(Test Bank)Economics for Managers, 3rd Edition by Paul G. Farnham chapter 6

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1、EconomicsforManagers,3e(Farnham)Chapter6ProductionandCostAnalysisintheLongRun1)Inthecaseofashort-runproductionfunction:A)alloftheinputsarevariable.B)theamountoflaboremployedisheldconstant.C)atleastoneoftheinputsisfixed.D)alloftheinputsarefixed.Answer:CDiff:1Topic:Shortrunversuslongrun2

2、)Alabor-intensivemethodofproductionisonethat:A)requiresemployeestoworkharderthantheywouldinotheroccupations.B)reliesexclusivelyonlabor.C)reliesonlargequantitiesoflaborandsmallerquantitiesofcapitalequipment.D)combinesasmallbutsophisticatedlaborforcewithalargeamountofcapital.Answer:CDiff

3、:1Topic:Productionfunction3)Aproductionmethodthatreliesonlargequantitiesofmachinesandequipmentandsmallerquantitiesoflaborisreferredtoasa:A)variable-input-intensivemethodofproduction.B)labor-intensivemethodofproduction.C)technology-intensivemethodofproductionD)capital-intensivemethodofp

4、roduction.Answer:DDiff:1Topic:Productionfunction4)Inwhichofthefollowingsituationswouldafirmbemorelikelytorelyonacapital-intensivemethodofproduction?A)Whentherateoftechnologicalinnovationislow.B)Whencapitalisrelativelyexpensive.C)Whenthefirm'soutputcannotbeproducedusingtheassemblylineme

5、thodofproduction.D)Whenlaborsupplyislimitedrelativetotheavailableamountofcapital.Answer:DDiff:2Topic:Choosingamongproductionfunctions21Copyright©2014PearsonEducation,Inc.5)Whichofthefollowingwouldhavetheleastamountofinfluenceonamanager'schoiceofwhichinputstoemployinaproductionprocess?A

6、)Thepriceofacompetitor'soutput.B)Thetechnologyoftheproductionprocess.C)Themarginalproductivityoftheinputsthatcanbeusedintheproductionprocess.D)Thepricesoftheinputsthatcanbeusedintheproductionprocess.Answer:ADiff:1Topic:Choosingamongproductionfunctions6)Assumeafirmiscurrentlyemploying20

7、unitsofcapitaland100unitsoflaborinitsproductionprocess.Assumealsothatthemarginalproductofthe20thunitofcapitalis40unitsofoutput,themarginalproductofthe100thunitoflaboris10unitsofoutputandtheperunitpricesofcapitalandlaborare$20and$10,respectively.Inthiscase,inordertominimizeitscostsofp