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    Gasimovsky
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    This document outlines topics for Quiz 2 on production and cost theory, including defining short-run and long-run production functions, the law of diminishing marginal returns, isoquants and isocost lines, average, marginal and average variable costs, economies of scale, elasticity of substitution, average and marginal products of labor, fixed and variable costs, economies of scope, and how technological progress affects costs.

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    This document outlines topics for Quiz 2 on production and cost theory, including defining short-run and long-run production functions, the law of diminishing marginal returns, isoquants and isocost lines, average, marginal and average variable costs, economies of scale, elasticity of substitution, average and marginal products of labor, fixed and variable costs, economies of scope, and how technological progress affects costs.

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    4 views1 page

    Quiz 2

    Uploaded by

    Gasimovsky
    This document outlines topics for Quiz 2 on production and cost theory, including defining short-run and long-run production functions, the law of diminishing marginal returns, isoquants and isocost lines, average, marginal and average variable costs, economies of scale, elasticity of substitution, average and marginal products of labor, fixed and variable costs, economies of scope, and how technological progress affects costs.

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    © All Rights Reserved
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    Quiz 2: Production and Cost Theory

    1. Define and differentiate between short-run and long-run production functions.


    2. Discuss the law of diminishing marginal returns and its implications for
    production.
    3. Explain the concept of isoquants and isocost lines in production analysis.
    4. Define the average cost, marginal cost, and average variable cost in the context
    of production.
    5. How does the concept of economies of scale relate to long-run cost functions?
    6. Discuss the concept of elasticity of substitution in the production function.
    7. Analyze the relationship between the average product and the marginal product
    of labor.
    8. Explain the difference between fixed costs and variable costs.
    9. Discuss the concept of economies of scope and provide examples.
    10. How does technological progress affect a firm's cost structure?

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