1) Isoquants that get further apart as production increases indicate
A. increasing returns to scale
B. decreasing returns to scale
C. diminishing marginal returns
D. increasing marginal returns
2) The RTS is _______ and the isoquant has a _______ slope.
A. positive; positive
B. negative; negative
C. positive; negative
D. negative; positive
3) Imagine a situation in which the RTS is a positive number. Which of the following would be true about this positive RTS?
A. This is a normal situation for a firm.
B. The slope of the isoquant would also be positive.
C. The marginal product of one of the inputs would have to be negative.
D. The firm would be paying for an input that made it harder (less efficient) to produce.
4) When decreasing returns to scale are present, an increase in all inputs of 7% would result in
A. an increase in output of 7%
B. an increase in output of less than 7%
C. a decrease in output of 7%
D. an increase in output of more than 7%
E. there is not enough information to answer the question
5) Isoquants look the most like a capital letter “L” when
A. inputs are perfect substitutes
B. inputs must always be used in the same proportion
C. the firm’s output must be consumed in a certain fixed ratio
D. the firm produces two goods which are perfect complements
6) The total cost curve will be concave when
A. a 2% increase in costs results in a 1% increase in quantity produced
B. total cost falls as quantity produced rises
C. there are decreasing returns to scale
D. output grows faster than costs
7) A cost-minimizing firm can produce 4056 units of output when it uses 100 units of labor and 35 machines and 4071 units when it uses 101 units of labor and 35 machines. If the wage rate is $3 and the rental rate of capital is $10, what must the marginal product of capital be here?
8) The Tori Firm can produce at the following points:
Point One: 80 units produced using 4 workers and 5 machines.
Point Two: 89 units produced using 5 workers and 5 machines.
Point Three: 95 units produced using 6 workers and 5 machines.
9) The Boston Firm produces and sells 2000 units at a price of $145 each. Each unit is made with 4 workers working for 4 hours per unit and 2 machines working for 2 hours per unit. The wage rate is $1 per hour and the rental rate of capital is $5 per hour. Calculate the firm’s total revenue.
10) If the George Firm is minimizing costs, its RTS is 1.5, and it pays its workers $30 per hour, how much must it pay for each hour it uses its capital?
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