Authors libby rittenberg 454
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ANSWERS TO TRY IT! PROBLEMS
1. To produce 9 jackets, Acme uses 4 units of labor.
2. In the long run, Acme will substitute capital for labor. It cannot make
this adjustment in the short run, because its capital is fixed in the
short run.
[1] Lucinda Vargas, “Maquiladoras: Impact on Texas Border Cities,” in The
Border Economy, Federal Reserve Bank of Dallas (June 2001): 25–29; William
C. Gruben, “Have Mexico’s Maquiladoras Bottomed Out?”, Southwest
Economy, Federal Reserve Bank of Dallas (January/February, 2004), pp. 14–15.
8.3 Review and Practice
Summary
In this chapter we have concentrated on the production and cost
relationships facing firms in the short run and in the long run.
In the short run, a firm has at least one factor of production that it cannot
vary. This fixed factor limits the firm’s range of factor choices. As a firm
uses more and more of a variable factor (with fixed quantities of other
factors of production), it is likely to experience at first increasing, then
diminishing, then negative marginal returns. Thus, the short-run total cost
curve has a positive value at a zero level of output (the firm’s total fixed
cost), then slopes upward at a decreasing rate (the range of increasing
marginal returns), and then slopes upward at an increasing rate (the range
of diminishing marginal returns).
Attributed to Libby Rittenberg and Timothy Tregarthen
Saylor URL: />
Saylor.org
454
