show Transcribed Text 000 please explain this question and the correct answer is 6. Thanks.
QUESTION 9 In one day Amazing company produced 50 shirts in 250 labor hours, What is Amazing company's productivity? O a. 1/5 shirts per hour O b. 5 hours per shirts O C. 50 shirts d. 5 shirts.
Suppose the inputs of labour and capital each increase by 8% and output also increases by 8%. The production function exhibits_ returns to scale technology. a. Constant O b. Increasing O c. Decreasing O d. Zero
1. Explain the difference between explicit costs and implicit costs. 2. Explain the difference between economic profit and accounting profit. 3. What are the 2 variables that the Production Function is analyzing/graphing? Why does the production function diminish over time? 4. Give an example of a fixed cost and a variable cost. 5. How does fixed costs and variable cost change with increased production? 6. Why does Marginal Cost rise? 7. Why is the Average Total Cost curve U shaped? 8. Why is the Minimum Average Total Cost and Efficient Scale important? 9. What is the relationship between Marginal Cost and Average Total Cost? 10. Explain why economies of scale is important.
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