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1、Microeconomics, 9e (Pindyck/Rubinfeld)Chapter 6 Production6.1 Firms and Their Production DecisionsA production function defines the output that can be produced:A) at the lowest cost, given the inputs available.B) for the average firm.C) if the firm is technically efficient.D) in a given time period
2、if no additional inputs are hired.E) as technology changes over time.Answer: CDiff: 2Section: 6.1A production function assumes a given:A) technology.B) set of input prices.C) ratio of input prices.D) amount of capital and labor.E) amount of output.Answer: ADiff: 1Section: 6.1A function that indicate
3、s the maximum output per unit of time that a firm can produce, for every combination of inputs with a given technology, is called:A) an isoquant.B) a production possibility curve.C) a production function.D) an isocost function.Answer: CDiff: 1Section: 6.1Use the following two statements to answer th
4、is question:I. Production functions describe what is technically feasible when the firm operates efficiently.II. The production function shows the least cost method of producing a given level of output.A) Both I and II are true.B) I is true, and II is false.C) I is false, and II is true.D) Both I an
5、d II are false.Answer: BDiff： 1Section: 6.1Lh?f per nxmthRefer to Figure 6.2.1 above. At point A, the marginal product of labor is:A) rising.B) at its minimum.C) at its maximum.D) diminishing.Answer: ADiff: 2Section: 6.2Refer to Figure 6.2.1 above. At which point on the total product curve is the av
6、erage product of labor the highest?A) Point APoint BB) Point CPoint DC) None of the aboveAnswer: BDiff: 2Section: 6.219) Refer to Figure 6.2.1 above. Which of the following statements is false?A) At point E the marginal product of labor is decreasing.B) At point E the marginal product of labor is ne
7、gative.C) At point E the average product of labor is decreasing.D) At point E the average product of labor is negative.E) At point E the marginal product of labor is less than the average product of labor.Answer: DDiff: 3Section: 6.220) Refer to Figure 6.2.1 above. At point C:A) the marginal product
8、 of labor is greater than the average product of labor.B) the average product of labor is greater than the marginal product of labor.C) the marginal product of labor and the average product of labor are equal.D) the marginal product of labor and the average product of labor are both increasing.E) Bo
9、th B and D are correct.Answert: BDiff: 3Section: 6.2For consideration of such issues as labors productivity growth nationwide, the relevant measure is the:A) marginal product of labor.B) average product of labor.C) total product of labor.D) wage.E) cost of capital.Answer: BDiff: 2Section: 6.2The lin
10、k between the productivity of labor and the standard of living is:A) tenuous and changing.B) inverse.C) that over the long run, consumers as a whole can increase their rate of consumption only by increasing labor productivity.D) that over the long run, consumers* rate of consumption is not related t
11、o labor productivity.E) that the productivity of labor grows much more erratically than the standard of living.Answer: CDiff: 2Section: 6.2Which would not increase the productivity of labor?A) An increase in the size of the labor forceAn increase in the quality of capitalB) An increase in the quanti
12、ty of capitalAn increase in technologyC) An increase in the e仔iciency of energyAnswer: ADiff： 2Section: 6.221) One of the factors contributing to the fact that labor productivity is higher in the U.S. than in the Peoples Republic of China is:A) Chinas larger stock of capital.B) the higher capital/la
13、bor ratio in China.C) the higher capital/labor ratio in the U.S.D) Chinas smaller stock of fossil fuels.E) the fact that much labor in the U.S. is in management.Answer: CDiff： 2Section: 6.2What describes the graphical relationship between average product and marginal product?A) Average product cuts
14、marginal product from above, at the maximum point of marginal product.B) Average product cuts marginal product from below, at the maximum point of marginal product.C) Marginal product cuts average product from above, at the maximum point of average product.D) Marginal product cuts average product fr
15、om below, at the maximum point of average product.E) Average and marginal product do not intersect.Answer: CDiff: 3Section: 6.2Consider the following statements when answering this question:I) Suppose a semiconductor chip factory uses a technology where the average product of labor is constant for a
