O At every output level the marginal product curve lies above the average product curve. O The marginal product curve always has a positive slope. O The marginal product = average product curves when average product is at its maximu

Q: A firm trebles its inputs and discovers that its output rises by a factor of four. Assuming constant…

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

Q: Why do average variable costs eventually rise if a company's output increases enough? O Diminishing…

A: Costs refer to the expenses that firms incur to purchase raw materials and the factors of production…

Q: a cost but accountants would not? O the interest income given up by the firm's owner because the…

A: For the most part, implicit expenses should be assessed and are not straightforwardly quantifiable,…

Q: When Total Product of labors (TPL) is maximized then: O Average product (APL) is maximized O…

A: Total productivity of labor is maximum when Marginal Product equals to zero. At this point the TPL…

Q: A firm has the production function F(K,L) = L14K. This firm has %3D a. diminishing MRTS and…

A: The marginal rate of substitution refers to the rate at which one good is sacrificed to get one…

Q: The shape of this production function suggests O A. a constant marginal product of capital. B. an…

A: Marginal product of capital is the additional output obtained by increasing capital by one unit. The…

Q: When both factor and non-factor input change, the period of production is O a. Mid-run O b. Long run…

A: Factors of inputs are used to produce finals goods for the consumers. since multiple questions are…

Q: Which of the following is true?

A: The long-run average cost curve represents the least average cost to produce any given level of…

Q: The marginal product intersects average product at the point where average product is maximum.…

A: Marginal product is the change in the total product due an increase in the one unit of additional…

Q: Which of the following statements is not correct? Select one: O a When MC is below AVC,…

A: The MC cuts the AVC at the minimum point of AVC. The production function shows the relationship…

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: When a production function exhibits decreasing returns to scale, it means that: O A. a proportional…

A: The scale which helps in measuring the change in the level of productivity after increasing all…

Q: The best explanation for the shape of a short run marginal cost schedule is O a. increasing returns…

A: The answer is - c. A fixed factor causes diminishing returns to other factors

Q: When a firm experiences declining long-run average total costs as it produces more output, there are…

A: In the LR, the costs depend on the output level, the factor cost, and the factor's quantity which is…

Q: The relationship between the factors of production and the output of goods and services. O a.…

A: Note:  We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: The shape of the Total Product curve on the production side gives us the shape of which curve on the…

A: Total product curve represents   the total output of a firm in the short run.

Q: Question 10 According to the law of diminishing return in short run O If we double all inputs,…

A: The law of diminishing returns refers to the generalized economic concept to explains the…

Q: Consider the following long-run isoquants and inputs. In which case(s) is there increasing returns…

A: Increasing return to scale means output increases more than the increase in inputs…

Q: Which of the following relationship is correct? O When marginal product (MP)starts to decrease,…

A: MP is the additional change in total output due to produce of one additional unit of output  MC is…

Q: Suppose that output q is a function of a single input, labor (L). Describe the returns to scale…

A: Returns to scale: when all factors of production changes in a given proportion, then output could…

Q: Review Questions QUESTION 13 Which of the following statements is true? A. The marginal and average…

A: Note: As per the guidelines we’ll answer the 1st question. Please submit a new question by…

Q: QUESTION 8 Which of the following statements concerning the relationships between total product…

A: We can answer this question using subsequent graph of the Total Product, Marginal Product and…

Q: (a) Will the envelope curve be tangential to the bottom of each of the short-run average cost…

A: 3. (a)Long run average cost (LAC) is called envelop curve because it  envelops all short run average…

Q: Firm Beta finds that when it triples all of its inputs, output doubles. Firm Beta's production…

A: In a market, firm produces output using the combination of input resources. The change in output…

Q: Suppose a firm is operating at an input combination such that MRTS,LK How should the firm adjust its…

A: Firm will maximize profits when MRTS is equal to price ratio of two inputs.

Q: Suppose that a production function for labor (L) and capital (K) is given by: q(L,K) = %3D L K02 .…

A: Increasing returns to scale: - Increasing returns to scale means that the output increases in more…

Q: Which statement is nottrue regarding the total variable cost curve? Select one O A It shows the…

A: The total variable cost is the cost incurred on the variable factors of production.

Q: QUESTION 10 When Total product is at Maximum, Marginal product will be - O B. Negative ---- -- A.…

A: Total product (TP): - Total product is the amount of total final goods and services produced by a…

Q: Solve for and graph this firm’s isoquant at q = 10. Please label three points along this isoquant…

A: Given q=x113x223            ...........  (1)

Q: For a standard Cobb Douglas production function which of the following is true: a. The ratio of the…

A: You have posted multiple questions. So as per Bartleby's answer guideline, I solved the first…

Q: The following statements are about the relationship between typical total product (TP), average…

A: Production function explains the unique relationship between quantities of physical inputs and…

Q: In the short run production function   O a. All inputs are variable  O b. All inputs are fixed…

A: The variability of certain inputs depends on the span of the period.

Q: Which of the following statements is true? * If average product equals marginal product, average…

A: Average product is regarded as per unit product of variable factor, for example, labor. When the…

Q: Describe in detail how Diminishing Marginal Product arises from the assumption that some of a…

A: When additional variable inputs are used, the marginal product from the extra use of the variable…

Q: The peak of the Total Product curve relates that a. Maximum output of production b. Maximum…

A: "Marginal product indicates additional output produced when one more unit of variable input is…

Q: (c) [2] Suppose input 2 increases and you are now at the initial point ri = 10 and r2 30. Relative…

A: Marginal product of an input is the change in output resulting from employing one more unit of a…

Q: If x₁ = x₂ = 16, the marginal product of input 1 is two inputs is w₁ = 2 and ₂ = 1. When ₁ is…

A: Production function shows the functional relationship between the output and inputs.  The production…

Q: Moving along the total product curve, which of the following is held constant? Select one: a.…

A: The total product (TP) curve speaks to the aggregate sum of yield that a firm can create with a…

Q: What does the long run average cost curve exhibit? It defines the least cost per unit of output when…

A: Answer: The long-run average cost (LRAC) curve shows the lowest cost per unit of output produced…

Q: Total product divided by the total quantity of labor employed equals the اختر أحد الخيارات .a.…

A: Total product divided by total quantity of labor employed equals the average product of labor.

Q: When the total product curve is falling, the: O a. average product of labor must be negative. O b.…

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

Q: A firm's isoquant shows O A. The amount of labor needed to produce a given level of output with…

A: Isoquant Curve belongs to producer" Theory   and Producer can find equilibrium level of output at…

Q: Which one of the following statement is true about slope of fixed cost: Select one: O a. Slope of…

A: Slope implies that a change of unit in x being the independent variable would in turn result in a…

Q: The figure shows the total product curve for different levels of a variable input, labor. Output…

A: Total product divided by the quantity of labor employed gives the average product of labor. Marginal…

Q: According to the law of diminishing return in short run O If we double all inputs, output will…

A: 20) the law of diminishing return is measured when the marginal output of production decreases due…

Q: Explain intuitively what might cause the marginal product of labor to become negative. The marginal…

A: The correct answer is C. If workers get in each others way there would be a time where the…

Q: Suppose a firm experiences decreasing returns to scale. This is shown graphically by www OA. a…

A: The decreasing returns to scale occurs when the additional use of inputs cause the rise in the…

Q: When labor is doubled and capital is tripled, a firm's output increases 2.5 times. Which of the…

A: Returns to scale Returns to scale is basically a term used in economics to explain what happens to…