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although finished goods are scarce, the inputs to produce them are not scarce.
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- the production fuction shows the volume of output that can produced from given inputs true falseIn the long run, all factors of production are Group of answer choices rented. variable. fixed. materials.Suppose that an economy produces 3,000 units of output, employing 60 units of inputs, and the price of the input is $30 per unit. The per-unit cost of production is A) $0.6 B) $0.30 C) $0.10 D)$ 1.00
- A typical firm will aim to move to the lowest possible isocost line, while maintaining a certain production level. is it true or falseHow does any one economic variable respond to changes in another? Why would a profit-maximizing firm expand the use of each input until its marginal revenue product equals the price of the input?Alice runs a shoemaking factory that utilizes both labor and capital to make shoes. Which of the following would shift the factory’s demand for capital? You can select one or more answers from the choices shown a. Many consumers decide to walk barefoot all the time. b. New shoemaking machines are twice as efficient as older machines. c. The wages that the factory has to pay its workers rise due to an economy-wide labor shortage.
- A production technology that lies on the diagram's $500 isocost line dominates a technology that lies on the diagram's $700 isocost line, no matter what happens to the price of labour and capital. is it true or falseShows the lowest possible input costs (combinations of labour and capital) at which different levels of production can be produced a. contraction curve b. contraction path c. expansion path d. expansion curveShow all work and EVER STEP for solving the problem. DO NOT SKIP ANY STEPS. That is the only way I can know how you solved the problem. Directions: Given the consumption matrix C and the demand matrix d, find the production vector x that meets the consumption matrix C. Hint: Recall Leontief Input Output Models.
- The table below shows...Which of the following statements best describes a production function? Group of answer choices all levels of inputs that could produce a given level of output the maximum profit generated from given levels of inputs the maximum level of output generated from given levels of inputs all levels of output that can be generated from given levels of inputsQ87 Consider a firm that uses only labour and capital as inputs. At the present use of labour and capital, the MP of labour is four times the MP of capital and the price of labour is twice the price of capital. To minimise its costs for a given level of output, the firm should... a. Decrease both capital and labour. b. Increase both labour and capital. c. Decrease capital and increase labour. d. Stay at its present factor mix. e. Decrease labour and increase capital.
