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[answered] A firm engaging in efficient production, using current tech


Please help me with these couple multiple choice. It would be very helpful for my overall assignment. Please do not ask me to send you an email outside of Course Hero or try to get me to use a service outside of Course Hero. This has been happening more and more :( Thank you in advance for your help! Alex


A firm engaging in efficient production, using current technology, ________ produce its current

 

level of production with ________ inputs.

 

A.

 

cannot; fewer

 

B.

 

could; fewer

 

C.

 

cannot; different

 

D.

 

cannot, more Consider the production process represented by the total product curve (TP1), the average

 

product of labor curve (AP1) , and the marginal product of labor curve (MP1) illustrated in the

 

figure.

 

If each worker produces an extra unit of output, how do total product, the average product of

 

labor, and the marginal product of labor vary with labor? Plot these curves in the graph.

 

1.) Graph the firm's new total product curve for one through four workers. Label this curve 'TP2

 

.'

 

2.) Graph the firm's new average product curve for labor for one through four workers. Label

 

this curve 'AP2.'

 

3.) Graph the firm's new marginal product curve for labor for one through four workers. Label

 

this curve 'MP2.'

 

Carefully follow the instructions above, and only draw the required objects. The below table shows the short - run production function for Albert's Pretzels. The marginal

 

product of labor for the third worker is

 

A. 8.

 

B. 24.

 

C. 6.

 

D. not known from the information provided.

 

Labor

 

1

 

2

 

3

 

4

 

5 Output

 

10

 

18

 

24

 

28

 

30 Mark launders his white clothes using the production function

 

q=3B+G where B is the number of cups of Clorox bleach and G is the number of cups of a generic

 

bleach, where Clorox bleach is three times as potent.

 

Graph an isoquant for output of q=21. Label this line 'isoquant'.

 

Carefully follow the instructions above, and only draw the required object.??

 

What is the marginal product of B?

 

The marginal product of B is ______. (Enter a numeric response using an integer.)

 

What is the marginal rate of technical substitution at each point on an isoquant?

 

The marginal rate of technical substitution is ______ along the isoquant. The table in the below figure shows the levels of output resulting from different

 

levels of inputs. Returns to scale are greatest at which level of output?

 

A.

 

400?600 units

 

B. 100?200 units

 

C.

 

200?400 units

 

D.

 

There is insufficient information to answer the question.

 

Quantity

 

100

 

200

 

300

 

400

 

500

 

600 Capital (K)

 

3

 

5

 

7.5

 

10

 

12.5

 

15 Labor (L)

 

6

 

10

 

15

 

20

 

25

 

30 Over a five?year span, the ABC Co. reduced the amount of labor it hired. At the

 

same time, the marginal productivity of labor increased. Which of the following

 

COULD explain this observation?

 

A.

 

organizational innovation

 

B.

 

the law of diminishing marginal returns

 

C.

 

labor saving technical change

 

D.

 

All of the above.

 


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