our is For Questions 93-96. Consider land and labour as the inputs for a simple short run APLabour and the MPLabour wher
Posted: Sun May 29, 2022 7:03 pm
- Our Is For Questions 93 96 Consider Land And Labour As The Inputs For A Simple Short Run Aplabour And The Mplabour Wher 1 (72.39 KiB) Viewed 14 times
our is For Questions 93-96. Consider land and labour as the inputs for a simple short run APLabour and the MPLabour where labour is considered the variable factor; and the TPLand, agricultural production function. Suppose we plot on the same set of axes the TPLabour, the the APLand stages of production I, II and III for labour and land. 93. When the TPLabour falls, (a) the APLabour is zero, (b) the MPLabour is zero, (c) the APLabour is negative or ((d) the APLabour is declining. 94. When the APLabour is positive but declining the MPLabour could be (a) declining, (b) zero, (c) negative or (d) any of the above. 95. Stage II of production begins where the APLabour begins to decline, (a) Always, (b) never, (c) sometimes or (d) often. 96. When the MP Land is negative, we are in (a) stage I for land, (b) stage III for labour, (c) stage II for land, or (d) none of the above 97. At the point of producer equilibrium, (a) the isoquant is tangent to the isocost (b) the MRTSLK equals PL/PK (c) MPL/PL = MPK/PK (d) all of the above. 17