If a firm is operating on the production function, then workers A. must be putting forth maximal effort. B. may not be putting forth maximal effort. C. are usually putting forth average effort. D. are usually putting forth minimal effort.

Q: If a higher level of production allows workers to specialize in particular tasks, a firm will likely…

A: The production refers to the process of combining the raw material with the factors of production,…

Q: The shape of this production function suggests that a in the production function Y =K"L-a is ) A.…

A: As we increase the quantity of capital, the marginal product of capital continues to decrease. So,…

Q: If a higher level of production allows workers to specialize in particular tasks, a firm will likely…

A: Economies of scale refers to the cost advantage of the producers that they earn on the output due to…

Q: In a short-run production process, a diminishing marginal product of labor explains why marginal…

A: Marginal Product of Labor:  The term marginal product of labor shows that how much additonal or…

Q: In a short-run production process, a diminishing marginal product of labor explains why marginal…

A: Diminishing Marginal product means that the increase in the output from the additional labor…

Q: A small company that shovels sidewalks and driveways has 100 homes signed up for its services this…

A: A small company use various combinations of capital and labor in production. These combinations are…

Q: Among the three stages of production, until what point should one produce considering the law of…

A: The law of diminishing marginal product explains the three stages of production that is applicable…

Q: Given the production function Q=20L+8K and cost budget = 1000JD; w (Price per unit of labor)=8;…

A: Production function exhibits the relationship between the input and the output. The production…

Q: caught with different crew sizes. The results of these experiments follow. Number of Daily Tuna…

A: A production function represents the relationship between inputs and outputs. The law of diminishing…

Q: )A production function:                   (a) Shows the cost of producing any level of output.…

A: Economics is a social science that studies human behavior regarding their unlimited wants in terms…

Q: As a production process requires labor L and capital K, q = F (L, K). The wage for a labor is $500,…

A: The optimal level of labor and capital is given by the point where the marginal rate of technical…

Q: When the marginal product of labor ________ the average product of labor, then the average product…

A: The marginal product of labor is increase in total production of a company when one labor unit is…

Q: using classical production function explain the stages of production of a firm and advise on the…

A: The process that is known to minimize the amount of waste and helps in bringing the product in a…

Q: If a firm quadruples (4x) in size and output triples(3x), what is the returns to scale?  a.…

A: The markets are the place where the buyers, and the sellers of the goods, services, and other…

Q: Productivity decreases when O a. Output and hours worked decrease at the same rate Ob. Hours worked…

A: Productivity refers to the ability of the business to produce more output. Productivity determines…

Q: What is a production function? Response option group It is the production technology It is the…

A: A production function highlights the relationship between quantities of physical inputs and…

Q: In a relationship among total, average and marginal products, where TP is maximized:

A: The Total product (TP) implies the sum total of output produced using each nit of variable factor.…

Q: True or false The Law of Diminishing returns implies that the marginal cost of production (MC) is…

A: Answer:  Law of diminishing returns: According to the Law of diminishing returns if an input of…

Q: Rather than have all the tasks in a production setting being done by the same person, but by…

A: In economics, the problem of scarcity which is universal in nature is studied and addressed. Because…

Q: If producing more output increases average cost then         a)there are diseconomies of scale.…

A: Answer to the question is as :

Q: Chapter 11 Production and Costs – Units of Total Marginal Product Total Variable ATC AVC MC Labor…

A: The law of diminishing marginal return that when more and more variables factors are added with…

Q: 1) Draw and label the AFC, AVC, ATC, and MC curves when FC = 0. Assume when the production level i…

A: "Since you have asked multiple questions, we will solve first question for you .. If you want any…

Q: (9) The short run is a time period in which: (a) all resources are fixed. (b) the level of output is…

A: As you have not mentioned the exact question as per our policy I am answering first three questions.

Q: Marginal analysis (a.k.a. thinking at the margin) Multiple selects     assumes dimishing marginal…

A: Marginal analysis is the process of comparing additional benefits accrued to the additional costs…

Q: What is the difference between a feasible production plan in the short run and in the long run? Give…

A: Feasible production plan in the short run: In the short run, even though the firm is facing loss, it…

Q: The average product of labor depends on how many units of Select one: a. labor are used. b. labor…

A: The average product of labor depends on how many units of : (b) labor and capital are used.

Q: A firm is using 500 units of capital and 20O units of labor to produce 10,000 units of output.…

A: The Production function is a combination of Labor and capital f(K,L) = wL + rK where w= Price of…

Q: Describe the two main types of internal diseconomies of scale?

A: According to the given question In simple words we can say that the internal diseconomies of scale…

Q: Match the production function and its name f(x1, x2) = min{x1, x2} | Choose. f(x1, x2) = ax1 + bæ2…

A: Production function shows relationship between inputs and output. It shows technology that uses…

Q: Expalin the law of diminishing returns or diseconomies of scales ?

A: In an economy, the law of diminishing returns and diseconomies of scale are two different concepts,…

Q: Draw a well behaved production function and show the 3 stages of production. What distinguishes…

A: The production function shows the technical relationship between factor of production and final…

Q: Activity: My Production! A. Production Function Directions: Below is the production schedule for…

A: The production function of the firm shows the maximum amount of output a firm is able to produce by…

Q: Given the production function Q=100 L.K and cost budget=1000JD ; w (price per unit of labor)=8;r…

A: The optimal production is the point where marginal rate of technical substitution is equal to price…

Q: When thinking about cost analysis in Microeconomics, what are the real-world problems that occur…

A: Economies of scale are cost savings that can arise when a business expands the production scale and…

Q: QUESTION 2 Match each of the following terms and descriptions Explicit Cost A. the opportunity cost…

A: There are two type of cost- implicit cost and explicit cost. Explicit cost includes payment of money…

Q: What best describes the long run? a period of time that labor can change a period longer than six…

A: The long run is a span of time during which all production parameters and costs are subject to…

Q: A cost that changes with the level of production is called a(n)____cost a.variable b.average total…

A: Ans. The cost is the expenditures that are incurred during the production of the goods and services.…

Q: 0.7 The Cobb-Douglas production function for a particular product is N(x,y) = 80xyo, where x is the…

A: Production function:   N (x,y) = 80x0.7y0.3    Wage per labor (w) = $80   Rent per capital (r) =…

Q: The short run is the time frame A) during which the quantities of all resources are fixed. B) during…

A: Production takes place in the short run while all planning is done in the long run.

Q: What are different types of costs involved in production of goods and services? Analyze the…

A: Fixed expenses, variable costs, and the total cost of production make up the cost of production. The…

Q: Units of Total Average Marginal Labor Product Product Product 1 100 2 125 3 300 4 20 5 290 the table…

A: Law of Variable proportion shows that as we increase labour the production initially start to rise…

Q: The long run is defined as A) the period of time when all resources are variable. B) any time after…

A: The long run is defined as the period of time when all resources are variable. Firm can change all…

Q: A small company that shovels sidewalks and driveways has 100 homes signed up for its services this…

A: Labor: It is the measure of physical, mental, and social exertion used to create products and…

Q: A firm produces according to the following production Function: Q= K^0.4L^0.5. MCK is $10 per K, and…

A: Returns to scale is the increase in production due to same unit increase in the inputs, labor and…

Factors of Production

Factors of production – in simple words means the factors that are used for producing any product or service. This includes the resources which are necessary for the manufacturing of products. Factors of production are also known as the building blocks of the economy.