If all resources used in the production of a product are increased by 5 percent and output increases by more than 5 percent, then the firm is experiencing:. a. Economies of scale
b. Diseconomies of scale
c. Constant returns to scale
d. Increasing average total costs

Standardization is associated with which of the following management orientations? a) ethnocentric orientation b) polycentric orientation c) regiocentric orientation d) geocentric orientation

Describe the three different ways the argument section of a cover letter can be formatted

(30 total points) suppose a firm’s production function is given by q = l1/2*k1/2. the marginal product of labor and the marginal product of capital are given by: mpl = 1/ 2 1/ 2 2l k , and mpk = 1/ 2 1/ 2 2k l . a) (12 points) if the price of labor is w = 48, and the price of capital is r = 12, how much labor and capital should the firm hire in order to minimize the cost of production if the firm wants to produce output q = 18?