ECO 204 Quiz 7
Quiz 7
1. Which of the following must be true of a firm's optimal production level?
a)
b)

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c)
d)
2. In an isoquant diagram, where are technologicaly inefficient ways of producing one unit of output located?
a)
b)
c)
d)
3. Suppose the marginal product of labor is 8 units of output per hour of labor and the marginal product of capital is 2 units of output per hour of capital. How many hours of capital does it take to replace 1 hour of labor without affecting the firm's output?
a)
a)
b)
b)
c)
c)
d)
d)
4. The expansion path shows the combinations of labor and capital that
a)
b)
c)
d)
5. A firm is currently producing 1,200 units of output using 180 hours of labor and 200 hours of capital. The marginal product of labor is 45 units of output per hour, and the marginal product of capital is 30 units of output per hour. The wage rate is $20 per hour and the rental rate is $10 per hour. Can the firm produce more output for the same total cost?
a)
b)
c)
d)
6. Assume that labor is on the horizontal axis and capital is on the vertical axis in the isoquant-isocost diagram. If the wage rate paid to labor falls, then the
Quiz 7
1. Which of the following must be true of a firm's optimal production level?
a)
b)
c)
d)
2. In an isoquant diagram, where are technologicaly inefficient ways of producing one unit of output located?
a)
b)
c)
d)
3. Suppose the marginal product of labor is 8 units of output per hour of labor and the marginal product of capital is 2 units of output per hour of capital. How many hours of capital does it take to replace 1 hour of labor without affecting the firm's output?
a)
a)
b)
b)
c)
c)
d)
d)
4. The expansion path shows the combinations of labor and capital that
a)
b)
c)
d)
5. A firm is currently producing 1,200 units of output using 180 hours of labor and 200 hours of capital. The marginal product of labor is 45 units of output per hour, and the marginal product of capital is 30 units of output per hour. The wage rate is $20 per hour and the rental rate is $10 per hour. Can the firm produce more output for the same total cost?
a)
b)
c)
d)
6. Assume that labor is on the horizontal axis and capital is on the vertical axis in the isoquant-isocost diagram. If the wage rate paid to labor falls, then the
Quiz 7
1. Which of the following must be true of a firm's optimal production level?
a)
b)
c)
d)
2. In an isoquant diagram, where are technologicaly inefficient ways of producing one unit of output located?
a)
b)
c)
d)
3. Suppose the marginal product of labor is 8 units of output per hour of labor and the marginal product of capital is 2 units of output per hour of capital. How many hours of capital does it take to replace 1 hour of labor without affecting the firm's output?
a)
a)
b)
b)
c)
c)
d)
d)
4. The expansion path shows the combinations of labor and capital that
a)
b)
c)
d)
5. A firm is currently producing 1,200 units of output using 180 hours of labor and 200 hours of capital. The marginal product of labor is 45 units of output per hour, and the marginal product of capital is 30 units of output per hour. The wage rate is $20 per hour and the rental rate is $10 per hour. Can the firm produce more output for the same total cost?
a)
b)
c)
d)
6. Assume that labor is on the horizontal axis and capital is on the vertical axis in the isoquant-isocost diagram. If the wage rate paid to labor falls, then the
Quiz 7
1. Which of the following must be true of a firm's optimal production level?
a)
b)
c)
d)
2. In an isoquant diagram, where are technologicaly inefficient ways of producing one unit of output located?
a)
b)
c)
d)
3. Suppose the marginal product of labor is 8 units of output per hour of labor and the marginal product of capital is 2 units of output per hour of capital. How many hours of capital does it take to replace 1 hour of labor without affecting the firm's output?
a)
a)
b)
b)
c)
c)
d)
d)
4. The expansion path shows the combinations of labor and capital that
a)
b)
c)
d)
5. A firm is currently producing 1,200 units of output using 180 hours of labor and 200 hours of capital. The marginal product of labor is 45 units of output per hour, and the marginal product of capital is 30 units of output per hour. The wage rate is $20 per hour and the rental rate is $10 per hour. Can the firm produce more output for the same total cost?
