In the long run
a) all of the costs are fixed
b) all of the inputs are fixed
c) all of the inputs and costs are variable
d) some inputs are variable and some are fixed
Unlock full course notes by signing up
In the short-run capital is ___________ and labour is ___________ while in the long-run capital is ___________ and labour is ___________.
Which of the above curves is the marginal product curve?
In the short run, a firm can vary
Suppose Thor's hammer makers increases its output from 20 to 25 hammers. Its total cost increase from $500 to $750. What is the the company's marginal cost of producing a hammer?
True/False:
In the short run
.
Practice Question
Tony sells furniture. He pays $1,200 month to rent a warehouse and has a 3 year lease. Each day he has one friend Jerry whom he pays $100 to help him sell the furniture. Jerry sells on 200 units of furniture a month.
What is the fixed cost for one month?
What is the variable cost per month?
Practice: Marginal Product
John makes 2 pizzas and then we add Eric and he makes 1 pizza. Each of them is paid $10.
When average total cost is falling, marginal cost must be
When marginal product is rising, which of the following is true?
Factors of Production
The factors of production are