9. The factors of production include: a) land, labor, services, and physical capital. b) land, goods, human capital, and interest. c) land, labor, wages, and interest. d) land, labor, physical capital, and human capital.
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- 8. Factors of production can be: (a) Land (b) Labour (c) Organisation (d) All of the aboveA firm produces good Y with just 2 factors: Capital which is fixed in supply and labour which is variable. Labour (units) 1 4 5 7 8 9 Total Product 8 15 24 30 35 37 38 38 36 (TP) in Units Average Product (AP) in units Marginal Product (MP) in units a) Fill in the values of AP and MP. b) Sketch TP, AP and MP in one diagram. c) Identify the stages of production in the diagram. d) Explain why the firm still hire labour even though it is in the range of diminishing returns? e) What is the number of workers after which diminishing marginal returns starts?. f) Is this a short run or long run phenomenon? Question 2 The table below shows the average cost (AC) for a purely competitive market. The average revenue (AR) is constant at RM5 per unit and the firm's total fixed cost (TFC) is RM4. Output (Units) Average Cost (RM) Marginal Cost (RM) Total Total Cost Marginal Revenue (RM) Revenue (RM) (RM) 8.0 2 5.5 3 4.0 4 3.5 3.8 6 4.5 7 6.0 a) Fill in the values for total revenue (TR), total cost (TC)…65. A technological improvement that causes an increase in the marginal product of a resource will: A. Decrease the demand for the resourceB. Increase the demand for the resourceC. Decrease the marginal revenue productD. Increase the marginal resource cost
- The table below shows the total production of a firm as the quantity of labor employed increases. The quantities of all other resources employed are constant. Compute the marginal and average products and enter them in the table. (a) At what levels are there increasing returns to labor and at what levels are there decreasing returns to labor? (b) Describe the relationship between the total product and marginal product. (c) Describe the relationship between marginal and average product. B) For the following three cases, use a midpoints formula to calculate the coefficient for the cross elasticity of demand and identify the type of relationship between the two products. (a) The quantity demanded for product A increases from 30 to 40 as the price of product B increases from $0.10 to $0.20. Elasticity: ______ Relationship: ________________ (b) The quantity demanded for product A decreases from 3000 to 1500 as the price of good B increases from $5 to…Write a word or term that governs the following 1. are benefits given to the firm that originate from outside the firm. 2. exist when costs fall with larger size firm for technical and engineering reasons. 3. result from the way that larger firms can employ specialized workers.19. A firm hires a new engineer. The engineer enables the firm to produce more output with the same level of input. In economics, this is an example of: a) Economies of scope. c) Rental rate of capital. b) Diminishing marginal product of labour. d) Technological improvement.
- An increase in productivity of a variable input will do which of the following at the current level of resources? A. Change marginal product B. Change average product C. Change total product D. Change marginal, average, and total productA firm produces good Y with just 2 factors: Capital which is fixed in supply and labour which is variable. Labour (units) 1 2 3 4 6 7 8 Total Product 8 15 24 30 35 37 38 38 36 (TP) in Units Average Product (AP) in units Marginal Product (MP) in units a) Fill in the values of AP and MP. b) Sketch TP, AP and MP in one diagram. c) Identify the stages of production in the diagram. d) Explain why the firm still hire labour even though it is in the range of diminishing returns? e) What is the number of workers after which diminishing marginal returns starts? f) Is this a short run or long run phenomenon?Inputs of labor Total Product Average Product Marginal Product 1 15 2 34 3 51 65 74 80 83 8. 82 Requirements: 1. Calculate the marginal and average products. 2. The plot in a graph the marginal products. 3. Explain why marginal product first rise, then decline and ultimately becomes negative.
- 7. Which of the following are variable costs of production? Select one: A. the cost of electricity that powers an office building B. the cost of wood used to make tables C. the wages paid to non-salaried employees D. All of the listed choices are variable costs of production.2.The production function shows the relationship between Select one: a. quantity of outputs and unit costs. b. the quantity of inputs and the quantity of outputs. c. labor and capital d. costs of inputs and revenue generateda. What is the effect of these changes on the rental rate of capital? B. What is the effect of these changes on the rental rate of land?