In the long run, A) some resources are fixed. B) all resources are variable. output cannot be varied. D) all resources are fixed. Both answers all resources are variable and output cannot be varied are E) correct.
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- The long run is defined as A) the period of time when all resources are variable. B) any time after one year. C) the period of time when most (more than 50 percent) resources are variable. D) the period of time when all resources are fixed.The short run is the time frame A) during which the quantities of all resources are fixed. B) during which all costs are implicit costs. C) that is less than a year. D) during which the quantities of some resources are fixed. E) during which the quantities of all resources are variable.When a firm uses resources to produce a particular output, the implicit cost of alternative outputs that could have been produced represent the: a) total accounting cost of using the resources. b) opportunity cost of using the resources. c) explicit cost of using the resources. d) production cost of using the resources
- In the long run, Select one: a. some resources are variable and some resources are fixed. b. all resources are fixed. C. at least one resource is fixed. Od. there are no explicit costs. e. all the resources can be varied.Choose the correct answer: . Refer to the Figure . The most inefficient point depicted is: Point A Point C Point D 4. Point GThe average total cost of producing shoes will, as businesses increase production. Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. always increase always decreases eventually increase
- Needful Things sells cursed antiques (A) using two inputs: labor (L), and the owners’ time (T). The shop’s productionfunction is A=L1/4T1/4. Needful Things sells cursed antiques in a competitive market at a price of $100. Labor costs $P perunit, and the owner’s time costs $1 per unit.a. Write down Needful Things’ profit function.b. Suppose in the short run, the owner’s time is fixed at T=16. Find the first order condition for the short-runprofit maximizing amount of labor.c. Solve for the amount of labor that the shop uses in the short run to maximize profit as a function of P. Is youranswer consistent with the law of demand? Explain. d. In the long run, both inputs are variable. Find the first order conditions for the long-run profit maximizingamounts of both inputs. e. Solve for the amount of labor and time that Needful Things uses to maximize profit in the long run.Problem 1: Winter melons A farmer is using land and fertilizer to produce winter melons. The production function is q = L√F. The price of one unit of land is 3, the price of unit of fertilizer is 1. The farmer is currently using 4 units of land and 4 units of fertilizer. b) Suppose now that the farmer cannot modify the amount of land but can modify the amount of fertilizer. Write the cost function. c) The farmer can bring the winter melons to a market and sell them at price 1. Find the optimal quantity to produce. Show that the profit is negative. d) Suppose that now the farmer can buy more land. Do you think that, after buying sufficiently many units of land, the farmer can eventually make a positive profit on the market?Write about the production function with two and more than two variables
- X and Y are factors of production. X's marginal product is 30 and Y's marginal product is 20. X=5 dollars for each unit, Y= 4 dollars for each unit. Since Y costs less than X, can the firm keep produce the same output at a cheaper cost by using less of X and more of Y? Explain why or why not.At Yennefer's current production level, a extra bunch of herbs adds 24 extra spells. Each bunch of herbs costs $61. What is Yennefer's Marginal Cost of an extra spell?A manufacturer can produce 5,130 cell phones when a dollars is spent on labor and y dollars is spent on capital. The model that represents the cost of producing the cell phones is given by 95 x y z = 5130 A. Find the marginal cost model, in terms of x and y. dy dx = B. Find the marginal cost when $81 is spent on labor and $16 is spent on capital. Round the marginal cost to the nearest cent. $