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mbowdish mbowdish
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4 years ago

Question 1.

Figure 11-12




Refer to Figure 11-12. The movement from isoquant T to isoquant U depicts



▸

an increase in labor usage holding capital and output constant.



▸

an increase in output.



▸

an increase in the cost of production.



▸

a change in preferences with regards to input usage.



Question 2.

Figure 11-12




Refer to Figure 11-12. Which of the following statements about the input combinations shown in the diagram is false?



▸

The firm produces a lower output level when it uses input combination d compared to input combination a.



▸

The firm produces a higher output level when it uses input combination b compared to input combination a.



▸

The firm produces the same output level when it uses input combination a or c.



▸

The firm incurs the same total cost when it uses input combination a or c to produce a given quantity of output.

Textbook 
InMicro

InMicro


Edition: 1st
Authors:
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Kailz1218Kailz1218
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4 years ago
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mbowdish Author
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4 years ago
Helps a lot... Now I'm ready for my quiz
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