ECON 1102 - Techniques that produce 100 sweaters

Question # 00542868 Posted By: dr.tony Updated on: 06/09/2017 02:19 AM Due on: 06/09/2017
Subject Economics Topic Microeconomics Tutorials:
Question
Dot Image

Techniques that produce 100 sweaters

Technique Labor(hours) Capital (machines)

A 10 35

B 25 25

C 10 60

D 30 20

7) In the above table, the technique that is not technologically efficient is A) A. B) B. C) C. D) D.

8) In the above table, the technique that is never economically efficient is A) A. B) B. C) C. D) D.

9) Using the data in the above table, if the price of an hour of labor is $20 and the price of a unit of capital is $10,thenthe most economically efficient technique for producing 100 sweaters is A) A. B) B. C) C. D) D.

10) Using the data in the above table, if the price of an hour of labor is $10 and the price of a unit of capital is $20,then the most economically efficient technique for producing 100 sweaters is A) A. B) B. C) C. D) D.

11) Marginal product is:

A) total product divided by the number of workers employed.

B) the increase in total cost attributable to the employment of one more worker.

C) the increase in total output attributable to the employment of one more worker.

D) the increase in total revenue attributable to the employment of one more worker.

12) The law of diminishing returns indicates that:

A) beyond some point the extra utility derived from additional units of a product will yield theconsume smaller and smaller extra amounts of satisfaction.

B) as extra units of a variable resource (labor) are added to a fixed resource (plant), at some pointmarginal product will begin to decline.

C) because of economies and diseconomies of scale a competitive firm's long-run average total cost curvewill be U-shaped.

D) the demand for goods produced by purely competitive industries is downsloping.

Dot Image
Tutorials for this Question
  1. Tutorial # 00540035 Posted By: dr.tony Posted on: 06/09/2017 02:19 AM
    Puchased By: 2
    Tutorial Preview
    The solution of ECON 1102 - Techniques that produce 100 sweaters...
    Attachments
    ECON_1102_-_Techniques_that_produce_100_sweaters.ZIP (18.96 KB)

Great! We have found the solution of this question!

Whatsapp Lisa