Homework Answers
1. Option A is correct. Fixed inputs are those that never be changed. In the long run, all inputs are variable. But in the short run, all inputs are fixed.
2. Option E is correct. A variable input is a resource or factor of production which can be changed in the short run by a firm to increase the production of the candy. Therefore, sugar and labor are variable inputs here.
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elasticity of supply for parmesan cheese Question 14 3 pts 14. In the long run: all...
Please Help Question 13 0.16 pts An industry (such as California cheese) might advertise so that...
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Question 13 0.16 pts An industry (such as California cheese) might advertise so that its product (cheese) O will now be viewed as homo O may be characterized by a horizontal demand curve. O will be sold in perfectly competitive markets. O is no longer viewed as homogeneous. O will now have a price elasticity of demand that is more elastic. geneous for all producers. Question 14 0.16 pts Firms in a monopolistically competitive industry produce monopolistic goods...
Question 14 1 pts If the price elasticity of supply was calculated as 0.40 for a...
Question 14 1 pts If the price elasticity of supply was calculated as 0.40 for a product and the price increases by 12%, what would happen to the quantity supplied? O Quantity supplied would increase by 8%. O Quantity supplied would increase by 6.3%. O Quantity supplied would increase by 4.8%. Question 15 1 pts As we move along a typical negatively sloping, linear demand curve O the elasticity is constant. it results in elasticity and slope being the same....
This Question: 18 pts 9 of 28 (28 complete) in the short-run, there are 3 stages...
This Question: 18 pts 9 of 28 (28 complete) in the short-run, there are 3 stages of production. Which of the following is true about stage 3 APL reaches its maximum at the end of this stage O A True B. False MPL < O which indicates that total output is decreasing as the firm hires more workers .A True OB. False The firm can increase output and increase profit by hiring more workers O A True False The firm...
Question 1 (1 point) 1. The short run is a period of time in which the...
Question 1 (1 point) 1. The short run is a period of time in which the amount of output is fixed. nothing the firm does can be altered. the quantity of at least one factor of production is fixed. prices and wages are fixed. Question 2 (1 point) 2. When the demand for electricity peaks during the hottest days of summer, Florida Power and Light Company can generate more electricity by using more fuel and increasing the working hours of...
14. Which of these assumptions is often realistic in the long run? A firm can vary...
14. Which of these assumptions is often realistic in the long run? A firm can vary A. the number of workers it employs, but not the size of its factory. B. the size of its factory, but not the number of workers it employs. C. both the size of its factory and the number of workers it employs. D. neither the size of its factory nor the number of workers it employs. 15. Which of the following statements is (are)...
0.6 pts Use the following information to answer the associated questions below: Lucia's Performance Pizza is...
0.6 pts Use the following information to answer the associated questions below: Lucia's Performance Pizza is a small restaurant in Detroit that sells gluten free pizzas. Lucia's very tiny kitchen has barely enough room for the three ovens in which her workers bake the pizzas. Lucia signed a lease obligating her to pay the rent for the three ovens for the next year. Because of this, and because Lucia's kitchen cannot fit more than three ovens, Lucia cannot change the...
1. In the case of a short-run production function: all of the inputs are variable. at...
1. In the case of a short-run production function: all of the inputs are variable. at least one of the inputs is fixed. the amount of labor employed is held constant. all of the inputs are fixed. 2. In the long-run production function, all of the inputs to the production process are allowed to vary. True False 3. In which of the following situations would a firm be more likely to rely on a capital-intensive method of production? When labor...
5. The cross-price elasticity of demand is the percentage change in quantity divided by the percentage...
5. The cross-price elasticity of demand is the percentage change in quantity divided by the percentage change in price of another good. 6. The principle of diminishing marginal utility states that people enjoy consuming more of a good. 7. If marginal utility is declining but still positive, total utility is decreasing. 8. ]n the long run all inputs are variable; in the short run all inputs are fixed. 9. Fixed costs decrease as output is increased. 10. The law of...
.Question Completion Status QUESTION 11 Suppose a firm doubles its employment of all inptuts in the long run. If th...
.Question Completion Status QUESTION 11 Suppose a firm doubles its employment of all inptuts in the long run. If this action more than doubles the amount of capital produced, then this firm is experiencing O Increasing returns to scale diminishing marginal returns o technological progress O positive marginal revenue QUESTION 12 When input prices are fixed, decreasing returns to scale implies that the long run average cost curve is downward sloping O horizontal upward sloping O Ushaped QUESTION 13 If...
Question 4 a) For the production function f(L,K)= L13K2/3, find the long run cost function, marginal...
Question 4 a) For the production function f(L,K)= L13K2/3, find the long run cost function, marginal cost function and average cost function. (20 points) b) For the same production function above, find the short run variable cost function and total cost function when capital is fixed at 500 units. (10 Points) Question 5 Suppose inputs can be perfectly substituted at a constant rate of two units of labor for every one unit of capital, while producing the same level of...
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Question 13 0.16 pts An industry (such as California cheese) might advertise so that its product (cheese) O will now be viewed as homo O may be characterized by a horizontal demand curve. O will be sold in perfectly competitive markets. O is no longer viewed as homogeneous. O will now have a price elasticity of demand that is more elastic. geneous for all producers. Question 14 0.16 pts Firms in a monopolistically competitive industry produce monopolistic goods...
Question 14 1 pts If the price elasticity of supply was calculated as 0.40 for a product and the price increases by 12%, what would happen to the quantity supplied? O Quantity supplied would increase by 8%. O Quantity supplied would increase by 6.3%. O Quantity supplied would increase by 4.8%. Question 15 1 pts As we move along a typical negatively sloping, linear demand curve O the elasticity is constant. it results in elasticity and slope being the same....
This Question: 18 pts 9 of 28 (28 complete) in the short-run, there are 3 stages of production. Which of the following is true about stage 3 APL reaches its maximum at the end of this stage O A True B. False MPL < O which indicates that total output is decreasing as the firm hires more workers .A True OB. False The firm can increase output and increase profit by hiring more workers O A True False The firm...
Question 1 (1 point) 1. The short run is a period of time in which the amount of output is fixed. nothing the firm does can be altered. the quantity of at least one factor of production is fixed. prices and wages are fixed. Question 2 (1 point) 2. When the demand for electricity peaks during the hottest days of summer, Florida Power and Light Company can generate more electricity by using more fuel and increasing the working hours of...
0.6 pts Use the following information to answer the associated questions below: Lucia's Performance Pizza is a small restaurant in Detroit that sells gluten free pizzas. Lucia's very tiny kitchen has barely enough room for the three ovens in which her workers bake the pizzas. Lucia signed a lease obligating her to pay the rent for the three ovens for the next year. Because of this, and because Lucia's kitchen cannot fit more than three ovens, Lucia cannot change the...
.Question Completion Status QUESTION 11 Suppose a firm doubles its employment of all inptuts in the long run. If this action more than doubles the amount of capital produced, then this firm is experiencing O Increasing returns to scale diminishing marginal returns o technological progress O positive marginal revenue QUESTION 12 When input prices are fixed, decreasing returns to scale implies that the long run average cost curve is downward sloping O horizontal upward sloping O Ushaped QUESTION 13 If...
Question 4 a) For the production function f(L,K)= L13K2/3, find the long run cost function, marginal cost function and average cost function. (20 points) b) For the same production function above, find the short run variable cost function and total cost function when capital is fixed at 500 units. (10 Points) Question 5 Suppose inputs can be perfectly substituted at a constant rate of two units of labor for every one unit of capital, while producing the same level of...
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