Exercise: Ch. 6-7: 受験レビュー - APU LMS

Exercise: Ch.
6-7: 受験レビュー | APU LMS 24/5/2024, 9:26 AM
問題 1
Isoquants can be convex or linear. What does each of these shapes tell you
正解
about the nature of the production function? What does each of these
最大評点 1.00 shapes tell you about the MRTS? Find a wrong statement from below.
; 1. In convex isoquants, the MRTS is increasing as we move downalong 

the isoquant.
' 2. Linear isoquants imply that the slope, or the MRTS, is constant.
' 3. In linear isoquants, the same number of units of one input can always be
exchanged for a unit of the other input holding output constant.
' 4. In convex isoquants, it becomes more and more difficult to substitute

one input for the other while keeping output unchanged.
https://lms.apu.ac.jp/mod/quiz/review.php?attempt=689062&cmid=81158#question-708095-3 Page 1 of 9
Exercise: Ch. 6-7: 受験レビュー | APU LMS 24/5/2024, 9:26 AM
問題 2
A political campaign manager must decide whether to emphasize television
正解
advertisements or letters to potential voters in a reelection campaign. The
最大評点 1.00 following describes the production function for campaign votes regarding
information about this function (such as the shape of the isoquants) help the
campaign manager to plan strategy. What is wrong statement?
' 1. The output of concern to the campaign manager is the number of votes.
The production function has two inputs, television advertising and
letters.
' 2. The use of these inputs requires knowledge of the substitution

possibilities between them. If the inputs are perfect substitutes for
example, the isoquants are straight lines, and the campaign manager
should use only the less expensive input in this case.
' 3. If the inputs are not perfect substitutes, the isoquants will have a convex
shape. The campaign manager should then spend the campaign’s
budget on the combination of the two inputs that maximize the number
of votes.
; 4. If the inputs are complements, the isoquants will have a L shape. The 
manager should use only one input that is cheaper in this case.
問題 3
If the firm’s average cost curves are U-shaped, its average variable cost
不正解
curve achieve its minimum at a lower level of output than the average total
最大評点 1.00 cost curve. What is awrong statement about relationship between AC, AVC,
AFC?
' 1. Average total cost is equal to average fixed cost plus average variable
cost: ATC =AVC +AFC. When graphed, the difference between the U-
shaped average total cost and U-shaped average variable cost curves is
the average fixed cost, and AFC is downward sloping at all output levels.
' 2. When AVC is falling, ATC will also fall because both AVC and AFC are
declining as output increases.
' 3. From the point when AVC reaches its minimum (the bottom of its
U), ATC will increase as AVC start to increase.
; 4. Even as AVC gradually begins to rise, ATC will still fall because 
of AFC’s decline. Eventually, however, as AVC rises more rapidly, the
increases in AVC will outstrip the declines inAFC, and ATC will reach
its minimum and then begin to rise.
問題 4
Please explain whether the following statements are true or false. "If a firm
正解
hires a currently unemployed worker, the opportunity cost of utilizing the
最大評点 1.00 worker’s services is zero."
1つ選択してください:
'○
; ×
問題 5
The short run is
正解
最大評点 1.00
' 1. less than a year.
' 2. three years.
' 3. however long it takes to produce the planned output.
; 4. a time period in which at least one input is fixed. 
' 5. a time period in which at least one set of outputs has been decided
upon.
問題 6
The law of diminishing returns assumes that
正解
最大評点 1.00
; 1. there is at least one fixed input. 
' 2. all inputs are changed by the same percentage.
' 3. additional inputs are added in smaller and smaller increments.
' 4. all inputs are held constant.
問題 7
The law of diminishing returns assumes that
正解
最大評点 1.00
; 1. there is at least one fixed input. 
' 2. all inputs are changed by the same percentage.
' 3. additional inputs are added in smaller and smaller increments.
' 4. all inputs are held constant.
問題 8
Please explain whether the following statements are true or false. "A firm that
正解
has positive accounting profit does not necessarily have positive economic
最大評点 1.00
profit."
; ○
'×
問題 9
The slope of the total product curve is the
正解
最大評点 1.00
' 1. average product.
' 2. slope of a line from the origin to the point.
; 3. marginal product. 
' 4. marginal rate of technical substitution
問題 10
In 1985, Alice paid $20,000 for an option to purchase ten acres of land. By
正解
paying the $20,000, she bought the right to buy the land for $100,000 in
最大評点 1.00 1992. When she acquired the option in 1985, the land was worth $120,000. In
1992, it is worth $110,000. Should Alice exercise the option and pay
$100,000 for the land?
; 1. Yes. 
' 2. No.
' 3. It depends on what the rate of inflation was between 1985 and 1992.
' 4. It depends on what the rate of interest was.
問題 11
Fill in the blanks in the following table:
正解
Number of units of variables Total output (# of units) Mrginal product of variable Average product of
最大評点 9.00 inputs input variable input
3 Unknown 30
90 
4 20
110  27.5 
5 130
20  26 
6 5
135  22.5 
7 19.5
136.5 1.5 
Notes: Marginal product of variable input pertain to the interval between the
indicated amount of the variable input and one unit less than thwe indicated
amount of the variable input. Write all answers in decimals (like 12.5) for those
applicable.
問題 12
The menu at Joe’s coffee shop consists of a variety of coffee drinks, pastries,
正解
and sandwiches. The marginal product of an additional worker can be
最大評点 1.00 defined as the number of customers who can be served by that worker in a
given time period. Joe has been employing one worker, but is considering
hiring a second and a third. From the following explanations why the marginal
product of the second and third workers might be higher than the first, and
why you might expect the marginal product of additional workers to diminish
eventually, what is wrong one?
' 1. The marginal product could well increase for the second and third
workers because each would be able to specialize in a different task.
' 2. If there is only one worker, that person has to take orders, prepare the
food, serve the food, and do all the cleanup. With two or three workers,
however, one could take orders and serve the food while the others do
most of the coffee and food preparation and cleanup.
' 3. Eventually, however, as more workers are employed, the marginal

