At what level of output is marginal cost minimized:
Topic: The Production Process and Costs Quiz ( MCQ and Answer )
What is the marginal cost of producing 90 units of output?
What is the average total cost of producing 160 units of output?
What is the average variable cost of producing 50 units of output?
What is the total cost of producing 125 units of output?
Suppose you are a manager of a factory. You purchase five (5) new machines at one million dollars each. If you can resell two of the machines for $500,000 and three of the machines for $200,000, what are the sunk costs of purchasing the machines?
Costs that are forever lost after they have been paid are:
Costs that change as output changes are:
Fixed costs exist only in:
In order to minimize the cost of producing a given level of output, a firm manager should use more inputs when:
Which of the following sets of economic data is minimizing the cost of producing a given level of output?
Changes in the price of an input cause:
In order for isoquants to have a diminishing marginal rate of substitution they must be:
The Leontief production function implies:
The production function is Q = K.6 L.4. The marginal rate of technical substitution is:
The absolute value of the slope of the isoquant is the:
Isoquants are normally drawn with a convex shape because:
The combinations of inputs that produce a given level of output are depicted by:
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?