- What is the marginal product of labor (MP or MPP)? Why is the curve shaped the way it is?
- Explain and describe each of the four production relationships.
- Indicate whether each of the following are long-run or short-run choices. Explain why.
a. A law partnership signs a 5 year lease for an office complex.
b. A jeans company asks its assembly-line workers to work an extra shift this week.
c. A local oil refinery plans a complete restructuring of its production process, including relocating the plant.
d. The local college decides to offer an extra section of micro-economics this summer.
e. A farmer increases the quantity of water applied to his fields.
f. The university hires a new football coach on a three year contract.
g. The corner hot dog vender decides to buy an additional cart. - In what two ways can “returns to scale” be used. Give an example of each way.
- What happens to the difference between average total cost and average variable cost as a firm’s outpu
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