Production function

Across

2. A production function where the inputs must be combined in a constant ratio to one another
4. The region along the total product function where output decreases with additional labor
6. The set of technically feasible combinations of inputs and outputs
8. A three-dimensional graph of a production function
9. the change in output resulting from a unit change in one of firm’s variable inputs
12. A measure of how easy it is for a firm to substitute labor for capital. It is equal to the percentage change in the capital–labor ratio for every 1 percent change in the marginal rate of technical substitution of labor for capital as we move along an isoquant
14. Resources that are used to produce a good
15. A proportionate increase in all input quantities resulting in a less than proportionate increase in output
17. The rate at which total output changes as the quantity of labor the firm uses is changed
18. The region of upward-sloping or backward-bending isoquants. In the uneconomic region, at least one input has a negative marginal product
20. A curve that shows all of the combinations of labor and capital that can produce a given level of output
21. A proportionate increase in all input quantities resulting in a greater than proportionate increase in output
22. Technological progress that decreases the amounts of labor and capital needed to produce a given output, without affecting the marginal rate of technical substitution of labor for capital
24. Technological progress that causes the marginal product of capital to increase relative to the marginal product of labor
26. (in production) Inputs in a production function with a constant marginal rate of technical substitution
28. Resources, such as labor, capital equipment, and raw materials, that are combined to produce finished goods
29. The set of points in the production set at which the firm is producing as much output as it possibly can given the amount of labor it employs
30. The region where the isoquants are downward sloping
31. A total product function with a single input shows how total output depends on the level of the input
32. A mathematical representation that shows the maximum quantity of output a firm can produce given the quantities of inputs that it might employ
33. The set of points in the production set at which the firm is getting less output from its labor than it could
34. Technological progress that causes the marginal product of labor to increase relative to the marginal product of capital
35. A function that indicates the minimum amount of labor required to produce a given amount of output

Down

1. The ratio of the quantity of capital to the quantity of labor
3. The concept that tells us the percentage by which output will increase when all inputs are increased by a given percentage
5. A change in a production process that enables a firm to achieve more output from a given combination of inputs or, equivalently, the same amount of output from less inputs
7. (in production) Inputs in a fixed-proportions production function
10. The region along the total product function in which output rises with additional labor but at a decreasing rate
11. The region along the total product function where output rises with additional labor at an increasing rate
13. Principle that as the usage of one input increases, the quantities of other inputs being held fixed, a point will be reached beyond which the marginal product of the variable input will decrease
16. The average amount of output per unit of labor
19. the maximum quantity of good that can be produced by a set of inputs
23. A proportionate increase in all input quantities simultaneously that results in the same percentage increase in output
25. the total product divided by the number of units of a particular input employed by the firm
27. The amount of a good or service produced by a firm