Answered: 45. The short run A. O Is less than one…

45. The short run A. O Is less than one year B. O Requires that at least one input is fixed C. O Requires that all inputs are fixed D. O Is just long enough to permit entry and exit

Survey Of Economics

10th Edition

ISBN:9781337111522

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter6: Proudction Costs

Section: Chapter Questions

Problem 2SQP

See similar textbooks

Related questions

Q: 1, If the wage rate 'w' is $40 and the cost of capital is $40, calculate the average cost of…

A: In economics, average cost or unit cost is equal to total cost (TC) divided by the number of units…

Q: a) Why is the marginal product of a variable input like labour likely to increase initially in the…

A: Ans. (a). Marginal Product is defined as the change in total out total output caused due to an…

Q: 2-lf you have the following production function Q=f( L,K), answer the following: 1. Is this function…

A: Given: Q=f(L,K)

Q: 3. Show that, for the two-input CES production function 1. 1-p

A: The CES Production Function refers to a neoclassical production function that shows constant…

Q: When both factor and non-factor input change, the period of production is O a. Mid-run O b. Long run…

A: Factors of inputs are used to produce finals goods for the consumers. since multiple questions are…

Q: According to the law of diminishing return in short run O as we hire more labors, while other inputs…

A: the law of diminishing return is when the marginal product of the output decreases as a single…

Q: oth in the short - run and the long - run , average cost curves are U - shaped for different reasons…

A: Average cost is the per unit cost incurred in the production of a commodity. It is obtained by…

Q: Define marginal physical product of labor (MPP) and marginal cost of product (MC). How are these two…

A: Marginal physical product of labour (MPP) is defined as the extra unit of physical product generated…

Q: Q3: a): Explain how a firm will achieve Law of Diminishing Returns if labors and total product is…

A: The functional relationship between the factors of production (inputs) and output is shown by the…

Q: nn leases a farmer's field and grows melons. She hires students to pick and ack the melons. The…

A: The average product of labour is found by dividing the total product of labour (TPL) by the amount…

Q: Productivity decreases when O a. Output and hours worked decrease at the same rate Ob. Hours worked…

A: Productivity refers to the ability of the business to produce more output. Productivity determines…

Q: d. Now suppose the price of labour rises to $5 per unit, but the firm still wants to produce 500…

A: An isoquant is the equal quantity curve that shows the combination of two inputs yields the same…

Q: (a) What is meant by a firm's expansion path? (b) Name and explain the curve that can be produced…

A: Expansion path could be a graph which shows how a firm's cost minimizing input mix changes because…

Q: If the per unit price of labor, a variable resource, increases, it causes which of the following? a)…

A: If the per unit price of labor of a variable resources increase, then it will change the ATC and MC…

Q: Сapital 3 ------ ------ 2 ----- -- ------- Q = 900 1 ----- ----- --- Q = 600 Q = 300 10 20 30 Labor…

A: Returns to scale are the changes that the production faces with the increase in the output, the…

Q: Question 10 According to the law of diminishing return in short run O If we double all inputs,…

A: The law of diminishing returns refers to the generalized economic concept to explains the…

Q: 7. The firm is currently along isocost CE. If the price of capital is 30, then the price of labor is…

A: Given: Price of capital=30 Isocost: CE To find: Price of labor Note: Due to multiple questions being…

Q: QUESTION 8 Which of the following statements concerning the relationships between total product…

A: We can answer this question using subsequent graph of the Total Product, Marginal Product and…

Q: Compute the marginal product of labour (MP) and the average product (AP) of the various quantities…

A: Marginal product(MP) of labor(L) is the increment in the total product(TP) for a unit increase in…

Q: Q. 5 Which are the following are short-run and which are the long-run adjustment? Explain in your…

A: The long-run is the situation when there are no fixed factors (every factor is considered as a…

Q: onsider a short run production function q = cL+K where the value for c =: sing L units of labour and…

A: Returns to scale measures the proportionate change in output if all inputs are changed by the same…

Q: Decreasing Returns to Scale (DRS) means: O Doubling inputs will double output O Percentage change in…

A: The production function exhibits increasing, decreasing or constant returns to scale

Q: uses inputs rease output, these inputs are:

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: 12. In the following production function, Y-S(K, NA), suppose A increases by 10%. This increment in…

A: Y(K,L) = f (K, NA)

Q: Pls help with below homework, I will upvote-) 2.1 What is differences between ‘economies of scale’…

A: DEfinition: Economies of scale are obtained by associations when creation becomes useful.…

Q: Suppose a firm is operating at an input combination such that MRTS,LK How should the firm adjust its…

A: Firm will maximize profits when MRTS is equal to price ratio of two inputs.

