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Economics
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29 Oct 2020

________ refers to the total output, Q, produced with a combination of factors of production

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Microeconomics
Skill
Explain key concepts in the process of Production in Short Run with key definitions
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Paramjeet Chawla
Paramjeet ChawlaLv8
29 Oct 2020

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Related questions

Consider a profit-maximizing firm with the following production function: f(x1,x2) = ½x1x2.

The prices of the two inputs are equal to w1= 4 and w2= ½ 2, respectively

.a) What are the returns-to-scale properties of the firm’s production technology. Prove your answer.

.b) What input combination should the firm use to produce Q units of output?

.c) What is the firm's total cost of production as a function of the amount of output, Q?

.d) What is its marginal and average cost of production?

.e) Suppose the price of the first input falls to $2. What input combination should the firm use

now to produce Q units of output? What is its total, marginal, and average cost of production?

________ refers to the additional output produced with an extra unit of any input (capital or labor). 

Marginal product of labor refers to the:

A. Last unit of output produced by labor at the end of each period

B. Increase in output resulting from employing one more labor

C. Total output divided by the number of labor employed

D. Smallest unit of the output produced by labor

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