Exam 6: Inputs and Production Functions

Suppose a production function has only one input, labor. What can you tell about the slope of the production function, assuming output is on the y-axis and labor is on the x-axis, if production exhibits constant marginal returns to labor?

(Multiple Choice)

4.8/5

(37)

Question 21

If marginal product is greater than average product

(Multiple Choice)

4.8/5

(34)

Question 22

For a simple graph of a production function with Q on the y-axis and L on the x-axis, which of the following statements is true?

(Multiple Choice)

4.8/5

(33)

Question 23

Technically inefficient points are

(Multiple Choice)

4.8/5

(30)

Question 24

The average productivity of the fifth worker is

(Multiple Choice)

4.9/5

(55)

Question 25

Which of the following is true?

(Multiple Choice)

4.9/5

(37)

Question 26

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

(Multiple Choice)

4.9/5

(33)

Question 27

Returns to scale refers to

(Multiple Choice)

4.9/5

(32)

Question 28

The marginal productivity of the third worker is

(Multiple Choice)

4.9/5

(41)

Question 29

Marginal productivity is maximized with the ___________ worker.

(Multiple Choice)

4.8/5

(38)

Question 30

If capital cannot easily be substituted for labor, then the elasticity of substitution is

(Multiple Choice)

4.9/5

(37)

Question 31

A labor requirements function represents

(Multiple Choice)

4.7/5

(38)

Question 32

A type of production function that includes linear production functions, fixed-proportions production functions, and Cobb-Douglas production functions as special cases is

(Multiple Choice)

4.8/5

(47)

Question 33

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

(Multiple Choice)

4.9/5

(40)

Question 34

When a production function can be expressed as $Q = ( a K ) ( b L )$ , the relationship between capital and labor in the production function is that

(Multiple Choice)

4.9/5

(37)

Question 35

For the production function $Q = 20 \sqrt { K L }$ , the equation for a typical isoquant is

(Multiple Choice)

4.9/5

(40)

Question 36

A production manager notices that when she triples all of her inputs simultaneously, her output doubles. The production manager determines that for this range of output, the production function exhibits

(Multiple Choice)

4.8/5

(37)

Question 37

Holding capital constant at 3 units, the marginal productivity of the second laborer is

(Multiple Choice)

5.0/5

(36)

Question 38

Consider the production function $Q = \left[ c + a L ^ { \frac { \sigma - 1 } { \sigma } } + b K ^ { \frac { \sigma - 1 } { \sigma } } \right] ^ { \frac { s } { \sigma - 1 } }$ where $C$ is some constant different than zero. This production function exhibits

(Multiple Choice)

4.8/5

(44)

Question 39

The $MR T S_{L ,K}$ =

(Multiple Choice)

4.8/5

(39)

Question 40

Showing 21 - 40 of 70

Suppose a production function has only one input, labor. What can you tell about the slope of the production function, assuming output is on the y-axis and labor is on the x-axis, if production exhibits constant marginal returns to labor?

If marginal product is greater than average product

For a simple graph of a production function with Q on the y-axis and L on the x-axis, which of the following statements is true?

Technically inefficient points are

The average productivity of the fifth worker is

Which of the following is true?

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

Returns to scale refers to

The marginal productivity of the third worker is

Marginal productivity is maximized with the ___________ worker.

If capital cannot easily be substituted for labor, then the elasticity of substitution is

A labor requirements function represents

A type of production function that includes linear production functions, fixed-proportions production functions, and Cobb-Douglas production functions as special cases is

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

When a production function can be expressed as $Q = ( a K ) ( b L )$ , the relationship between capital and labor in the production function is that

For the production function $Q = 20 \sqrt { K L }$ , the equation for a typical isoquant is

A production manager notices that when she triples all of her inputs simultaneously, her output doubles. The production manager determines that for this range of output, the production function exhibits

Holding capital constant at 3 units, the marginal productivity of the second laborer is

Consider the production function $Q = \left[ c + a L ^ { \frac { \sigma - 1 } { \sigma } } + b K ^ { \frac { \sigma - 1 } { \sigma } } \right] ^ { \frac { s } { \sigma - 1 } }$ where $C$ is some constant different than zero. This production function exhibits

The $MR T S_{L ,K}$ =

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

Suppose a production function has only one input, labor. What can you tell about the slope of the production function, assuming output is on the y-axis and labor is on the x-axis, if production exhibits constant marginal returns to labor?

If marginal product is greater than average product

For a simple graph of a production function with Q on the y-axis and L on the x-axis, which of the following statements is true?

Technically inefficient points are

The average productivity of the fifth worker is

Which of the following is true?

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 (K,L)( K , L )(K,L) lie on the same isoquant?

Returns to scale refers to

The marginal productivity of the third worker is

Marginal productivity is maximized with the ___________ worker.

If capital cannot easily be substituted for labor, then the elasticity of substitution is

A labor requirements function represents

A type of production function that includes linear production functions, fixed-proportions production functions, and Cobb-Douglas production functions as special cases is

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

When a production function can be expressed as Q=(aK)(bL)Q = ( a K ) ( b L )Q=(aK)(bL) , the relationship between capital and labor in the production function is that

For the production function Q=20KLQ = 20 \sqrt { K L }Q=20KL​ , the equation for a typical isoquant is

A production manager notices that when she triples all of her inputs simultaneously, her output doubles. The production manager determines that for this range of output, the production function exhibits

Holding capital constant at 3 units, the marginal productivity of the second laborer is

The MRTSL,KMR T S_{L ,K}MRTSL,K​ =

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

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

When a production function can be expressed as $Q = ( a K ) ( b L )$ , the relationship between capital and labor in the production function is that

For the production function $Q = 20 \sqrt { K L }$ , the equation for a typical isoquant is

The $MR T S_{L ,K}$ =