Which would shift the production function upward? Group of answer choices An increase in the price of oil. a decrease in the supply of labor. an improvement in technology. a decline in birth rates.

Q: Which of the following describes increasing returns to scale?     A. Long Run Average Total Costs…

A: The total cost of production refers to the monetary value of inputs used in the production of goods…

Q: The factor of production​ _________, and the factor of production​ _______.     A. money earns​…

A: For the aforementioned question, the correct alternative is B.

Q: Given the following production function                              Y=AKα L 1-α Where; Y is the…

A: The production function explains the relationship (technical) between inputs and outputs. The term…

Q: If an economy is fully utilizing its resources, it can produce more of one product only if it adds…

A: It means we are using all the resources including land, labor, capital, etc. to produce the…

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: State how is the law of diminishing returns reflected in the shape of total product curve? What is…

A: Law of diminishing returns: It refers to the theory under which when the company will produce less…

Q: The following are correct statements about the Marginal Productivity of Labor (MPL), EXCEPT:…

A: The marginal product of labour in economics is the change in output that results from employing an…

Q: increasing, decreasing

A: A production function tends to relate the physical output of a production process to factors of…

Q: “In the production process, it may be expected that a progressive increase in the input results in a…

A: Definition: A production process is a strategy for utilizing financial info or assets, similar to…

Q: Country A and Country B both have the production function: Y = F(K,L) = K^(1/3)L^(2/3). a) Does this…

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

Q: Holding the output of stereo sets constant, a large increase in the use of the input capital will…

A: Factors of production: - The inputs that are used to produce goods and services known as the factors…

Q: A short run production function assumes that a. The usage of at least one input is fixed b.…

A:

Q: Problem 1 Consider the simple (one-period) production model. The production function is…

A: Full employment GDP    It could be a phrase utilized to depict an economy that works at a perfect…

Q: Question 1: Consider the long-run production function for the country ABC y = 2k ^ 0.67, y is the…

A: Total Factor Productivity (TFP) or productivity is a key notion in the context of a country's…

Q: Which of the following equations does not represent a plausible production function?  a. F(K,L) =…

A: Production function, in the study of economics, helps in establishing a relation between maximum…

Q: The ratio of earned value (EV) to actual cost (AC) is the cost performance index (CPI).   Question…

A: Q22. For the assessment of financial effectiveness and cost efficiency, the Cost Performance Index…

Q: Technological progress decreases the marginal product of labor if a new input is developed that is…

A: Marginal product of labor: It is the adjustment in yield that outcomes from utilizing an additional…

Q: in order for a production curve to shift out? a. there has to be more unemployment  b. there has…

A: For example, suppose that the technology is given- Yt = F (Kt, Lt) = AKtαLt1-α Where K is capital…

Q: Question 5.05 For the production function Q = 4LK, returns to scale: Select one: O Is decreasing.…

A: Production function shows relationship between output and inputs used.

Q: Which of the following is an example of a long run adjustment? Your university offers Saturday…

A: Long run Adjustment: The since quite a while ago, run is a timeframe in which all creation and…

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: The production period in which at least one input is fixed in quantity is the production run. long…

A: There are two types of production periods-short-run and long-run. These two cannot be classified on…

Q: A motor vehicle assembly plant requires the use of both capital and labour. The Tesla manufacturing…

A: According to the law of diminishing returns when more units of variable input are used with a fixed…

Q: The period of a time when a firm is able to change all of inputs factors of production is called…

A: The period of time is important from the point of view of the producer, as time period limit his…

Q: “Short-Run Production Theory is the mirror opposite of Short-Run Cost Theory,” Is this statement…

A: Answer -

Q: Moving along the total product curve, which of the following is held constant? A) quantity of labor…

A: The total product (TP) curve represents the total amount of output that a firm can produce with a…

Q: Y = F(K, L) = A K0.6L0.4 Where Y is aggregate output, A is a measure of available technology, K is…

A: Note: "Sorry" Since you posted two questions with different images, I will do only first part. If…

Q: Using examples, explain ways in which the Production function has evolved

A: A production function is a mathematical tool that can be used to study the relationship between…

Q: Given the labor force, either more capital or better technology will shift the production function…

A: The production-function informs us of all the possible quantities of outcomes from different…

Q: Distinguish carefully between labor-augmenting and labor-saving technological change.  Explain your…

A: Technological change is an important factor that promotes economic growth of a country. Through…

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: pital each increase by 8% and output also increases by 3%. The production function exhibits_ returns…

A: Production function shows the relationship between the input and output.

Q: What is the effect of diminishing returns to labor on the slope of the aggregate production function…

A: Option (A) is correct answer It implies that the slope of the curve decreases as the number of…

Q: Explain Expansion path and the form of the Production Function.

A: It is a way of development which shows how an association's expense is limiting info blend changes…

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: Assume a production function with constant returns to scale. Labour's share of income is 0.7 and…

A: A production function is a mathematical expression that represents the output as a function of…