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WorksheetsTheory of production
Total questions: 8
Worksheet time: 4mins
a production function:
Gives the minimum level of output that can be produced from a combination of inputs
Gives the different levels of output that can be produced from a combination of inputs
Gives the maximum level of output that can be produced from a combination of inputs
All of the above
Economic time periods are related to
Calendar years
Ease with which factors can change
Both a and b
None of the above
A time period when at least one factor of production is held constant is called
Market period
Very short period
Short run
Long run
Which of the following is an example of a variable factor?
Permanent labour which remains employed at all levels of output
Land on which the factory is located
Machinery which does not change easily
None of the above
If the production function Q=2K.L 1/2, then output at 2 units of capital and 16 units of labor is:
32 units
16 units
8 units
4 units
Output per unit of input employed is
Total product
Average Product
Marginal product
Any of the above
The total output produced by 4 units of labor is 25 units and that of 5 units of labor is 40 units. The marginal product of the fifth unit of labor is
15 units
25 units
40 units
65 units
The total product of 5 units of labor is 40 units and that of 6 units of labor is 42 units. the average product of 5 units of labor is
40 units
42 units
8 units
7 units
