Total revenue equalsA. price x quantityB. price/quantityC. output - inputD. (price x quantity) - total cost

You are watching: For a firm, the production function represents the relationship between

For a firm, the production attribute represents the partnership betweenA. quantity of inputs and also full costB. quantity of inputs and quantity of outputC. amount of output and total costD. implicit prices and also explicit costs
The marginal product of labor is equal to theA. rise in output derived from a one unit rise in laborB. incremental profit connected via a one unit boost in laborC. boost in labor crucial to generate a one unit boost in outputD. incremental cost linked via a one unit increase in labor
A manufacturing function is a relationship in between inputs andA. revenueB. quantity of outputC. costsD. profit
Grace is a self-employed artist. She deserve to make 20 pieces of pottery per week. She is considering hiring her sister Kate to work for her. Both she and Kate can make 35 pieces of ceramic per week. What is Kate"s marginal product?A. 22.5 pieces of potteryB. 55 pieces of potteryC. 35 pieces of potteryD. 15 pieces of pottery
If the total price curve gets steeper as output increases, the firm is experiencingA. diseconomic climates of scaleB. economic situations of scaleC. diminishing marginal productD. raising marginal product
If marginal price is below average full expense, then average total costA. is fallingB. may climb or loss depending on the dimension of addressed costsC. is risingD. is constant
Economies of range arise whenA. addressed prices are large relative to variable costsB. an economic climate is self-enough in productionC. individuals in a society are self-sufficientD. workers are able to specialize in a particular task
If a firm produces nothing, which of the following prices will be zero?A. complete costB. resolved costC. chance costD. variable cost
In the long run,A. variable inputs are seldom usedB. inputs that were variable in the brief run end up being fixedC. inputs that were solved in the short run reprimary fixedD. inputs that were solved in the brief run come to be variable
Marginal cost is equal to average complete expense whenA. average variable expense is fallingB. average total price is at its minimumC. marginal expense is at its minimumD. average resolved expense is rising

See more: Dyson V6 Top Dog Hepa Handheld Vacuum Yellow, Dyson V6 Baby + Child Handheld Vacuum