I need help checking these answers 1. A production function a. Is a relationship

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I need help checking these answers

1. A production function a. Is a relationship between inputs and costs b. Identifies the fewest inputs that can be used to produce a given output c. Identifies the financial constraints the firm must deal with Identifies the maximum quantity that can be produced by each specific combination of inputs 2. The law of diminishing marginal returns: a. Is relevant in both the short and the long-run b. Says that increasing fixed inputs eventually results in smaller and smaller increases in total output c, Says that increasing variable inputs eventually results in smaller and smaller increases in total output d. Says that increasing variable inputs eventually results in smaller and smaller increases in total cost Which of the following is an implicit cost associated with the operation of a Mom and Pop grocery store? 3. a. Insurance b. Rent c. Property taxes The time Mom and Pop spend working in the store A farmer is growing corn on an acre of land. Output will be 200 bushels if one worker is hired, 500 if two, 700 if three, 850 if four, and 900 if five. The marginal product of the fourth worker is 4. a. 850 bushels 150 bushels c. 212.5 bushels d. 50 bushels 5. The long-run is a period of time: Longer than one year In which the use rates of both labor and material, but not capital, can be changed a. c.) In which the firm can vary all inputs In which the firm can vary the output levels of all products produced by the firm

Explanation / Answer

Answer.)

Q1.) d.) identifies the maximum quantity that can be produced by each specific combination of inputs.

Production function relates physical output of a production process to physical inputs or factors of production.

Q2.) c.) Says that increasing variable inputs eventually results in smaller and smaller increases in total output.

Q3.) d.) The time mom and pop spend working in store

an implicit cost is the opportunity cost equal to what a firm must give up in order to use a factor of production for which it already owns and thus does not pay any price.

Q4.) b.) 150 bushels

Marginal product of 4th worker = Total product of 4 workers - total product of 3 workers = $850 - $700 = $150

Q5.) c.) In which the firm can vary all inputs.

long-run is a period for which all inputs change or become variable inputs.

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