Micro 3.1-The Production Function VIDEO CHOICE

Last updated over 1 year ago

8 questions

Required

Do you think these are short-run (at least one fixed resource) or long-run (all variable resources) production functions? Explain.

Required

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Micro 3.1-The Production Function VIDEO CHOICE

Last updated over 1 year ago

8 questions

BIG HINT! Take the following functions and change the name....

Total Utility-->Total Productivity
Average Utility-->Average Productivity
Marginal Utility-->Marginal Productivity

SAME GRAPH!!!!

For Utility (Goods consumed led to utility)
For Productivity (Quantity of Resources leads to Quantity of Output)

Watch at least one of the following videos. Complete the two questions needed for the video. Then complete the two questions AFTER the videos.

Trim End | 05:54

Questions 1 & 2 | 04:16

00:00/00:00

Questions 1 & 2

04:16

Trim End | 05:07

Questions 3 & 4 | 04:52

00:00/00:00

Questions 3 & 4

04:52

Trim End | 12:47

Questions 5 & 6 | 04:28

00:00/00:00

Questions 5 & 6

04:28

Required

Do you think these are short-run (at least one fixed resource) or long-run (all variable resources) production functions? Explain.

Required

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!

MP is at a max
MP = 0
MP is positive
TP undergoes a rate change
MP is increasing
AP is increasing
TP is decreasing
MP is negative
TP is positive
MP is decreasing
TP increasing at a fast rate
AP is decreasing
TP is at a maximum
TP increasing but at a slower rate
AP is positive

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