ms3033_2024T2_Q1_NA.pdf
Managerial Economics · Quiz 1 · May 2024
← Course papers · Start practice / exam
Questions and published explanations below are available without starting a test. Some questions may not have a published solution yet.
Question 246 MCQ · 1.0 marks
[[IMAGE:771cf618184c8e08_2_0]]
Both MPL and MPK are constant
MPL is increasing but MPK is constant
MPL is decreasing and MPK is constant
Both MPL and MPK are decreasing
A published solution is not available for this question yet.
Question 247 MCQ · 1.0 marks
A firm can always trade three units of labour for one unit of capital and still keep output constant.
The production technology for this firm can most suitably represented by
Cobb-Douglas production function
Leontief production function
Linear production function
None
A published solution is not available for this question yet.
Question 248 MCQ · 1.0 marks
A firm finds that it requires exactly two full-time workers to operate each piece of machinery in the
factory. The production technology for this firm can most suitably represented by
Cobb-Douglas production function
Leontief production function
Linear production function
None
A published solution is not available for this question yet.
Question 249 MCQ · 1.0 marks
The marginal product of labour is defined as
a firm’s total output divided by total labour input
the extra output produced by employing one more unit of labour while
allowing other inputs to vary
the extra output produced by employing one more unit of labour while
holding other inputs constant
the extra output produced by employing one more unit of capital while
holding labour input constant
A published solution is not available for this question yet.
Question 250 MCQ · 1.0 marks
If marginal costs equal average total costs
average total costs are falling
average total costs are maximized
average total costs are rising
average total costs are minimized
A published solution is not available for this question yet.
Question 251 MCQ · 2.0 marks
[[IMAGE:771cf618184c8e08_3_1]]
5, 20
20, 5
20, 10
10, 20
A published solution is not available for this question yet.
Question 252 NAT · 1.0 marks
The short-run cost function of a company is given by the equation TC = 200 + 55q, where TC is the
total cost and q is the total quantity of output.
Based on the above data, answer the given subquestions.
What is the company’s fixed cost?__________
A published solution is not available for this question yet.
Question 253 NAT · 1.0 marks
The short-run cost function of a company is given by the equation TC = 200 + 55q, where TC is the
total cost and q is the total quantity of output.
Based on the above data, answer the given subquestions.
If the company produced 100 units of goods, what would be its average variable cost? ___________
A published solution is not available for this question yet.
Question 254 NAT · 2.0 marks
[[IMAGE:771cf618184c8e08_4_2]]
Based on the above data, answer the given subquestions.
What is the opportunity cost of filling this order (i.e., selling these cartons to the fraternity)?
_____________ (in $)
A published solution is not available for this question yet.
Question 255 MCQ · 1.0 marks
[[IMAGE:771cf618184c8e08_4_2]]
Based on the above data, answer the given subquestions.
Should you sell the Fritos to the fraternity?
YES
NO
A published solution is not available for this question yet.
Question 256 MCQ · 1.0 marks
[[IMAGE:771cf618184c8e08_5_3]]
The slope of the budget line is
[[IMAGE:771cf618184c8e08_6_4]]
[[IMAGE:771cf618184c8e08_6_5]]
[[IMAGE:771cf618184c8e08_6_6]]
[[IMAGE:771cf618184c8e08_6_7]]
A published solution is not available for this question yet.
Question 257 MCQ · 1.0 marks
[[IMAGE:771cf618184c8e08_5_3]]
Intercepts on the axis are
50 on X-axis and 100 on Y-axis
100 on X-axis and 50 on Y-axis
50 on X-axis and 20 on Y-axis
20 on X-axis and 50 on Y-axis
A published solution is not available for this question yet.
Question 258 MCQ · 1.0 marks
[[IMAGE:771cf618184c8e08_5_3]]
If keeping income unchanged, price of the coconut is halved, what will be the new slope of the
budget line
[[IMAGE:771cf618184c8e08_6_8]]
[[IMAGE:771cf618184c8e08_6_9]]
[[IMAGE:771cf618184c8e08_6_10]]
[[IMAGE:771cf618184c8e08_6_11]]
A published solution is not available for this question yet.
Question 259 MCQ · 1.0 marks
[[IMAGE:771cf618184c8e08_5_3]]
New intercepts on the axis are
50 on X-axis and 50 on Y-axis
100 on X-axis and 50 on Y-axis
100 on X-axis and 100 on Y-axis
10 on X-axis and 100 on Y-axis
A published solution is not available for this question yet.
Question 260 MCQ · 1.0 marks
[[IMAGE:771cf618184c8e08_5_3]]
If income is halved keeping the original prices unchanged
Slope remains same and both intercepts are doubled
Slope remains same and both intercepts are halved
Slope changes and both intercepts are doubled
Slope changes and both intercepts remain same
A published solution is not available for this question yet.
Question 261 MCQ · 2.0 marks
[[IMAGE:771cf618184c8e08_7_12]]
Based on the above data, answer the given subquestions.
If the firm is currently using 3 hours of labour for each hour of machine time, is it minimizing its
costs of production?
YES
NO
A published solution is not available for this question yet.
Question 262 NAT · 2.0 marks
[[IMAGE:771cf618184c8e08_7_12]]
Based on the above data, answer the given subquestions.
If not, what will be the optimal combination of labour and capital. L* = _________
A published solution is not available for this question yet.
Question 263 NAT · 2.0 marks
[[IMAGE:771cf618184c8e08_7_12]]
Based on the above data, answer the given subquestions.
If not, what will be the optimal combination of labour and capital. K* = _________
A published solution is not available for this question yet.
Question 264 NAT · 2.0 marks
The marginal product of labour in the production of chips is 50 kg chips per hour. The marginal
rate of technical substitution of hours of labour for hours of machine capital is 1/4.
What is the marginal product of capital in kg per hour? (only write the no.) __________
A published solution is not available for this question yet.