The Leontief production function
Multiple Choice Quizzes with Answer in English (Page: 398)
The demand for an input is
The demand for labor by a profit-maximizing firm is determined by
It is profitable to hire labor so long as the
The value of marginal product of an input is the value of the
The manager institutes an incentive structure to ensure
If a firm is operating on the production function, then workers
As the usage of an input increases, marginal product
As long as marginal product is increasing, marginal product is
The marginal product of an input is defined as the change in
Which of the following is not a measure of productivity?
The long-run is defined as
The short-run is defined as the time-frame
Variable factors of production are the inputs that a manager
Which of the following is the most common source of technology?
A production function
The minimum average cost of producing alternate levels of output, allowing for optimal selection of all variables of production is defined by the:
Which of the following cost functions exhibits cost complementary?
For the cost function C(Q) = 200 + 3Q + 8Q2 + 4Q3, what is the average fixed cost of producing six units of output?
For the cost function C(Q) = 1000 + 14Q + 9Q2 + 3Q3, what is the marginal cost of producing the fourth unit of output?