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Managerial Economics · Quiz 1 · Jan 2024

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Questions and published explanations below are available without starting a test. Some questions may not have a published solution yet.

Question 230 MCQ · 1.0 marks

The Cobb-Douglas production function **F(K, L)=K**\(^{p}\)**L**\(^{q}\)
  1. Shows only constant returns to scale
  2. Shows Increasing, decreasing or constant returns to scale based on the value of **p+q**
  3. Has constant marginal product of labour
  4. Has constant marginal product of capital

A published solution is not available for this question yet.

Question 231 MCQ · 1.0 marks

When one is not able to compare two goods and is confused about which one to choose, his preference violates
  1. Completeness
  2. Reflexivity
  3. Transitivity
  4. All of these

A published solution is not available for this question yet.

Question 232 MCQ · 1.0 marks

When a person prefers Mango to Apple, Apple to Guava and Guava to Mango, his preference violates
  1. Completeness
  2. Reflexivity
  3. Transitivity
  4. Convexity

A published solution is not available for this question yet.

Question 233 MCQ · 1.0 marks

The marginal product of labour is defined as
  1. a firm’s total output divided by total labour input
  2. the extra output produced by employing one more unit of labour while allowing other inputs to vary
  3. the extra output produced by employing one more unit of labour while holding other inputs constant
  4. 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 234 MCQ · 1.0 marks

If marginal costs equal average total costs
  1. average total costs are falling
  2. average total costs are maximized
  3. average total costs are rising
  4. average total costs are minimized

A published solution is not available for this question yet.

Question 235 MCQ · 2.0 marks

A chair manufacturer hires its assembly-line labour for $30 an hour and calculates that the rental cost of its machinery is $15 per hour. Suppose that a chair can be produced using 4 hours of labour or machinery in any combination. 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?
  1. Yes
  2. No

A published solution is not available for this question yet.

Question 236 NAT · 2.0 marks

A chair manufacturer hires its assembly-line labour for $30 an hour and calculates that the rental cost of its machinery is $15 per hour. Suppose that a chair can be produced using 4 hours of labour or machinery in any combination. Based on the above data, answer the given subquestions.
If not, what will be the optimal combination of labour L*=______________

    A published solution is not available for this question yet.

    Question 237 NAT · 2.0 marks

    A chair manufacturer hires its assembly-line labour for $30 an hour and calculates that the rental cost of its machinery is $15 per hour. Suppose that a chair can be produced using 4 hours of labour or machinery in any combination. Based on the above data, answer the given subquestions.
    If not, what will be the optimal combination of capital K*=_____________

      A published solution is not available for this question yet.

      Question 238 NAT · 1.0 marks

      The production function for a product is given by **q = 100KL** If the price of capital is INR 1200 per day and the price of labour INR 300 per day. Based on the above data, answer the given subquestions.
      What will be the optimal capital-labour ratio ______________

        A published solution is not available for this question yet.

        Question 239 NAT · 2.0 marks

        The production function for a product is given by **q = 100KL** If the price of capital is INR 1200 per day and the price of labour INR 300 per day. Based on the above data, answer the given subquestions.
        Optimal level of Labour (L*) for producing 10000 units of output will be____________

          A published solution is not available for this question yet.

          Question 240 NAT · 2.0 marks

          The production function for a product is given by **q = 100KL** If the price of capital is INR 1200 per day and the price of labour INR 300 per day. Based on the above data, answer the given subquestions.
          Optimal level of capital (K*) for producing 10000 units of output will be_______________

            A published solution is not available for this question yet.

            Question 241 NAT · 2.0 marks

            The production function for a product is given by **q = 100KL** If the price of capital is INR 1200 per day and the price of labour INR 300 per day. Based on the above data, answer the given subquestions.
            Minimized cost corresponding to 10000 units of output will be ____________

              A published solution is not available for this question yet.

              Question 242 NAT · 1.0 marks

              Elmo finds himself at a Coke machine on a hot and dusty Sunday. The Coke machine requires exact change-two quarters and a dime. No other combination of coins will make anything come out of the machine. No stores are open; no one is in sight. Elmo is so thirsty that the only thing he cares about is how many soft drinks he will be able to buy with the change in his pocket; the more he can buy, the better. Based on the above data, answer the given subquestions.
              If Elmo has 2 quarters and a dime in his pockets, he can buy 1 soft drink. How many soft drinks can he buy if he has 4 quarters and 2 dimes?____________

                A published solution is not available for this question yet.

                Question 243 MCQ · 1.0 marks

                Elmo finds himself at a Coke machine on a hot and dusty Sunday. The Coke machine requires exact change-two quarters and a dime. No other combination of coins will make anything come out of the machine. No stores are open; no one is in sight. Elmo is so thirsty that the only thing he cares about is how many soft drinks he will be able to buy with the change in his pocket; the more he can buy, the better. Based on the above data, answer the given subquestions.
                Does Elmo have convex preferences between dimes and quarters?
                1. Yes
                2. No

                A published solution is not available for this question yet.

                Question 244 NAT · 1.0 marks

                Last week you purchased five large cases of Fritos for a customer who, as it turned out, did not accept delivery. You paid $100 for these cases. You have a deal with your grocers that they will pay you $0.25 for each dollar of returned merchandise. Just this week, you found a fraternity on campus that will buy the five cartons for $55 (and will pick them up from your apartment, relieving you of the need to deliver them to the frat house). 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 245 MCQ · 1.0 marks

                  Last week you purchased five large cases of Fritos for a customer who, as it turned out, did not accept delivery. You paid $100 for these cases. You have a deal with your grocers that they will pay you $0.25 for each dollar of returned merchandise. Just this week, you found a fraternity on campus that will buy the five cartons for $55 (and will pick them up from your apartment, relieving you of the need to deliver them to the frat house). Based on the above data, answer the given subquestions.
                  Should you sell the Fritos to the fraternity?
                  1. Yes
                  2. No

                  A published solution is not available for this question yet.

                  Question 246 NAT · 1.0 marks

                  The short run cost function of a company is given by the equation TC=100+25q+q2, where TC is total cost and q is no of units produced. Based on the above data, answer the given subquestions.
                  What will be the average fixed cost if company produces 100 units ___________________

                    A published solution is not available for this question yet.

                    Question 247 NAT · 1.0 marks

                    The short run cost function of a company is given by the equation TC=100+25q+q2, where TC is total cost and q is no of units produced. Based on the above data, answer the given subquestions.
                    What is marginal cost of company at q=25? _______________

                      A published solution is not available for this question yet.

                      Question 248 NAT · 1.0 marks

                      The short run cost function of a company is given by the equation TC=100+25q+q2, where TC is total cost and q is no of units produced. Based on the above data, answer the given subquestions.
                      What is average variable cost at q=25?__________________

                        A published solution is not available for this question yet.