These questions ask about input, output, marginal product, economic profit, tota

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ID: 1100336 • Letter: T

Question

These questions ask about input, output, marginal product, economic profit, total profit, average revenue,and perfect competition concepts.

Please answer all and briefly explain 3,4,8,14,20,22,

1. the short run is the time period during which

a. all of the firm's costs are fixed.

b. the value of the firm's assert starts to decay

c.the firm can adjust all input freely

d. some of the firm's input decisions are constrained by previous commitment.

2. in the long run,

a. all of the firm's input quantities are variable

b. the firm can vary the quantities of some but not all inputs.

c. managers become less efficient.

d. the total cost of producing any given level of output is greater than or equal to the short-run total cost of producing that level of output.

3. in which case will the transition from short run to long run involve the shortest chronological time?

a. a service that provides temporary secretaries to companies.

b.an automobile factory

c.a farm

d. an electric utility

4.the total physical product of an input is the same thing as its

a. total revenue product

b. marginal physical product times output

c. output

d. total consumer

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