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HW 4 - ECO303.02 HW#4 Multiple-Choice Questions(1 pt per...

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ECO303.02 HW #4 Multiple-Choice Questions (1 pt per question) There is only one correct choice in the following questions. 1) The short run is A) less than a year. B) three years. C) however long it takes to produce the planned output. D) a time period in which at least one input is fixed. E) a time period in which at least one set of outputs has been decided upon. 2) Writing total output as Q, change in output as Q, total labor employment as L, and change in labor employment as L, the marginal product of labor can be written algebraically as A) ΔQ ∙ L. B) Q / L. C) ΔL / ΔQ. D) ΔQ / ΔL. 3) When the average product is decreasing, marginal product 4) The diagram below shows an isoquant for the production of wheat. Which point has the highest marginal productivity of labor?
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ECO303.02 HW #4 Figure 6.2 5) Refer to Figure 6.2. The situation pictured is one of A) constant returns to scale, because the line through the origin is linear. B) decreasing returns to scale, because the isoquants are convex.
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