16、ll employment levels. This technology obeys the law of diminishing returns.J) . Suppose a semiconductor chip factory uses a technology where the marginal product of labor rises, then is constant and finally falls as employment increases. This technology obeys the law of diminishing returns.K) I is t
17、rue, and II is false.L) I is false, and II is true.M) Both I and II are true.N) Both I and II are false.Answer: BDiff： 3Section: 6.2Consider the following statements when answering this question:I) Whenever the marginal product of labor curve is a downward sloping curve, the average product of labor
18、 curve is also a downward sloping curve that lies above the marginal product of labor curve.J) . If a firm uses only labor to produce, and the production function is given by a straight line, then the marginal product of labor always equals the average product of labor as labor employment expands.K)
19、 I is true, and II is false.L) I is false, and II is true.M) Both I and II are true.N) Both I and II are false.Answer: BDiff: 3Section: 6.2You operate a car detailing business with a fixed amount of machinery (capital), but you have recently altered the number of workers that you employ per hour. Th
20、ree employees can generate an average product of 4 cars per person in each hour, and five employees can generate an average product of 3 cars per person in each hour. What is the marginal product of labor as you increase the labor from three to five employees?A) MP = 3 carsMP = 1.5 carsB) MP = 15 ca
21、rsMP = -1 carsAnswer: BDiff: 3Section: 6.2You operate a car detailing business with a fixed amount of machinery (capital), but you have recently altered the number of workers that you employ per hour. As you increased the number of employees hired per hour from three to five, your total output incre
22、ased by 5 cars to 15 cars per hour. What is the average product of labor at the new levels of labor?A) AP = 3 cars per workerAP = 5 cars per workerB) AP = 4 cars per workerWe do not have enough information to answer this question. Answer: ADiff： 1Section: 6.222) An important factor that contributes
23、to labor productivity growth is:A) growth in the capital stock.B) technological change.C) the standard of living.D) A and B onlyA, B, and C are correct.Answer: DDiff: 1Section: 6.2L*U*r jxt time periodRefer to Figure 6.2.2 above. This figure shows the impact of technological improvements and conveys
24、 the idea that:A) productivity increases with technology, but just as labor is subject to diminishing returns, so is technology.B) technology causes an increase in the output per time period, but as the production functions show, the contributions of technology are also subject to diminishing margin
25、al returns.C) even though any given production process exhibits diminishing returns, labor productivity increases with technological improvements.D) without an increase in the productivity of labor, the contributions of technology are insufficient to avoid diminishing returns as the production funct
26、ion shifts upward.Answer: CDiff： 2Section: 6.2Joe owns a coffee house and produces coffee drinks under the production function q = 5KL where q is the number of cups generated per hour, K is the number of coffee machines (capital), and L is the number of employees hired per hour (labor). What is the
27、average product of labor?A) AP = 5AP = 5KB) AP = 5LAP = 5K/LAnswer: BDiff: 2Section: 6.223) Joe owns a coffee house and produces coffee drinks under the production function q = 5KL where q is the number of cups generated per hour, K is the number of coffee machines (capital), and L is the number of
28、employees hired per hour (labor). What is the marginal product of labor?A) MP = 5MP = 5KB) MP = 5LMP = 5K/LAnswer: BDiff： 2Section: 6.2Joe owns a coffee house and produces coffee drinks under the production function q = 5KL where q is the number of cups generated per hour, K is the number of coffee
29、machines (capital), and L is the number of employees hired per hour (labor). The average product of labor and the marginal product of labor are both equal to AP = MP = 5K. Does labor exhibit diminishing marginal returns in this case?A) Yes, if capital also exhibits diminishing marginal returns.B) Ye
30、s, this is true for all values of K.C) No, the marginal product of labor is constant (for a given K).D) No, the marginal product of labor is increasing (for a given K).Answer: CDiff: 2Section: 6.2The concerns about world food production raised by Malthus have not materialized because:A) input prices
31、 have fallen over time.B) crop prices have risen over time.C) Malthus was wrong about the diminishing returns to labor in agriculture.D) technological improvements have increased our ability to produce food over time.Answer: DDiff： 2Section: 6.2Which of the following statements does not explain why
32、US health care expenditures are higher than in other countries?A) Government policies have shifted the health care production function downward over time.B) Consumer incomes have increased, which allows consumers to purchase more health care.C) The US health care system is relatively inefficient com
33、pared to other countries.D) Demand for health care in the US has increased, so health care production occurs at a higher point on the total product curve than in other countries.Answer: ADiff: 2Section: 6.224) As an economy recovers from a recession, the observed level of labor productivity tends to
34、 decline. Why?A) The total product remains the same during the recovery, but the number of workers declines.B) The total product increases during the recovery, but the number of workers declines.C) The marginal product of labor declines as new workers enter the expanding work force.D) The marginal p
35、roduct of labor increases at a slower rate than the decline in employment.Answert: CDiff: 2Section: 6.240) Complete the following table:Quantity Of .Variable InputTotal OutputMarginal Product of VariableInputAverageProduct ofVariable Input00110091903270433053606380Answer:Quantity of .VariableInputTo
36、tal OutputMarginal Product of VariableInputAverage Product of Variable Input00110()1001009190909532708()9043306082.55360307263802063.3Diff: 1Section: 6.241) Complete the following table:QuantityMarginalAverageOfProduct ofProduct ofVariableTotalVariableVariableInputOutputInputInput00150930Q 390424546
37、96Answer:Quantity Of .Variable InputTotal OutputMarginal Product ofVariableInputAverage Product ofVariableInput00150505078030403901030496624510()420696-416Diff: 2Section: 6.242) A bakery operating in the short run has found that when the level of employment in its baking room was increased from 4 to
38、 10, in increments of one, its corresponding levels of production of bread were 110,115,122,127,130,132, and 133.a. Calculate the marginal product of labor.b. Explain whether this production function exhibits diminishing marginal productivity of labor. Answer:a.LTPMP411055115761225712738130291321101
39、33b.This production function does exhibit diminishing returns to labor. Inputs of labor of 7 and greater units produce diminishing marginal returns, because the MP of labor is decreasing in this input range. Diff: 1Section: 6.243) The production function of pizzas for One Guys Pizza shop is i/(K, L)
40、 = 4a/kZ. K represents the number of ovens One Guy*s Pizza uses and is fixed in the short-run at 4 ovens. L represents the number of labor hours One Guys Pizza employees and is variable in the short and long-run. Fill in the empty columns in the table below.PizzasKLmpl Q, k)=平 7LMPk (k, 9 =竽41444941
41、6Answer:PizzasKLmpl Q, 2 =平MPk (k，D =竽841411644222449_4 J33241614Diff: 1Section: 6.25) A farmer uses L units of labor and K units of capital to produce Q units of corn using a production function F(K,L). A production plan that uses Kf = L* = IC to produce Q units of corn where Q* F(10,10) is said to
42、 be:A) technically feasible and efficient.B) technically unfeasible and efficient.C) technically feasible and inefficient.D) technically unfeasible and inefficient.E) none of the aboveAnswer: CDiff: 2Section: 6.16) Which of the following inputs are variable in the long run?A) LaborCapital and equipm
43、entB) Plant sizeall of theseAnswer: DDiff： 1Section: 6.1The 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.Answer:
44、 DDiff： 1Section: 6.1Joe owns a small coffee shop, and his production function is q = 3KL where q is total output in cups per hour, K is the number of coffee machines (capital), and L is the number of employees hired per hour (labor). If Joes capital is currently fixed at K=3 machines, what is his s
45、hort-run production function?A) q = 3LB)q = 3L2C) q = 9Lq = 3K2Answer: CDiff: 1Section: 6.1_ 244) The production function for Cogswell Cogs is i/(K, L) =K represents the number of robothours used in the production process while L represents the number of labor hours. The marginal productivity of a l
46、abor hour is MPl = 心 Fill in the empty columns in the table below. Use the information in the table to sketch Cogswells marginal product of labor curve while robot hours are fixed at 9.OutputRobot HoursLabor HoursMPl=-3L2/3989279649125Answer:OutputRobot HoursLabor HoursMPi=3L 2/36980.2599270.11129640.0631591250.04A sketch of the marginal product of labor isLabor HoursDiff: 2Section: 6.245) Tads Baitshop currently uses no computers in determining inventory. The number of items that can be invento