product would diminish because there would be a large number of
people behind the counter and in the kitchen trying to serve more and
more customers with a limited amount of equipment and a fixed building
size.
; 4. Marginal productivity decrease even though we increases the kitchen 

because there is limited possibility that employees can be
specialized over kitchen work.
問題 13 Suppose that output Q is a function of a single input, labor (L). Describe the returns
正解 to scale associated with each of the following production functions. Production
function,
最大評点 3.00
Q=L/2 exhibits constant  returns to scale. The
function, Q=L2 represents increasing  returns to scale
technology. The function Q= L0.5 exhibits decreasing  returns
to scale.
問題 14
The cost of flying a passenger plane from point A to point B is $50,000. The
正解
airline flies this route four times per day at 7AM, 10 AM, 1 PM, and 4 PM. The
最大評点 4.00
first and last flights are filled to capacity with 500 people. The second and third
flights are only half full. Then, the average cost per passenger for the full flight
is $ 100  and that for the half full flight is $ 200  . The
marginal cost of taking another passenger on those two flights with empty
seats is almost 0  . so the company will increase its profit if it can
sell additional tickets for those flights, even if the ticket prices are less than
average cost. Therefore, you should advice the airline should focus on
attracting more off-peak  customers because there is excess
capacity on the middle two flights. The peak flights are already full, so
attracting more customers at those times will not  result in
additional ticket sales.
問題 15
The short-run cost function of a company is given by the
正解
equation TC =200000+55000q, where TC is the total cost and q is the total
最大評点 5.00 quantity of output. 1. What is the company’s fixed cost?
$ 200000 
If the company produced 100,000 units of goods, what would be its

average variable cost?
$ 55000 
If the company produced 100,000 units of goods, what would be its

marginal cost of production?
$ 55000 
If the company produced 100,000 units of goods, what would be its average
fixed cost?
$ 2 
Suppose the company borrows money and expands its factory. Its fixed
cost rises by $50000, but its variable cost falls to $45000 per one unit. The
cost of interest (i) also enters into the equation. Each 1-point increase in the
interest rate raises costs by $3000 also per unit output. Write the new cost
equation.
$ TC=250000+45000q+3000i 
Note: Don't put any blanks or commas in your answer.
問題 16 Now consider two-factor production model. Do the following functions exhibit

正解 increasing, constant, or decreasing returns to scale? What happens to the marginal
product of each individual factor as that factor is increased and the other factor held
最大評点 2.00 constant?
The production function,q=3L+2K exhibits constant  returns to
scale. Marginal product of labor is 3  for this production function.
問題 17
Please explain whether the following statements are true or false. "If the
正解
owner of a business pays himself no salary, then the accounting cost is zero,
最大評点 1.00 but the economic cost is positive."
; ○
'×
問題 18
In the long run, which of the following is considered a variable cost?
正解
最大評点 1.00
' 1. Expenditures for wages
' 2. Expenditures for research and development
' 3. Expenditures for raw materials
' 4. Expenditures for capital machinery and equipment
; 5. all of the above 
t Prev Section 移動 ... Next Section #

Exercise: Ch. 6-7: 受験レビュー - APU LMS

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Exercise: Ch. 6-7: 受験レビュー - APU LMS

Uploaded by

Copyright:

Available Formats

Exercise: Ch.

6-7: 受験レビュー | APU LMS 24/5/2024, 9:26 AM

; 1. In convex isoquants, the MRTS is increasing as we move downalong 

' 4. In convex isoquants, it becomes more and more difficult to substitute

' 2. The use of these inputs requires knowledge of the substitution

' 2. three years.

' 3. however long it takes to produce the planned output.

; 4. a time period in which at least one input is fixed. 

' 2. all inputs are changed by the same percentage.

' 3. additional inputs are added in smaller and smaller increments.

' 4. all inputs are held constant.

' 2. all inputs are changed by the same percentage.

' 3. additional inputs are added in smaller and smaller increments.

' 4. all inputs are held constant.

' 2. slope of a line from the origin to the point.

' 4. marginal rate of technical substitution

' 4. It depends on what the rate of interest was.

' 3. Eventually, however, as more workers are employed, the marginal

; 4. Marginal productivity decrease even though we increases the kitchen 

function, Q=L2 represents increasing  returns to scale

technology. The function Q= L0.5 exhibits decreasing  returns

seats is almost 0  . so the company will increase its profit if it can

attracting more off-peak  customers because there is excess

attracting more customers at those times will not  result in

additional ticket sales.

If the company produced 100,000 units of goods, what would be its

If the company produced 100,000 units of goods, what would be its

Note: Don't put any blanks or commas in your answer.

問題 16 Now consider two-factor production model. Do the following functions exhibit

The production function,q=3L+2K exhibits constant  returns to

scale. Marginal product of labor is 3  for this production function.

' 2. Expenditures for research and development

' 3. Expenditures for raw materials

' 4. Expenditures for capital machinery and equipment

; 5. all of the above 

t Prev Section 移動 ... Next Section #

You might also like