Consider a production function of the form $Q = K ^ { 2 } L ^ { 2 }$ with marginal products MPK = 2KL2 and MPL = 2K2L. What is the marginal rate of technical substitution of labor for capital at the point where K = 5 and L = 5?

A) 5 B) 25 C) 50 D) 1 A) 5 B) 25 C) 50 D) 1

Exam 6: Inputs and Production Functions

When labor is the only input to the production function, why must it be true that when the marginal product of labor is greater than the average product of labor, the average product of labor is increasing and vice versa?

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(Multiple Choice)

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Question 1

Correct Answer:

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A

The region of upward sloping backward bending isoquants is

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Question 2

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B

The production function $Q = K L$ exhibits

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Question 3

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A

Holding labor constant, what do you notice about the marginal productivity of capital?

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Question 4

Average productivity is maximized with the ____________ worker.

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Question 5

A production function of the form $Q = A L ^ { a } K ^ { \beta }$ is a(n)

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Question 6

When a production function has the form Q = aL + bK, we can say that

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Question 7

Diminishing marginal returns set in at labor equals

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Question 8

Match Production function with Elasticity of substitution (σ).

Linear production function

σ=0

Cobb-Douglas production function

σ=1

Fixed-proportions production function

σ=∞

Correct Answer:

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Linear production function

Cobb-Douglas production function

Fixed-proportions production function

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Question 9

For the production function Q = aL + bK, where a and b are constants, the $MR T S_{L ,K}$ =

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Question 10

Factors of production are

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Question 11

Increasing marginal returns occur when the total product function is

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Question 12

When a production function can be expressed as $Q = \min \{ a K , B L \}$ , the relationship between capital and labor in the production function is that

(Multiple Choice)

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Question 13

Given the production function Q = L², calculate the average product of labor for L = 2, and also calculate the marginal product of labor between L = 1 and L = 2.

(Multiple Choice)

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Question 14

Marginal product reaches a maximum when labor equals

(Multiple Choice)

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Question 15

The slope of the isoquant can be expressed as

(Multiple Choice)

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Question 16

The production function represents

(Multiple Choice)

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Question 17

Consider the production function $Q = 5 K + 10 L$ . The $MR T S_{L ,K}$ = is

(Multiple Choice)

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Question 18

Total product hill is

(Multiple Choice)

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Question 19

Consider a production function of the form $Q = K ^ { 2 } L ^ { 2 }$ with marginal products MP_K= 2KL² and MP_L = 2K²L. What is the marginal rate of technical substitution of labor for capital at the point where K = 5 and L = 5?

(Multiple Choice)

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(39)

Question 20

When labor is the only input to the production function, why must it be true that when the marginal product of labor is greater than the average product of labor, the average product of labor is increasing and vice versa?

The region of upward sloping backward bending isoquants is

The production function $Q = K L$ exhibits

Holding labor constant, what do you notice about the marginal productivity of capital?

Average productivity is maximized with the ____________ worker.

A production function of the form $Q = A L ^ { a } K ^ { \beta }$ is a(n)

When a production function has the form Q = aL + bK, we can say that

Diminishing marginal returns set in at labor equals

For the production function Q = aL + bK, where a and b are constants, the $MR T S_{L ,K}$ =

Factors of production are

Increasing marginal returns occur when the total product function is

When a production function can be expressed as $Q = \min \{ a K , B L \}$ , the relationship between capital and labor in the production function is that

Given the production function Q = L², calculate the average product of labor for L = 2, and also calculate the marginal product of labor between L = 1 and L = 2.

Marginal product reaches a maximum when labor equals

The slope of the isoquant can be expressed as

The production function represents

Consider the production function $Q = 5 K + 10 L$ . The $MR T S_{L ,K}$ = is

Total product hill is

Consider a production function of the form $Q = K ^ { 2 } L ^ { 2 }$ with marginal products MP_K= 2KL² and MP_L = 2K²L. What is the marginal rate of technical substitution of labor for capital at the point where K = 5 and L = 5?

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

When labor is the only input to the production function, why must it be true that when the marginal product of labor is greater than the average product of labor, the average product of labor is increasing and vice versa?

The region of upward sloping backward bending isoquants is

The production function Q=KLQ = K LQ=KL exhibits

Holding labor constant, what do you notice about the marginal productivity of capital?

Average productivity is maximized with the ____________ worker.

A production function of the form Q=ALaKβQ = A L ^ { a } K ^ { \beta }Q=ALaKβ is a(n)

When a production function has the form Q = aL + bK, we can say that

Diminishing marginal returns set in at labor equals

For the production function Q = aL + bK, where a and b are constants, the MRTSL,KMR T S_{L ,K}MRTSL,K​ =

Factors of production are

Increasing marginal returns occur when the total product function is

When a production function can be expressed as Q=min⁡{aK,BL}Q = \min \{ a K , B L \}Q=min{aK,BL} , the relationship between capital and labor in the production function is that

Given the production function Q = L2, calculate the average product of labor for L = 2, and also calculate the marginal product of labor between L = 1 and L = 2.

Marginal product reaches a maximum when labor equals

The slope of the isoquant can be expressed as

The production function represents

Consider the production function Q=5K+10LQ = 5 K + 10 LQ=5K+10L . The MRTSL,KMR T S_{L ,K}MRTSL,K​ = is

Total product hill is

Consider a production function of the form Q=K2L2Q = K ^ { 2 } L ^ { 2 }Q=K2L2 with marginal products MPK = 2KL2 and MPL = 2K2L. What is the marginal rate of technical substitution of labor for capital at the point where K = 5 and L = 5?

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

The production function $Q = K L$ exhibits

A production function of the form $Q = A L ^ { a } K ^ { \beta }$ is a(n)

For the production function Q = aL + bK, where a and b are constants, the $MR T S_{L ,K}$ =

When a production function can be expressed as $Q = \min \{ a K , B L \}$ , the relationship between capital and labor in the production function is that

Given the production function Q = L², calculate the average product of labor for L = 2, and also calculate the marginal product of labor between L = 1 and L = 2.

Consider the production function $Q = 5 K + 10 L$ . The $MR T S_{L ,K}$ = is

Consider a production function of the form $Q = K ^ { 2 } L ^ { 2 }$ with marginal products MP_K= 2KL² and MP_L = 2K²L. What is the marginal rate of technical substitution of labor for capital at the point where K = 5 and L = 5?