The combinations of inputs that produce a given level of output are depicted by:
Multiple Choice Quizzes with Answer in English (Page: 400)
For the production function Q = 5.2K + 3.8L, if K = 16 and L = 12, we know that MPK is:
Given the production function Q = min {4K, 3L}, what is the average product of capital when 8 units of capital and 16 units of labor are used?
Suppose the production function is given by Q = K1/2L1/2, and that Q = 30 and K = 25. How much labor is employed by the firm?
Given the Leontief production function Q = min{5.5K, 6.7L}, how much output is produced when K = 40 and L = 35?
Given the linear production function Q = 10K + 5L, if Q = 10,000 and K = 500, how much labor is utilized?
Firm managers should use inputs at levels where the:
It is profitable to hire units of labor as long as the value of marginal product
What is the value marginal product of labor if: P = $10, MPL = $25, and APL = 40?
Total product begins to fall when:
If the last unit of input increases total product we know that the marginal product is:
The change in total output attributable to the last unit of an input is the:
What is the average product of labor, given that the level of labor equals 10, total output equals 1200 and the marginal product of labor equals 200?
Inputs a manager may adjust in order to alter production are:
Which of the following is not a means of acquiring product and process innovations?
The creation of a new product is referred to as:
The recipe that defines the maximum amount of output that can be produced with K units of capital and L units of labor is the:
The feasible means of converting raw inputs such as steel, labor, and machinery into an output are summarized by:
The production function for a competitive firm is Q = K.5L.5. The firm sells its output at a price of $10, and can hire labor at a wage of $5. Capital is fixed at one unit. The maximum profits are
The production function for a competitive firm is Q = K.5L.5. The firm sells its output at a price of $10, and can hire labor at a wage of $5. Capital is fixed at one unit. The profit-maximizing quantity of labor is