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- 7 Define the cost function c(w1,w2 ,y) =w1x1(w1,w2,y) + w2x2(w1,w2,y). Show that the cost function is homogeneous of degree one and concave in ( w1, w2) .28 - The most important factor affecting a firm's production decision is the state of the supply curve. Which of the following is not a contributing factor?A) Weather conditionsB) investment surplusC) Economic GrowthD) WarE) Cost shocks21) A grocery store employs fewer clerks after prices dropped for self-checkout machines used to collect customers money. In this example, labor and capital are considered a. complements. b. dependent. c. independent. d. substitutes. e. supplements.
- What are the factor payments for land, labor, and capital?Requirements: a. Compute for MP in each unit labor employed. b. Compute for AP in each unit labor employed. c. Graph the TP, MP and AP. d. The primary objective of a business is maximizing profit. If you are to decide, what alternatives would you propose in reaching the goal of the company? Justify your answer. Unit of Labor employed Total Physical Product (tons of wheat) Marginal Product (tons of wheat) Average Product (tons of wheat) TP MP AP 0 0 (1) (11) 1 3 (2) (12) 2 10 (3) (13) 3 24 (4) (14) 4 36 (5) (15) 5 40 (6) (16) 6 42 (7) (17) 7 42 (8) (18) 8 40 (9) (19) 9 36 (10) (20)21) Suppose that a firm employees labor and capital to produce a good. If the price of capital increases, a) capital employed will increase and labor employed will decrease b) capital employed will decrease and labor employed will increase c) capital employed will not change d) labor employed will not change
- 57: The creation of a unit of good Y requires the work of 3 specialists and 7 units of capital. The going pay is $ 4. The lease on a unit of capital is $ 1. What ought to be the peripheral actual result of capital all together for the creation to be completed basically cost and what is this cost if the minimal actual result of work is 2?1. True or False: explain why your answer is true or false a. We can expect the average cost curve of a software product downloadable in the internet to have no minimum point. b. Decreasing returns to scale implies that production exhibits economies of scale. c. Fixed costs tend to infinity when output is zero d. While the distance between the total and variable cost curves does not change, the distance between the average total cost and the average variable cost curves decreases with increasing output. e. In general, production can display diminishing returns in all variables but still display increasing returns to scale. Explain your answer.13. Identify which way the labor supply curve would shift under the following scenarios. A country experiences a huge influx of immigrants who are skilled in the textile industry. Wages increase in an industry that requires similar job skills. New machines require additional maintenance over time, so that the marginal productivity of labor rises.
- 1. The law of diminishing returns indicates that:a. as extra units of a variable resource are added to a fixed resource the marginalproduct will decline beyond some point.b. because of economies and diseconomies of scale a competitive firm's long-runaverage cost curve will be U-shaped.c. the demand for goods produced by purely competitive industries is downsloping.d. beyond some poi 4. Which situation below describes the increasing returns stage of the productionfunction?a. Hiring one more tailor results in three more suits produced per hour.b. Hiring one more baker results in the same output because there is now less thanone oven available per baker.c. Buying one more office computer causes there to be more computers thanworkers.d. Extending the workday results in more tired and less productive worke7 why is optimal employment important in the production function.(5) Identify the truthfulness of the following statements. I. When the marginal product of labor is falling, the average product of labor is falling. II. When the marginal product curve lies above the average product curve, then average product is rising. (a) Both I and II are true. (b) Both I and II are false. (c) I is true; II is false. (d) I is false; II is true. (6) If marginal product is greater than average product (a) total product must be increasing. (b) marginal product must be decreasing. (c) marginal product must be increasing. (d) average product may be increasing or decreasing. (7)Which one of these is false when compared to the relationship between marginal and average product? (a) When average product is increasing in labor, marginal product is greater than average product. That is, if APL increases in L, then MPL > APL. (b) When average product is decreasing in labor, marginal product is less than average product. That is, if APL decreases in…