a)
b)
c)
d)
6. Assume that labor is on the horizontal axis and capital is on the vertical axis in the isoquant-isocost diagram. If the wage rate paid to labor falls, then the
Quiz 7
1. Which of the following must be true of a firm's optimal production level?
a)
b)
c)
d)
2. In an isoquant diagram, where are technologicaly inefficient ways of producing one unit of output located?
a)
b)
c)
d)
3. Suppose the marginal product of labor is 8 units of output per hour of labor and the marginal product of capital is 2 units of output per hour of capital. How many hours of capital does it take to replace 1 hour of labor without affecting the firm's output?
a)
a)
b)
b)
c)
c)
d)
d)
4. The expansion path shows the combinations of labor and capital that
a)
b)
c)
d)
5. A firm is currently producing 1,200 units of output using 180 hours of labor and 200 hours of capital. The marginal product of labor is 45 units of output per hour, and the marginal product of capital is 30 units of output per hour. The wage rate is $20 per hour and the rental rate is $10 per hour. Can the firm produce more output for the same total cost?
a)
b)
c)
d)
6. Assume that labor is on the horizontal axis and capital is on the vertical axis in the isoquant-isocost diagram. If the wage rate paid to labor falls, then the
Quiz 7
1. Which of the following must be true of a firm's optimal production level?
a)
b)
c)
d)
2. In an isoquant diagram, where are technologicaly inefficient ways of producing one unit of output located?
a)
b)
c)
d)
3. Suppose the marginal product of labor is 8 units of output per hour of labor and the marginal product of capital is 2 units of output per hour of capital. How many hours of capital does it take to replace 1 hour of labor without affecting the firm's output?
a)
a)
b)
b)
c)
c)
d)
d)
4. The expansion path shows the combinations of labor and capital that
a)
b)
c)
d)
5. A firm is currently producing 1,200 units of output using 180 hours of labor and 200 hours of capital. The marginal product of labor is 45 units of output per hour, and the marginal product of capital is 30 units of output per hour. The wage rate is $20 per hour and the rental rate is $10 per hour. Can the firm produce more output for the same total cost?
a)
b)
c)
d)
6. Assume that labor is on the horizontal axis and capital is on the vertical axis in the isoquant-isocost diagram. If the wage rate paid to labor falls, then the
Quiz 7
1. Which of the following must be true of a firm's optimal production level?
a)
b)
c)
d)
2. In an isoquant diagram, where are technologicaly inefficient ways of producing one unit of output located?
a)
b)
c)
d)
3. Suppose the marginal product of labor is 8 units of output per hour of labor and the marginal product of capital is 2 units of output per hour of capital. How many hours of capital does it take to replace 1 hour of labor without affecting the firm's output?
a)
a)
b)
b)
c)
c)
d)
d)
4. The expansion path shows the combinations of labor and capital that
a)
b)
c)
d)
5. A firm is currently producing 1,200 units of output using 180 hours of labor and 200 hours of capital. The marginal product of labor is 45 units of output per hour, and the marginal product of capital is 30 units of output per hour. The wage rate is $20 per hour and the rental rate is $10 per hour. Can the firm produce more output for the same total cost?
a)
b)
c)
d)
6. Assume that labor is on the horizontal axis and capital is on the vertical axis in the isoquant-isocost diagram. If the wage rate paid to labor falls, then the
Quiz 7
1. Which of the following must be true of a firm's optimal production level?
a)
b)
c)
d)
2. In an isoquant diagram, where are technologicaly inefficient ways of producing one unit of output located?
a)
b)
c)
d)
3. Suppose the marginal product of labor is 8 units of output per hour of labor and the marginal product of capital is 2 units of output per hour of capital. How many hours of capital does it take to replace 1 hour of labor without affecting the firm's output?
a)
a)
b)
b)
c)
c)
d)
d)
4. The expansion path shows the combinations of labor and capital that
a)
b)
c)
d)
5. A firm is currently producing 1,200 units of output using 180 hours of labor and 200 hours of capital. The marginal product of labor is 45 units of output per hour, and the marginal product of capital is 30 units of output per hour. The wage rate is $20 per hour and the rental rate is $10 per hour. Can the firm produce more output for the same total cost?
