Ch11_12_part2_Practice_Problems

Refer to table 1 what is the marginal product of the

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: Refer to Scenario 1. Emily’s explicit cost of capital is a. $2,000. b. $4,000. c. $12,000. d. $14,000. 8. Refer to Scenario 1. Emily’s implicit cost of capital is a. $2,000. b. $4,000. c. $12,000. d. $14,000. 9. Refer to Scenario 1. Emily’s total opportunity cost of capital is a. $2,000. b. $4,000. c. $12,000. d. $14,000. 10. A production function describes a. how a firm maximizes profits. b. how a firm turns inputs into output. c. the minimal cost of producing a given level of output. d. the relationship between cost and output. Table 1 Number of Workers 0 1 2 3 4 Total Output 0 200 450 600 650 Marginal Product - - 11. Refer to Table 1. What is the marginal product of the first wo...
View Full Document

This document was uploaded on 04/06/2014 for the course ECON 1 at UCLA.

Ask a homework question - tutors are online