tailieunhanh - Câu hỏi đánh giá môn Kinh tế vĩ mô bằng tiếng Anh- Chương 6

Tham khảo tài liệu 'câu hỏi đánh giá môn kinh tế vĩ mô bằng tiếng anh- chương 6', kinh tế - quản lý, kinh tế học phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả | Chapter 6 Production CHAPTER 6 PRODUCTION Formatted Font Times New Roman 13 pt Formatted Space Before line After line Line spacing lines QUESTIONS FOR REVIEW 1. What is a production function How does a long-run production function differ from a short-run production function A production function represents how inputs are transformed into outputs by a firm. We focus on the firm with one output and aggregate all inputs or factors of production into one of several categories such as labor capital and materials. In the short run one or more factors of production cannot be changed. As time goes by the firm has the opportunity to change the levels of all inputs. In the long-run production function all inputs are variable. 2. Why is the .marginal product of labor likely to .increase initially in the short run as more of the variable input is hired foeleted might the - Deleted initially Formatted Bullets and Numbering The marginal product of labor is likely to .increase initially because when there are more workers each is able to specialize on an aspect of the production process in which he or she is particularly skilled. For example think of the typical fast food restaurant. If there is only one worker he will need to prepare the burgers fries and sodas as well as take the orders. Only so many customers can be served in an hour. With two or three workers each is able to specialize and the marginal product number of customers served per hour is likely to increase as we move from one to two to three workers. Eventually there will be enough workers and there Deleted can initially Deleted if there are gains to -- specialization such t Deleted hat with more Deleted worker Deleted one 74 Chapter 6 Production will be no more gains from specialization. At this point the marginal product will diminish. 3. Why does production .eventually experience diminishing marginal returns to labor in the short run The marginal product of labor will eventually diminish because .