I.Match The term (column B) that best fits the phrases (Column A below.

Column A

Column B

_____ 1. Describe the functional relationship of input and output

a. Marginal product

_____ 2. Production function

b. Least-cost combination

_____ 3. Infinitesimal change

c. Isocost line

_____ 4. Output yielded from the last unit of input

d. isquant

_____ 5. TP divided by the number of variable inputs

e. Production function

_____ 6. Refers to the declining trend to MP

f. Counterproductive conditions

_____ 7. Illustrates the varied combinations of inputs at the same level of plant capacity

g. Finite change

_____ 8. Contains combinations of inputs that the same budget can purchase given constant prices

h. Marginal rate of substitution

_____ 9. Price of labor inputs over price of capital inputs

i. Economies of scale

_____ 10. Ration between output and input

j. Diseconomies of scale

_____ 11. Change in capital inputs over change in labor inputs

k. Maximum output

_____ 12. Combination of resources that yields output at the lowest possible cost

l. Improved production

_____ 13. "same quantity"

m. Isoquant map

_____ 14. Any downward sloping portion of a long-run average cost curve

n. Average product

(imaged attached for matching type, thank youu)

1. 

Document2 [Compatibility Mode] - Word Sign in X File Home Insert Design Layout References Mailings Review View Help Tell me what you want to do & Share do Cut Times New Ro * 11 - A" A" Aa . 4 := . = - 4+ 3 21 1 Find BB) Copy AaBbCcI AaBbCcI AaBbC AaBbcc] Aab AaBbCCC aac Replace Paste B I U . abe X x A . Z . A. BEE 1 Normal 1 No Spac... Heading 1 Heading 2 Title Subtitle Format Painter Select Clipboard Font Paragraph G Styles Editing . . 1 . . . | . . . 2 . . . 1 . 1 . . . 3 . . . 1 . . . 4 . . . 1 . . . 5 . . . 1 . . . 6 . . . 1 . . . 7 . . . 1 . . . 8 . . . 1 . . . 9 . . . 1 . . . 10 . . . 1 . . . 1 . . . . 12 . . . 5 . . T. Match The term (column B) that best fits the phrases (Column A below. Column A Column B 1. Describe the functional relationship of input and output a. Marginal product 2. Production function b. Least-cost combination 3. Infinitesimal change c. Isocost line 4. Output yielded from the last unit of input isquant 5. TP divided by the number of variable inputs . Production function 6. Refers to the declining trend to MP f. Counterproductive conditions 7. Illustrates the varied combinations of inputs at the same level g. Finite change of plant capacity 8. Contains combinations of inputs that the same budget can h. Marginal rate of substitution purchase given constant prices 9. Price of labor inputs over price of capital inputs i. Economies of scale 10. Ration between output and input j. Diseconomies of scale 11. Change in capital inputs over change in labor inputs k. Maximum output 12. Combination of resources that yields output at the lowest 1. Improved production possible cost 13. "same quantity" m. Isoquant map 14. Any downward sloping portion of a long-run average cost n. Average product curve II. True or False 1. Productivity is the output produced by a unit of factor input during a given span of time. 2. The theory of production describes the functional relationships of output and economic resources, assuming these are fixed sizes. 3. Improvement in productivity can be seen if the ratio of output over input increases since a unit of input can produce more of the same output. 428 words - - + 100% CO Ed FW 3:20 PM www.DesktopCa 6/25/2021