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AGEC 105 - chapter 6 Questions with Answers (100% Correct Answers)

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AGEC 105 - chapter 6 Questions with Answers (100% Correct Answers) AGEC 105 - chapter 6 Questions with Answers (100% Correct Answers)

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AGEC 105 - chapter 6 Questions with Answers (100%
Correct Answers)

What are the conditions for perfect competition? Answer: -

homogeneous products

- no barriers

- many sellers

- perfect information

T/F: usally, firms can influence the market price Answer: false

production differentiation is caused by what? Answer: advertisement

classification of inputs: land Answer: renewable and non-renewable

resources

classification of inputs: labor Answer: all owner and hired services

NOT including management

classification of inputs: capital/materials Answer: manufactured goods




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classification of inputs: management Answer: production decisions

designed to achieve specific economics goals

What does T.P.P. stand for and what is the formula? Answer: The

Production Function

Total Physical Product Curve




T∆output ÷ T∆input item

What does M.P.P. stand for and what is the formula? Answer:

Marginal Physical Product




∆output ÷ ∆input item

What does the M.P.P. Curve measure? Answer: The rate of change in

output in response to a change in the use of labor

In other words, the slope of the T.P.P. Curve is approximately equal to

the... Answer: slope of M.P.P.




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