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1) A production function specifies the maximum output attainable from a given amount of inputs. TRUE OR FALSE
2) The relation between output and variation in only one input is: return to scale OR returns to a factor OR Continous
3) The marginal product is the change in output given a 1-unit change in a single input. TRUE OR FALSE
4) The law of diminishing returns is sometimes called the: The law of the land OR the law of diminshing utility OR law of diminshing marginal utility
5) Isoquants are the production analogy to consumption's indifference curves. TRUE OR FALSE
6) Marginal revenue product is the product of marginal revenue and: marginal cost OR marginal product OR marginal utility
7) The optimal level of a single input is where the marginal revenue product equals the marginal cost of the input. TRUE or FALSE
8) If the output elasticity is greater that one we have returns to scale that are: increasing OR decreasing OR constant
A single firm’s innovations in production technology often benefit the production of other firms, because these other firms learn about the new technology and can use some of the ideas in their own production. Why does this positive externality creat..
Illustrate what would be new equilibrium if re is an increase in autonomous import expenditure from 100 to 200 which result from an increase in currency exchange rate.
q1. beer n pizza is complements because they are often enjoyed together. when the price of beer rises what happens to
You are the manager of a local sporting goods store and recently purchased a shipment of 60 sets of skis and ski bindings at a total cost of $25,000 (your wholesale supplier would not let you purchase the skis and bindings separately, nor would it le..
How does this alter the isocost and isoquant graph? d.Given these forecasts, where should you expand production?
Japanese GDP in 2010 was 480 trillion yen (U.S. GDP, again, was $14.5 trillion). The exchange rate in 2010 was 87.8 yen per dollar. Contrary to China and India, however, Japan had higher prices than the United States: the price level in Japan (conver..
Describe the various forms of direct response advertising. Discuss some of the reasons for the success of direct response advertising.
Profit associated with polluting for Friedman Inc are 40Q-2Q2 ,where Q=pollution emitted (in tons) and profit are measured in dollars. Marginal benefit of polluting, derived from this function are MB =40-4Q. how much pollution do you expect Freidman ..
The opportunity cost of a choice is: A. the net value of the opportunities gained. B. the value of the opportunities lost. C. the difference between the benefits and costs of the choice. D. sometimes positive or negative.
A descriptive essay on “is there a "free-rider" problem associated with public goods and services? How does government address this free-rider problem? What are the necessary ingredients for a nation to experience greater rates of economic growth, hi..
Consider we wanted to know how many trips versus dinners out you could purchase. If you were told that X = number of trips and Y = the number of dinners out and you were given the following budget information; M=4000, Px=800, and Py=100, What is the ..
An entrepreneur needs funds for a project. He has funds of his own, but enough to cover the required investment of $100. If the entrepreneur doesn’t misbehave, the project will succeed with probability .9, yielding a gross return of 120 in one year. ..
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