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- The feature that distinguishes short-run from the long-run is the*length of time it takes to produce 1 unit.existence of fixed costs.amount of variable resources used to produce 1 unit.the amount of profit the firm can expect to earn. The short-run is*less than a year.when a firm is unable to change some of its inputs.when a firm is unable to change output.when a firm is unable to change its price. The production function tells the firm*which input combination has the lowest total cost.which input combination produces a given output at the lowest possible cost.the maximum output that can be produced from a given amount of inputs.which output is the most profitable. In the short run*all costs are variable.all inputs are fixedthere may be fixed and variable inputs.all production decisions must be made on a daily basis. The law of diminishing marginal returns says that as units of labor are added to the production of an output when all other inputs are fixed, eventually*total product…Suppose a firm has increasing returns to scale. The firm then increases its use of all inputs. Which of the following statements is correct? Group of answer choices The firm’s output will decrease. Its long run average total cost will decrease. The firm’s output will increase. Its long run average total cost will increase. The firm’s output will increase. Its long run average total cost will remain the same. The firm’s output will increase. Its long run average total cost will decrease. The firm’s output will decrease. Its long run average total cost will increase.For its current level of production, a firm is attempting to minimize its costs. The firm has determined that the marginal product of labor is 10, the marginal product of capital is 20 and the cost per unit of labor is $5, whereas the cost per unit of capital is $10. To minimize cost for the given output the firm should Increase the amount of capital and decrease the amount of labor Leave the amount of capital and labor as they are Decrease the amount of capital and increase the amount of labor
- A firm doubles the quantity of all resources it employs and, as a result, output doubles. Which of the following is correct? Multiple Choice There are increasing returns to scale. The long-run average total cost curve is flat. The law of diminishing returns is proven wrong. The example is for the short-run rather than the long-run.Suppose there is a decrease in the demand for high-definition televisions. What effect might this change have on the short-run average total cost curve for this product? _____ a) A decrease. When demand decreases, the short-run average total cost falls. b) An increase. When demand decreases, the short-run average total cost increases. c) No change. Demand determines the final price but not the costs for the product.If a production function shows declining marginal product of an input as the quantity of the input increases, then the production function exhibits Group of answer choices diminishing profitability. increasing returns to scale. increasing marginal product. decreasing marginal product.
- A firm has a production function f(x, y) = 1.80(x0.10 + y0.10)2 whenever x > 0 and y > 0. When the amounts of both inputs are positive, this firm has increasing returns to scale. increasing returns to scale if output is less than 1 and decreasing returns to scale if output is greater than 1. increasing returns to scale if x + y > 1 and decreasing returns to scale otherwise. decreasing returns to scale. constant returns to scale.The long-rung production function of a competitive firm is f(L,K)= L1/3K 1/2 , where L is the amount of labor and K is the amount of capital. The cost per unit of labor is w and the cost of capital is r, which is the interest rate. The price per unit of output is p. (A. What are the returns to scale of this production function? (B. Find the long-run profit maximizing levels of capital, labor and output.High AFC High ATC High MC High ATC MC ATC Minimum of ATC Diminishing marginal product sets in AFC 9SMALL Quantity of Output LARGE At low levels of output, ATC is high because AFC is high-the fixed plant is underutilized. At high levels of output (close to capacity), the fixed plant is overutilized, leading to high MC and, consequently, high ATC. It is diminishing marginal product that causes the MC, and eventually the AVC and ATC, to rise. In U-Shaped Average Total Cost Curve above Section 11.4 exhibit 2, why does AFC continue to fall even while ATC rises at very high output? Cost per Unit (dollars)
- 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.A production function measures how a firm transforms inputs into output. a firm transforms output into input. an individual maximizes utility. a firm minimizes cost.When the current amount of fixed cost minimizes the long-run ATC for the quantity of output being produced, the short-run ATC curve is necessarily * O horizontal. downward-sloping. above the long-run ATC curve. O below the long-run ATC curve. O touching the long-run ATC curve.
