第四章 Firms and Production:This unit introduces you to the study of firm, or producer, behavior. You will learn how to analyze firms' decisions mathematically using a production function and calculate their optimal level of production, costs, and profits. In addition, you will begin to learn how firms interact in a competitive market in the short-run and the long-run.4.1Short Run Production:A production function summarizes how a firm converts inputs into outputs using one of the available technologies. In the short run, only some inputs can be varied, so the firm changes its output by adjusting its variable inputs.
4.2Long Run Production:The firm had more flexibility in how it produces and how it changes its output level in the long run when all factors can be varied.
4.3Returns to Scale and Technical Change:How the ratio of output to input varies with the size of the firm is an important factor in determining the size of a firm. In addition, the amount of output that can be produced with a given amount of inputs varies across firms and over time.
[单选题]With respect to production, the short run is best defined as a time period

选项:[in which all inputs are fixed., lasting about two years., lasting about six months., in which at least one input is fixed.]
[单选题]Firms maximize profit when

选项:[All of the above., the derivative of the profit function with respect to output is zero., MR = MC., the additional benefit from producing a good equals the additional cost of producing that good.]
[单选题]Efficient production occurs if a firm

选项:[All of the above., maximizes profit., given the quantity of inputs, cannot produce more output., cannot produce its current level of output with fewer inputs.]
[单选题]In the long run, all factors of production are

选项:[variable., fixed., materials., rented.]
[单选题]A production function tells the firm

选项:[the average it can expect to produce with a given mix of inputs., the average level of production for other firms in the industry., the maximum it can expect to produce with a given mix of inputs., the minimum it can expect to produce with a given mix of inputs.]

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