a)
b)
c)
d)
6. Assume that labor is on the horizontal axis and capital is on the vertical axis in the isoquant-isocost diagram. If the wage rate paid to labor falls, then the
Quiz 7
1. Which of the following must be true of a firm's optimal production level?
a)
b)
c)
d)
2. In an isoquant diagram, where are technologicaly inefficient ways of producing one unit of output located?
a)
b)
c)
d)
3. Suppose the marginal product of labor is 8 units of output per hour of labor and the marginal product of capital is 2 units of output per hour of capital. How many hours of capital does it take to replace 1 hour of labor without affecting the firm's output?
a)
a)
b)
b)
c)
c)
d)
d)
4. The expansion path shows the combinations of labor and capital that
a)
b)
c)
d)
5. A firm is currently producing 1,200 units of output using 180 hours of labor and 200 hours of capital. The marginal product of labor is 45 units of output per hour, and the marginal product of capital is 30 units of output per hour. The wage rate is $20 per hour and the rental rate is $10 per hour. Can the firm produce more output for the same total cost?
a)
b)
c)
d)
6. Assume that labor is on the horizontal axis and capital is on the vertical axis in the isoquant-isocost diagram. If the wage rate paid to labor falls, then the
Quiz 7
1. Which of the following must be true of a firm's optimal production level?
a)
b)
c)
d)
2. In an isoquant diagram, where are technologicaly inefficient ways of producing one unit of output located?
a)
b)
c)
d)
3. Suppose the marginal product of labor is 8 units of output per hour of labor and the marginal product of capital is 2 units of output per hour of capital. How many hours of capital does it take to replace 1 hour of labor without affecting the firm's output?
a)
a)
b)
b)
c)
c)
d)
d)
4. The expansion path shows the combinations of labor and capital that
a)
b)
c)
d)
5. A firm is currently producing 1,200 units of output using 180 hours of labor and 200 hours of capital. The marginal product of labor is 45 units of output per hour, and the marginal product of capital is 30 units of output per hour. The wage rate is $20 per hour and the rental rate is $10 per hour. Can the firm produce more output for the same total cost?
a)
b)
c)
d)
6. Assume that labor is on the horizontal axis and capital is on the vertical axis in the isoquant-isocost diagram. If the wage rate paid to labor falls, then the
Quiz 7
1. Which of the following must be true of a firm's optimal production level?
a)
b)
c)
d)
2. In an isoquant diagram, where are technologicaly inefficient ways of producing one unit of output located?
a)
b)
c)
d)
3. Suppose the marginal product of labor is 8 units of output per hour of labor and the marginal product of capital is 2 units of output per hour of capital. How many hours of capital does it take to replace 1 hour of labor without affecting the firm's output?
a)
a)
b)
b)
c)
c)
d)
d)
4. The expansion path shows the combinations of labor and capital that
a)
b)
c)
d)
5. A firm is currently producing 1,200 units of output using 180 hours of labor and 200 hours of capital. The marginal product of labor is 45 units of output per hour, and the marginal product of capital is 30 units of output per hour. The wage rate is $20 per hour and the rental rate is $10 per hour. Can the firm produce more output for the same total cost?
a)
b)
c)
d)
6. Assume that labor is on the horizontal axis and capital is on the vertical axis in the isoquant-isocost diagram. If the wage rate paid to labor falls, then the
Quiz 7
1. Which of the following must be true of a firm's optimal production level?
a)
b)
c)
d)
2. In an isoquant diagram, where are technologicaly inefficient ways of producing one unit of output located?
a)
b)
c)
d)
3. Suppose the marginal product of labor is 8 units of output per hour of labor and the marginal product of capital is 2 units of output per hour of capital. How many hours of capital does it take to replace 1 hour of labor without affecting the firm's output?
a)
a)
b)
b)
c)
c)
d)
d)
4. The expansion path shows the combinations of labor and capital that
a)
b)
c)
d)
5. A firm is currently producing 1,200 units of output using 180 hours of labor and 200 hours of capital. The marginal product of labor is 45 units of output per hour, and the marginal product of capital is 30 units of output per hour. The wage rate is $20 per hour and the rental rate is $10 per hour. Can the firm produce more output for the same total cost?
a)
b)
c)
d)
6. Assume that labor is on the horizontal axis and capital is on the vertical axis in the isoquant-isocost diagram. If the wage rate paid to labor falls, then the [Show Less]