The period of a time when a firm is able to change all of inputs factors of production is called the: A) economic term B) short run C) accounting term D) long run

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: Use the following information on a hypothetical short-run production function to answer questions…

A: The law of diminishing marginal returns states that, in a production process, the successive…

Q: The long-run is a period of time long enough so that all inputs, including facility and equipment,…

A: PLEASE FIND THE ANSWER BELOW.

Q: Which of the following can we conclude when production has economies of scale? Marginal cost…

A: please find the answer below.

Q: Write about the production function with two and more than two variables

A: A function is basically a mathematical relationship between the dependent and the independent…

Q: Explain the consequences to the farmer if the production function for milk were a linear function of…

A: The production function is the total amount of output which would result in the maximum amount of…

Q: The long run is a period of time: that is too short to change the size of a firm's plant. that is…

A: The economy evaluates its production process or policy implication in two different brackets of time…

Q: Define the production function, f(x), and the average product associated with it. How do you…

A: Production is the process of transformation of inputs into output by using factors of production .…

Q: ) An increase in the number of hours worked would a. shift the production function downward. b.…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: Which of the following production functions exhibits decreasing returns to scale? A) Q=K^1/2 L^1/2…

A: Returns to scale are used to describe how production scale changes when all the factors of…

Q: A firm's marginal product of labor is 5 and its marginal product of capital is 4. If the firm adds…

A: Marginal product to labor = 5  Marginal product to capital = 1

Q: Instructions: Click the buttons above the graphing window to show either production functions or…

A: Productivity in the following tables can be found out by dividing output by the number of workers.…

Q: Question 23.23  The long run is a period of time, or a time frame, in which         all resources…

A: In micro economics, the determination of output and price depends upon the time period under…

Q: The production function in the image uses a variable amount of labor and a fixed a mount of capital…

A: Production function states the functional relationship among input and output produced. In the…

Q: The production function is the relationship between the maximum amount of output that can be…

A: A production function represents how firm transforms inputs into outputs.

Q: If an increase of an equal percentage in all factors of production increases output by the same…

A: The marginal product of labor (MPL) represents the effort put by the labor resource in the…

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 degree of convexity of an isoquant determines the degree of substitutability of factors of…

A: Answer: An isoquant shows the locus of two factors that yield the same level of output on an…

Q: In economics, the short run is a period of time  A of one year or less. B in which all inputs are…

A: In short run in economics, the factors of production are such that they cannot be changed quickly…

Q: n economy has the following Cobb-Douglas production function: ?=100?^(1/3)?^(2/3) . The economy has…

A: Marginal product of an input is calculated by differentiating the production function with respect…

Q: The marginal product of labor in the production of computer chips is 50 chips per hour. The marginal…

A: Marginal product of input is the additional output produced by employing an additional unit of the…

Q: hen a production function exhibits constant returns to scale, it means that: A. a proportional…

A: Constant returns to scale production function means that the production function is…

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: The marginal product of the labor curve shows the change in the total product resulting from a: a.…

A: The change in output that results from using one more unit of a particular input, assuming that the…

Q: When labor increases from two to three workers, total product increases by per hour.

A: total production is the production produce by producer by using resources at particular period of…

Q: Which of the following statements about factors of production is false The term 'factors of…

A: The factors of production are those resources which are used to produce commodities and services.

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: Select the statement that is true. An isoquant divides the set of input bundles into three regions,…

A: In a market, a research will deal with various economic concept and to analyze all the concept it…

Q: Company Z has the following data corresponding to the production function. Where (L) is the amount…

A: Given Q=K0.4L0.6            ... (1)

Q: The short run is a time period that is A) long enough to change the size of the firm's plant. B) too…

A: Time period refers to the amount of time required for a factor to change. Time period influences the…

Q: For the production function Q = 0.2L2  returns to scale is: a.Constant Returns to Scale…

A: Returns to scale exhibits what happen to scale of production in long run when its factor of…

Q: A firm that employs labor and capital has production function q = LK. What returns to scale does the…

A: Q=LK the above production function exhibits q=lk where, Q= quantity of output L= Amount of labor K=…

Q: What is the law of diminishing marginal product, In which stages of production it manifest and What…

A: According to the rule of decreasing marginal returns, any manufacturing process will reach a point…

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: antidades Be the production function Q (K, L) -12 (K + 41, which depends on the quantities Used from…

A: Given,  Production Function : Q(K, L) =23625(k1/4+4L1/4)4 and (K,L) = (2, 4)

Q: Quantity of output (# of cookies Total product curve per hour) Quantity of input (# of workers) In…

A: *ANSWER :-

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: The production function q = 9K0.8L0.1 exhibits: a. increasing retruns to scale  b. constant…

A: The relationship between ou>tput and proportional increase in all the inputs is referred to as…

Q: When the law of diminishing returns takes effect   a. a firm must always try to add the same…

A: The Law of diminishing returns is a short-run concept.  It states that in the short run, when one…

Q: Given the following production function Y=X+4X^2-0.2X^3. At what level of X does the Total physical…

A: Y = x + 4x2 -0.2x3   MPP=dY/dx = 1 + 8x - 0.6x2 APP = Y/x = 1 + 4x -0.2x2   (1)MPP is maximum when…

Q: For its current level of production, a firm is attempting to minimize its costs. The firm has…

A: The marginal product of labor is 10 =>MPL=10 ------- The marginal product of capital is 20…

Q: With the increase in the production which cost Increases continuously?

A: According to the given question Cost basically analyse economic decision relatively including the…

Q: In production, the difference between the long run and short run is some inputs are fixed in the…

A: The factors of production are the factors that are being used in the process of production by the…

Q: The law of diminishing marginal returns states: Select one: a. As a firm uses more of a variable…

A: Economics deals with the supply and demand of resources. Firms emerged as primary bodies responsible…

Q: We can describe inputs as either fixed or variable. Thinking about a company that assembles cars,…

A: In the production process, some of the resources are considered as fixed while others are variable…