Exam 5: Production

Lectures in microeconomics can be delivered either by an instructor (labor)or a movie (capital)or any combination of both.Yet,it gets harder and harder to substitute more movies for an instructor the more movies are already used.Which graph in the above figure best represents the isoquants for lectures in microeconomics when capital per day is on the vertical axis and labor per day is on the horizontal axis?

If a firm triples inputs and produces twice the output,then there are

-According to the table above,transportation equipment production exhibits

Which situation is most likely to exhibit diminishing marginal returns to labor?

If a firm fired one worker and lost 12 units of production and decides to add one more unit of capital,then to remain on the same isoquant what must be true?

One potential outcome of federal regulation is a

-The above figure shows the isoquants for producing steel.When producing more than 20,000 tons there are

Average product will fall as long as

If a Cobb-Douglas production function has alpha = 0.34 and beta = 0.42,then a 1% increase in inputs results in a ________ change in output.

Given the production function q = 4L + K,what is formula for the marginal product of labor?

If a firm triples inputs and produces three times the output,then there are

Which of the following statements is TRUE?

If MPₖ = 3,and MRTS = -4 what is MPL?

-The above figure shows the short-run production function for Albert's Pretzels.The law of diminishing marginal product

Suppose the production function for T-shirts can be represented as q = .Show that the marginal productivity of labor diminishes in the short run.

-The above figure shows the isoquants for producing steel.When producing less than 10,000 tons there are

-According to the table above,clothing production exhibits

Explain why labor might not always be a variable input.

Given the production function q = 1.37LK,what is the marginal product of labor?

If MPL = 3,and MRTS = -4 what is MPₖ?