Production elasticity (Points : 1) a. measure how a % change in output affect th

Question

Production elasticity (Points : 1)                                           a. measure how a % change in output affect the % change in an input
                                        b. is not important for a company that makes a physical product
                                        c. measure the % change in output for a % change in an input
                                        d. is given by the exponent on the input in a linear production function
                                            
                         

Productive activity includes all but

In a company fixed costs are $ 1300.00 per month, variable cost is $ 9.00 per hour and price charged per hour is $ 15.00 (This is a service company). Break even number of hours per month are about:

                     17. How do you determine the optimal amount of labor to use when labor is the only variable input? (Points : 1)                                           a. MPL=CL
                                        b. MPL=MPK
                                        c. MPL/MPK=1
                                        d. None of above
                         

Explanation / Answer

Correct answer for #24 is D and #19 is C

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