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The manager institutes an incentive structure to ensure
Correct answer(s):
- The firm produces on the production function
If a firm is operating on the production function, then workers
Correct answer(s):
- Must be putting forth maximal effort
As the usage of an input increases, marginal product
Correct answer(s):
- Initially increases then begins to decline
As long as marginal product is increasing, marginal product is
Correct answer(s):
- Greater than average product
The marginal product of an input is defined as the change in
Correct answer(s):
- Total output attributable to the last unit of an input
Which of the following is not a measure of productivity?
Correct answer(s):
- Average advertising
The long-run is defined as
Correct answer(s):
- The horizon in which the manager can adjust all factors of production
The short-run is defined as the time-frame
Correct answer(s):
- In which there are fixed factors of production
Variable factors of production are the inputs that a manager
Correct answer(s):
- May adjust in order to alter production
Which of the following is the most common source of technology?
Correct answer(s):
- independent R&D
A production function
Correct answer(s):
- Represents the technology available for turning inputs into output
The minimum average cost of producing alternate levels of output, allowing for optimal selection of all variables of production is defined by the:
Correct answer(s):
- Long run average total cost curve
Which of the following cost functions exhibits cost complementary?
Correct answer(s):
- -4Q1Q2 + 8Q1
For the cost function C(Q) = 200 + 3Q + 8Q2 + 4Q3, what is the average fixed cost of producing six units of output?
Correct answer(s):
- 33.33
For the cost function C(Q) = 1000 + 14Q + 9Q2 + 3Q3, what is the marginal cost of producing the fourth unit of output?
Correct answer(s):
- $230
What is implied when the total cost of producing Q1 and Q2 together is less than the total cost of producing Q1 and Q2 separately?
Correct answer(s):
- Economies of scope
Given a cost function C(Q) = 200 + 14Q + 8Q2, what is the marginal cost function?
Correct answer(s):
- 14 + 16Q
Which curve(s) does the marginal cost curve intersect at the (their) minimum point?
Correct answer(s):
- Average total cost curve and average variable cost curve
At what level of output is marginal cost minimized:
Correct answer(s):
- 90
What is the marginal cost of producing 90 units of output?
Correct answer(s):
- 8.75