Exam (elaborations)
Microeconomics, 17th Canadian Edition, By Christopher Ragan
- Course
- Institution
- Book
Microeconomics, 17th Canadian Edition, By Christopher Ragan
[Show more]
Connected book
Book Title:
Author(s):
- Edition:
- ISBN:
- Edition:
More summaries for
-
Microeconomics, 17th Canadian Edition, By Christopher Ragan
-
Microeconomics, 17th Canadian Edition, By Christopher Ragan
-
ECO102 Week 2
Seller
Follow
kushboopatel6867
Content preview
Solution Manual For Microeconomics, 17th Canadian Edition,By Christopher Ragan
A production function assumes a given:
A) technology.
B) set of input prices.
C) ratio of input prices.
D) amount of capital and labor. - ANSWER: Technology
A production function assumes a given technology.
A function that indicates the maximum output per unit of time a firm can produce,
for every combination of inputs with a given technology, is called
A) an isoquant
B) a production possibility curve
C) a production function
D) an isocost function - ANSWER: A production function
Use the following two statements to answer the question:
I. Production functions describe what is technically feasible when the firm operates
efficiently.
II. The production function shows the least cost method of producing a given level of
output.
A) Both I and II are true.
B) I is true, and II is false.
C) I is false, and II is true.
D) Both I and II are false. - ANSWER: I is true, and II is false
Production functions describe what is technically feasible when the firm operates
efficiently. True
The production function shows the least cost method of producing a given level of
output. False
Which of the following inputs are variable in the long run?
A) labor
B) capital and equipment
C) plant size
D) all of these - ANSWER: All of these
Labor, Capital and Equipment, Plant Size are all variable in the long run
The short run is
A) less than a year.
B) three years.
C) however long it takes to produce the planned output.
, D) a time period in which at least one input is fixed.
E) a time period in which at least one set of outputs has been decided upon. -
ANSWER: a time period in which at least one input is fixed.
The short run is a time period in which at least one input is fixed
Writing total output as Q, change in output as delta Q, total labor as L, and change in
labor as delta L, the marginal product of labor can be written algebraically as
A) DeltaQ* L.
B) Q/L
C) Delta L/Delta Q
D) Delta Q/ Delta L - ANSWER: Delta Q/Delta L
The slope of the total product curve is the
A) average product.
B) slope of a line from the origin to the point.
C) marginal product.
D) marginal rate of technical substitution - ANSWER: marginal product.
The slope of the total product curve is the marginal product.
When labor usage is at 12 units, output is 36 units. From this we may infer that
A) the marginal product of labor is 3.
B) the total product of labor is 1/3.
C) the average product of labor is 3.
D) none of the above - ANSWER: The average product of labor is 3.
The marginal product of an input is
A) total product divided by the amount of input used to produce this amount of
output.
B) the addition to total output that adds nothing to total revenue.
C) the addition to total output that adds nothing to profit.
D) the addition to total output due to the addition of one unit of all other inputs.
E) the addition to total output due to the addition of the last unit of an input, holding
all other inputs constant. - ANSWER: the addition to total output due to the addition
of the last input, holding all other inputs constant.
The marginal product of an input is the addition to total output due to the addition
of the last unit of an input, holding all other inputs constant.
When the average product is decreasing, marginal product
A) equals the average product.
B) is increasing
C) exceeds average product
D) is decreasing.
E) is less than the average product - ANSWER: is less than the average product
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller kushboopatel6867. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $17.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
73314 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now