Micro 3.1-The Production Function VIDEO CHOICE
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Last updated over 1 year ago
8 questions
Required
1
The production function for gadgeadoodles uses a variable amount of labor and a fixed amount of capital to produce output. The production function exhibits diminishing returns to labor. a. Draw a correctly labeled graph of the total production function.b. Denote the 3 stages of diminishing marginal returns on your graph of total productivity.
The production function for gadgeadoodles uses a variable amount of labor and a fixed amount of capital to produce output. The production function exhibits diminishing returns to labor. a. Draw a correctly labeled graph of the total production function.
b. Denote the 3 stages of diminishing marginal returns on your graph of total productivity.
Required
1
Draw a correctly labeled graph of the average and marginal production function.
Draw a correctly labeled graph of the average and marginal production function.
Required
1
The production function for gadgeadoodles uses a variable amount of labor and a fixed amount of capital to produce output. The production function exhibits diminishing returns to labor. a. Draw a correctly labeled graph of the total production function.b. Denote the 3 stages of diminishing marginal returns on your graph of total productivity.
The production function for gadgeadoodles uses a variable amount of labor and a fixed amount of capital to produce output. The production function exhibits diminishing returns to labor. a. Draw a correctly labeled graph of the total production function.
b. Denote the 3 stages of diminishing marginal returns on your graph of total productivity.
Required
1
Draw a correctly labeled graph of the average and marginal production function.
Draw a correctly labeled graph of the average and marginal production function.
Required
1
The production function for gadgeadoodles uses a variable amount of labor and a fixed amount of capital to produce output. The production function exhibits diminishing returns to labor. a. Draw a correctly labeled graph of the total production function.b. Denote the 3 stages of diminishing marginal returns on your graph of total productivity.
The production function for gadgeadoodles uses a variable amount of labor and a fixed amount of capital to produce output. The production function exhibits diminishing returns to labor. a. Draw a correctly labeled graph of the total production function.
b. Denote the 3 stages of diminishing marginal returns on your graph of total productivity.
Required
1
Draw a correctly labeled graph of the average and marginal production function.
Draw a correctly labeled graph of the average and marginal production function.
Required
1
Do you think these are short-run (at least one fixed resource) or long-run (all variable resources) production functions? Explain.
Do you think these are short-run (at least one fixed resource) or long-run (all variable resources) production functions? Explain.
Required
1
Sort the following into the stages of the production function. This is a tough one since some of the labels will be used more than once! I recommend drawing out ALL 3 graphs on a white board or paper, or reference your prior drawings to get a good handle on this!
Sort the following into the stages of the production function. This is a tough one since some of the labels will be used more than once! I recommend drawing out ALL 3 graphs on a white board or paper, or reference your prior drawings to get a good handle on this!
- AP is increasing
- MP is at a max
- MP is increasing
- AP is decreasing
- TP increasing but at a slower rate
- TP is positive
- AP is positive
- MP is positive
- MP is negative
- TP is at a maximum
- MP is decreasing
- TP increasing at a fast rate
- MP = 0
- TP undergoes a rate change
- TP is decreasing
- STAGE I. Increasing Marginal Returns
- Between Increasing Marginal Returns & Diminishing Marginal Returns (No inc or dec for a single point)
- STAGE II. Diminishing Marginal Returns
- Between Diminishing Marginal Returns & Negative Marginal Returns (No inc or dec for a single point)
- STAGE III. Negative Marginal Returns