Microeconomics

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For a fixed proportion production function, at the vertex of any of the (L-shaped) isoquants the ... Started by Awilson837	1 Replies 33 Views	Jul 1, 2018 by cdmart10
A fixed-proportion production function has isoquants that are a. almost flat (i.e., the isoquants ... Started by mcmcdaniel	1 Replies 38 Views	Jul 1, 2018 by livaneabi
A rise in the average productivity of labor a. always reflects technical progress. b. reflects ... Started by itsmyluck	1 Replies 236 Views	Jul 1, 2018 by javimendoza7
Suppose the production function for coffee (C) is C = min(B,W), where B = beans in pounds and W = ... Started by abc	1 Replies 27 Views	Jul 1, 2018 by Jordin Calloway
Suppose pigs (P) can be fed corn-based feed (C) or soybean-based feed (S) such that the production ... Started by jwb375	1 Replies 118 Views	Jul 1, 2018 by rosiehomeworddo
Suppose a cost function is TC = Aq3 + bq2 + cq + d. Then the average variable cost is a. Aq2 + bq + ... Started by OSWALD	1 Replies 36 Views	Jul 1, 2018 by manuelcastillo
Suppose MPL = 20 and MPK = 40 and the rental rate on capital is 10 . If the level of production is ... Started by james9437	3 Replies 27 Views	Jul 1, 2018 by Ahnyah
The opportunity cost of producing a bicycle refers to a. the out-of-pocket payments made to produce ... Started by tfester	1 Replies 35 Views	Jul 1, 2018 by jesse.fleming
A firm's economic profits are given by a. total revenue minus total accounting cost. b. the ... Started by SGallaher96	1 Replies 122 Views	Jul 1, 2018 by jessicaduplan
The shape of a firm's expansion path depends upon a. the price of the labor input. b. the price of ... Started by rl	1 Replies 31 Views	Jul 1, 2018 by EAN94
A firm whose production function displays increasing returns to scale will have a total cost curve ... Started by 123654777	1 Replies 50 Views	Jul 1, 2018 by sultana.d
A linear total cost curve which passes through the origin implies that a. average cost is constant ... Started by Bob-Dole	1 Replies 119 Views	Jul 1, 2018 by KKcool
In the short run, a. all inputs are fixed. b. all inputs are variable. c. some inputs are fixed. ... Started by james0929	1 Replies 78 Views	Jul 1, 2018 by mistyjohnson
Short-run total cost is the sum of a. short-run fixed cost, short-run variable cost, and short-run ... Started by silviawilliams41	1 Replies 117 Views	Jul 1, 2018 by trampas
A firm's short-run average cost is defined as a. the ratio of total output to short-run total cost. ... Started by kfurse	3 Replies 59 Views	Jul 1, 2018 by Ksanderson1296
An increase in the wage rate will have a greater effect on average costs a. the larger the ... Started by ereecah	1 Replies 99 Views	Jul 1, 2018 by bdobbins
In general, microeconomic theory assumes that firms attempt to maximize the difference between a. ... Started by saliriagwu	1 Replies 31 Views	Jul 1, 2018 by samiel-sayed
A firm's marginal revenue is defined as a. the ratio of total revenue to total quantity produced. ... Started by mrsjacobs44	1 Replies 51 Views	Jul 1, 2018 by Jmfn03
If demand is inelastic, marginal revenue will be a. positive. b. zero. c. negative. d. ... Started by genevieve1028	1 Replies 20 Views	Jul 1, 2018 by sierrahalpin
In order to maximize profits, a firm that can sell all it wants without affecting price should ... Started by EAugust	1 Replies 46 Views	Jul 1, 2018 by rosiehomeworddo
If a firm's marginal revenue is below its marginal cost, an increase in production will usually a. ... Started by Bernana	1 Replies 23 Views	Jul 1, 2018 by JYan
If the demand faced by a firm is elastic, selling one less unit of output will a. increase revenue. ... Started by ahriuashd	1 Replies 26 Views	Jul 1, 2018 by choc0chan
A firm that sought to maximize market share would choose to produce an output level for which ... Started by jman1234	3 Replies 42 Views	Jul 1, 2018 by Toya9913
It is usually assumed that a perfectly competitive firm's supply curve is given by its marginal cost ... Started by Zoey63294	1 Replies 17 Views	Jul 1, 2018 by aidanmbrowne
If price is equal to short-run average variable cost, this price is known as a. the break-even ... Started by Themember4	1 Replies 22 Views	Jul 1, 2018 by nicoleclaire22