Lecture+12+quiz - E. Technical rate of substitution. Quiz...

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Question 1: In this graph, with labor on the horizontal axis and capital on the vertical axis, what is the name of the two black curves labeled 50 and 150? A. Isoproduction curves. B. Isoquants. C. Constant cost curves. D. Isocosts. E. Production sets. Quiz Question 2: These two black curves show the combinations of labor and capital that generate either 50 or 150 units of output. What is the name for the slope of these curves? A. Marginal elasticity of production substitution. B. Marginal rate of production substitution. C. Opportunity cost of substitution. D. Opportunity cost of production.
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Unformatted text preview: E. Technical rate of substitution. Quiz Question 3: At point C the labor required to produce 150 units of output is 7.5. What is the name given to this quantity of labor? A. Labor demand. B. Conditional labor demand. C. Marginal labor demand. D. Technically efficient labor demand. E. Economicially efficient labor demand. Quiz Question 4: What kind of production technology does this graph depict? A. Decreasing returns to scale. B. Constant returns to scale. C. Increasing returns to scale. D. Not enough information to know. Quiz...
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Lecture+12+quiz - E. Technical rate of substitution. Quiz...

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