Q: THEMATICAL ECONOMICS (IKT216) IZ EXAM -APRIL 27, 2022-16:00 RATION: 65 MINUTES ERE ARE 10 QUESTIONS.…

Q: QUESTION 10 When Total product is at Maximum, Marginal product will be - O B. Negative ---- -- A.…

A: Total product (TP): - Total product is the amount of total final goods and services produced by a…

Q: QUESTION 20 According to the law of diminishing return in short run O If we double all inputs,…

A: Marginal product refers to the additional output that is produced with increase in factor of…

Q: -. All inputs can be varied in O Short run

A: To find : When do input varies.

Q: In the short run production function O a. All inputs are variable O b. All inputs are fixed…

A: The variability of certain inputs depends on the span of the period.

Q: Tiva has a crafts store that makes jewelry using beads (B) and copper (C). Her production function…

A: Given Production function: Q=B0.4C0.4 .... (1) Where B denotes beads and C denotes…

Q: hire any more workers? She estimates that the additional workers would generate th following output.…

A: Workers hired Total Product Average Product Marginal Product 0 0 -- -- 1 12 12 12 2 22 11 10…

Q: - All inputs can be varied in O Short run O Long run Both neriods

A: To find : How can be inputs varied.

Q: n the short run, a firm cannot vary its capital and operates with K = 9. It can, however, vary the…

A: Production function: It shows a relation between physical output and input of a production process.

Q: L^aK^1-a Suppose labor is fixed at some level -, a = 0.5, and A = 1. Calculate K* )What is T C* ?…

A: The fixed cost does not change with change in the level of output.

Q: QUESTION 5 Harryhausen's produces sushi with labor and capital The price of labor is w = 1, and the…

A: Q = L + K When K = 2, Q = L + 2 Since Q = 3, 3 = L + 2 L = 1 Short run total cost (STC) = wL + rK…

Q: The Paunch Burger restaurant chain currently produces 250,000 units of output by using 2,400 units…

A: Marginal rate of technical substitution = - Change in capital / Change in labor

Q: A firm uses two inputs in production: capital and labor. In the short run, the firm cannot adjust…

A: The factors of production refers to all the inputs which are used in the production off goods, and…

Q: Moving along the total product curve, which of the following is held constant? Select one: a.…

A: The total product (TP) curve speaks to the aggregate sum of yield that a firm can create with a…

Q: 1. Do the following production functions exhibit increasing, constant of decreasing returns to scale…

A: "A production function states the relationship between factor inputs used and the amount of output…

Q: how the marginal product of labor and the average product of labor change as the quantity of labor…

A: Marginal product of labor is that the extra units of output produced with increase within the amount…

Q: State the decision rules used for finding the optimal amount of input(s) in both short-run and…

A: Hi, thanks for the question. As per the guidelines, we are allowed to answer only the first three…

Q: According to the law of diminishing return in short run O If we double all inputs, output will…

A: 20) the law of diminishing return is measured when the marginal output of production decreases due…

Q: ase quickly!!!!thanks !!!! If a firm used only labor for production, and given current production…

A: The marginal product of labor is the addition to the total product when one additional unit of labor…

Q: 1) Consider the long-run productior of shirts. The cost of the indivisible inpu 3 used in the…

A: Cost of invisible input used in the production of shirts = $400 per day. Addition cost of one shirt…

Concept explainers

Equilibrium Price and Quantity

Equilibrium refers to a state of balance that comes about because there is equality in all forces.

Question

I need the answer as soon as possible

45. The short run
A. O Is less than one year
B. O Requires that at least one input is
fixed
C. O Requires that all inputs are fixed
D. O Is just long enough to permit entry
and exit

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

What is the difference between economies of scale, constant returns to scale, and diseconomies of scale?
In choosing a production technology, how will firms react if one input becomes relatively more expensive?
What is the difference between a fixed input and a variable input?
What is die difference between accounting and economic profit?
Do you think that the taxicab industry in large cities would be subject to significant economies of scale? Why or why not?
Suppose the cost of machines increases to 55, while the cost of labor stays at 40. How would that affect the total cost of the three methods? Which method should the film choose now?
What is a production function?
What shape of a long-run average cost curve illustrates economies of scale, constant returns to scale, and diseconomies of scale?
A small company that shovels sidewalks and driveways has 100 homes signed up for its services this winter. It can use various combinations of capital and labor: intensive labor with hand shovels, less labor with snow blowers, and still less labor with a pickup truck that has a snowplow on front. To summarize, the method Choices are: Method 1: 50 units of labor, 10 units of capital Method 2: 20 units of labor, 40 units of capital Method 3: 10 units of labor, 70 units of capital If hiring labor for the winter costs $100/unit and a unit of capital costs 400, what is the best production method? What method should the company use if the cost of labor rises to $20/unit?
What are explicit and implicit costs?
What is a production technology?
Average cost curves (except for avenge fixed cost) tend to be U-shaped, decreasing and then increasing. Marginal cost curves have the same shape, though this may be harder to see since most of the marginal cost curve is increasing. Why do you think that average and marginal cost curves have the same general shape?