Isoquants for producing roller skates B Units of labor(L) a) If isoquant curve moves from isoquant A to isoquant B, the number of roller skates produced b) If isoquant curve moves from isoquant B to isoquant A, the number of roller skates produced c) Isoquants are downward sloping because Units of capital (K)

Isoquants for producing roller skates B Units of labor(L) a) If isoquant curve moves from isoquant A to isoquant B, the number of roller skates produced b) If isoquant curve moves from isoquant B to isoquant A, the number of roller skates produced c) Isoquants are downward sloping because Units of capital (K)

Economics For Today

10th Edition

ISBN:9781337613040

Author:Tucker

Publisher:Tucker

Chapter7: Proudction Costs

Section: Chapter Questions

Problem 10SQ

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Similar questions

Marginal product is: a. the change in total product divided by the change in the quantity of labor. b. total product divided by the quantity of labor. c. always positive. d. unrelated to total product.
The production function is Q = 18K + 9L. Rent is $80 and wage is $40. Draw a graph of the isocost and isoquant curves.
The degree of convexity of an isoquant determines the degree of substitutability of factors of production. Do you agree? Explain.
a. Isoquants can be convex, linear, or L-shaped. What does each of these shapes tell you about the nature of the production function? What does each of these shapes tell you about the MRTS?
explain four properties of isoquants
(1) q=35L + 40K (2) q=L.5K.5 For the production functions of (1) and (2) create the isoquants for q = 100, and for q = 144 with K on the vertical axis and L on the horizontal axis.
The production function is the Select one: a. relationship between the quantity of inputs and output. b. increase in the amount of output from an additional unit of labor. c. marginal product of an input times the price of output. d. shift in labor demand caused by a change in the price of output.
Draw two isoquants for this firm. On the same graph, draw and label firm α’s expansion path at these prices of capital and labor.
The isoquants for inputs that are perfect complements for one another consist of a series of:
If the total product of two workers is 80 and the total product of three workers is 90, then the average product of the three workers is ________ and the marginal product of the third worker is ________. a. 20; 30 b. 160; 110 c. 30; 10 d. 20; 3.33 e. All the other answers are wrong.
Assume the total product of two workers is 100 and the total product of three workers is 150. The third workerʹs average product is ________ while her marginal product is ________. a. 150; 100 b. 40; 20 c. 20; 40 d. 50; 50
IGNORE 'increasing' Select the production function with decreasing returns to scale: