\[\begin{array} { | l | l | l | l | l | l | } \hline & \mathrm { K } = 0 & \mathrm {~K} = 1 & \mathrm {~K} = 2 & \mathrm {~K} = 3 & \mathrm {~K} = 4 \\ \hline \mathrm { L } = 0 & 0 & 0 & 0 & 0 & 0 \\ \hline \mathrm { L } = 1 & 0 & 1 & 2 & 3 & 4 \\ \hline \mathrm { L } = 2 & 0 & 8 & 16 & 24 & 32 \\ \hline \mathrm { L } = 3 & 0 & 27 & 54 & 81 & 108 \\ \hline \mathrm { L } = 4 & 0 & 64 & 128 & 192 & 256 \\ \hline \end{array}\] -Based on the table above, holding labor constant at 2 units, the average productivity of three units of capital is

A) 8. B) 12. C) 21. D) 24. A) 8. B) 12. C) 21. D) 24.

\[\begin{array} { l l } \hline \mathrm { L } & \mathrm { Q } \\ \hline 0 & 0 \\ 1 & 20 \\ 2 & 50 \\ 3 & 90 \\ 4 & 125 \\ 5 & 140 \\ 6 & 150 \end{array}\] -Given the table above, marginal productivity is maximized with the ___________ worker.

A) second B) third C) fourth D) sixth A) second B) third C) fourth D) sixth

\[\begin{array} { l l } \hline \mathrm { L } & \mathrm { Q } \\ \hline 0 & 0 \\ 1 & 20 \\ 2 & 50 \\ 3 & 90 \\ 4 & 125 \\ 5 & 140 \\ 6 & 150 \end{array}\] -Given the table above, the average productivity of the fifth worker is:

A) 20. B) 28. C) 30. D) 140. A) 20. B) 28. C) 30. D) 140.

$\begin{array}{ll} \hline \mathrm{L} & \mathrm{Q} \\ \hline 0 & 0 \\ 1 & 20 \\ 2 & 50 \\ 3 & 90 \\ 4 & 125 \\ 5 & 140 \\ 6 & 150 \end{array}$ -Given the table above, the marginal productivity of the third worker is:

A) 30. B) 40. C) 50. D) 90. A) 30. B) 40. C) 50. D) 90.

Exam 6: Inputs and Production Functions

=0 =1 =2 =3 =4 =0 0 0 0 0 0 =1 0 1 2 3 4 =2 0 8 16 24 32 =3 0 27 54 81 108 =4 0 64 128 192 256 -Based on the table above, holding labor constant at 2 units, the average productivity of three units of capital is

(Multiple Choice)

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Question 61

Consider comparing the relationship between marginal and average product. When average product is increasing in labor, marginal product is greater than average product. That is, if $\mathrm { AP } _ { \mathrm { L } }$ increases in $\mathrm { L }$ , then $\mathrm { MP } _ { \mathrm { L } } > \mathrm { AP } _ { \mathrm { L } }$ .

(True/False)

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Question 62

Technically inefficient points are points on the production function.

(True/False)

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Question 63

$\text { Consider the production function } Q = 5 K + 10 L \text {. The } M R T S _ { L , K } \text { is: }$

(Multiple Choice)

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Question 64

0 0 1 20 2 50 3 90 4 125 5 140 6 150 -Given the table above, marginal productivity is maximized with the ___________ worker.

(Multiple Choice)

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Question 65

The marginal rate of technical substitution in production is analogous to the marginal rate of substitution for the consumer's optimization problem in that the slope of the consumer's indifference curve is the opposite of the ratios of the marginal utilities of the two goods, whereas the slope of the production isoquant is the opposite of the ratio of the marginal product of labor relative to the marginal product of capital.

(True/False)

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Question 66

0 0 1 20 2 50 3 90 4 125 5 140 6 150 -Given the table above, the average productivity of the fifth worker is:

(Multiple Choice)

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Question 67

Factors of production are:

(Multiple Choice)

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Question 68

For a simple graph of a production function with Q on the y-axis and L on the x-axis, the slope of the production function at a specific point equals the marginal product of labor whereas the slope between the origin and a specific point on the production function equals the average product of labor.

(True/False)

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Question 69

For the production function $Q = a K + b L$ , where the variables are graphed as usual, the equation for a typical isoquant is $K = \frac { Q - b L } { a }$ .

(True/False)

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Question 70

Technically inefficient points are:

(Multiple Choice)

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Question 71

0 0 1 20 2 50 3 90 4 125 5 140 6 150 -Given the table above, the marginal productivity of the third worker is:

(Multiple Choice)

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Question 72

Suppose the production function can be expressed as $Q = 2 \sqrt { K L }$ Which of the following combinations of capital and labor lie on the same isoquant?

(Multiple Choice)

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Question 73

The marginal rate of technical substitution of labor for capital is defined as:

(Multiple Choice)

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Question 74

The slope of the isoquant can be expressed as:

(Multiple Choice)

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Question 75

Given the production function $Q = L ^ { 2 }$ , calculate the average product of labor for $L = 2$ , and also calculate the marginal product of labor between $\mathrm { L } = 1$ and $\mathrm { L } = 2$ .

(Multiple Choice)

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Question 76

The marginal rate of technical substitution in production is analogous to the marginal rate of substitution for the consumer's optimization problem in that

(Multiple Choice)

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Question 77

When isoquants are convex to the origin,:

(Multiple Choice)

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Question 78

-When labor equals 100:

(Multiple Choice)

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Question 79

The law of diminishing marginal returns states that when the marginal product is below the average product, average product must be decreasing.

(True/False)

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Question 80

=0 =1 =2 =3 =4 =0 0 0 0 0 0 =1 0 1 2 3 4 =2 0 8 16 24 32 =3 0 27 54 81 108 =4 0 64 128 192 256 -Based on the table above, holding labor constant at 2 units, the average productivity of three units of capital is

Technically inefficient points are points on the production function.

$\text { Consider the production function } Q = 5 K + 10 L \text {. The } M R T S _ { L , K } \text { is: }$

0 0 1 20 2 50 3 90 4 125 5 140 6 150 -Given the table above, marginal productivity is maximized with the ___________ worker.

0 0 1 20 2 50 3 90 4 125 5 140 6 150 -Given the table above, the average productivity of the fifth worker is:

Factors of production are:

For the production function $Q = a K + b L$ , where the variables are graphed as usual, the equation for a typical isoquant is $K = \frac { Q - b L } { a }$ .

Technically inefficient points are:

0 0 1 20 2 50 3 90 4 125 5 140 6 150 -Given the table above, the marginal productivity of the third worker is:

Suppose the production function can be expressed as $Q = 2 \sqrt { K L }$ Which of the following combinations of capital and labor lie on the same isoquant?

The marginal rate of technical substitution of labor for capital is defined as:

The slope of the isoquant can be expressed as:

Given the production function $Q = L ^ { 2 }$ , calculate the average product of labor for $L = 2$ , and also calculate the marginal product of labor between $\mathrm { L } = 1$ and $\mathrm { L } = 2$ .

The marginal rate of technical substitution in production is analogous to the marginal rate of substitution for the consumer's optimization problem in that

When isoquants are convex to the origin,:

-When labor equals 100:

The law of diminishing marginal returns states that when the marginal product is below the average product, average product must be decreasing.

Analyzing Economic Problems

Demand and Supply Analysis

Consumer Preferences and the Concept of Utility

Consumer Choice

The Theory of Demand

Costs and Cost Minimization

Cost Curves

Perfectly Competitive Markets

Competitive Markets: Applications

Monopoly and Monopsony

Capturing Surplus

Market Structure and Competition

Game Theory and Strategic Behavior

Risk and Information

General Equilibrium Theory

Externalities and Public Goods

Filters

Exam 6: Inputs and Production Functions

=0 =1 =2 =3 =4 =0 0 0 0 0 0 =1 0 1 2 3 4 =2 0 8 16 24 32 =3 0 27 54 81 108 =4 0 64 128 192 256 -Based on the table above, holding labor constant at 2 units, the average productivity of three units of capital is

Technically inefficient points are points on the production function.

Consider the production function Q=5K+10L. The MRTSL,K is: \text { Consider the production function } Q = 5 K + 10 L \text {. The } M R T S _ { L , K } \text { is: } Consider the production function Q=5K+10L. The MRTSL,K​ is:

0 0 1 20 2 50 3 90 4 125 5 140 6 150 -Given the table above, marginal productivity is maximized with the ___________ worker.

0 0 1 20 2 50 3 90 4 125 5 140 6 150 -Given the table above, the average productivity of the fifth worker is:

Factors of production are:

For the production function Q=aK+bLQ = a K + b LQ=aK+bL , where the variables are graphed as usual, the equation for a typical isoquant is K=Q−bLaK = \frac { Q - b L } { a }K=aQ−bL​ .

Technically inefficient points are:

0 0 1 20 2 50 3 90 4 125 5 140 6 150 -Given the table above, the marginal productivity of the third worker is:

Suppose the production function can be expressed as Q=2KLQ = 2 \sqrt { K L }Q=2KL​ Which of the following combinations of capital and labor lie on the same isoquant?

The marginal rate of technical substitution of labor for capital is defined as:

The slope of the isoquant can be expressed as:

Given the production function Q=L2Q = L ^ { 2 }Q=L2 , calculate the average product of labor for L=2L = 2L=2 , and also calculate the marginal product of labor between L=1\mathrm { L } = 1L=1 and L=2\mathrm { L } = 2L=2 .

The marginal rate of technical substitution in production is analogous to the marginal rate of substitution for the consumer's optimization problem in that

When isoquants are convex to the origin,:

-When labor equals 100:

The law of diminishing marginal returns states that when the marginal product is below the average product, average product must be decreasing.

Analyzing Economic Problems

Demand and Supply Analysis

Consumer Preferences and the Concept of Utility

Consumer Choice

The Theory of Demand

Costs and Cost Minimization

Cost Curves

Perfectly Competitive Markets

Competitive Markets: Applications

Monopoly and Monopsony

Capturing Surplus

Market Structure and Competition

Game Theory and Strategic Behavior

Risk and Information

General Equilibrium Theory

Externalities and Public Goods

Filters

$\text { Consider the production function } Q = 5 K + 10 L \text {. The } M R T S _ { L , K } \text { is: }$

For the production function $Q = a K + b L$ , where the variables are graphed as usual, the equation for a typical isoquant is $K = \frac { Q - b L } { a }$ .

Suppose the production function can be expressed as $Q = 2 \sqrt { K L }$ Which of the following combinations of capital and labor lie on the same isoquant?

Given the production function $Q = L ^ { 2 }$ , calculate the average product of labor for $L = 2$ , and also calculate the marginal product of labor between $\mathrm { L } = 1$ and $\mathrm { L } = 2$ .