Question: A consumer will be on a _________________ indifference curve with a conditional grant than with an unconditional grant. A. higher B. lower C. the same
A consumer will be on a _________________ indifference curve with a conditional grant than with an unconditional grant. A. higher B. lower C. the same D. none of the above
The production function for a firm is given by TP = 4K2L2. The price of capital is $4 and the price of labour is $2. The budget is $100.
The optimal amount of capital is:
- A. 25
- B. 12.5
- C. 8
- D. 4
The production function for a firm is given by TP = 4K2L2. The price of capital is $4 and the price of labour is $2. The budget is $100.
The optimal amount of capital is:
- A. 25
- B. 12.5
- C. 8
- D. 4
The production function for a firm is given by TP = 4K2L2. The price of capital is $4 and the price of labour is $2. The budget is $100. The optimal amount of labour is:
- A. 4
- B. 8
- C. 12.5
- D. 25
The production function for a firm is given by TP = 4K2L2. The price of capital is $4 and the price of labour is $2. The budget is $100. The maximum output is:
- A. 100015
- B. 230925
- C. 340925
- D. 390625
Production managers for a manufacturing firm estimate their production function to be:
TP = 24L +10.5L2- L3
where TP is the output and L is labour. The price of a unit on output is $20.
At what level of input do diminishing returns occur?
- A. L=5.25
- B. L=3.5
- C. L=8
- D. L=1
Production managers for a manufacturing firm estimate their production function to be: TP = 24L +10.5L2 - L3 where TP is the output and L is labour. The price of a unit on output is $20. At what level of input does average product peak?
- A. L=3.5
- B. L=5.25
- C. L=8
- D. L=1
Production managers for a manufacturing firm estimate their production function to be: TP = 24L +10.5L2 - L3 where TP is the output and L is labour. The price of a unit on output is $20. What is the maximum output that can be produced?
- A. L=3.5
- B. L=5.25
- C. L=1
- D. L=8
Production managers for a manufacturing firm estimate their production function to be: TP = 24L +10.5L2 - L3 where TP is the output and L is labour. The price of a unit on output is $20. What is the maximum is dollars that you would pay for 5 labour?
- A. $100
- B. $1030
- C. $5150
- D. $1080
Economies of scale can be due to:
- A. volume purchasing
- B. higher borrowing rates
- C. higher wage rates
- D. all of the above
Diseconomies of scale can be due to:
- A. Division of labour
- B. Labour saving technology
- C. Cheaper borrowing rates
- D. More regulation
Short run full capacity occurs at:
- A. The maximum of the SRAC curve
- B. The maximum of the LRAC curve
- C. The minimum of the SRAC curve
- D. None of the above
When the SRAC curve is increasing there is:
- A. Excess K/L
- B. Excess L/K
- C. Both of the above
- D. None of the above
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