AP Microeconomics - Quiz 4.3 - Assignment Essays %

question

Refer to the above diagram, where variable inputs of labor are being added to a constant amount of property resources. Average variable cost will be at a minimum when the firm is hiring:

answer

...

question

Answer the question on the basis of the accompanying table that shows average total costs (ATC) for a manufacturing firm whose total fixed costs are $10:

The marginal cost of the fourth unit of output is:

answer

$37

question

Answer the question on the basis of the following cost data:

The total cost of four units of output is:

answer

$310

question

Answer the question on the basis of the following cost data:

If the firm closed down in the short run and produced zero units of output, its total cost would be:

answer

$50

question

Answer the question on the basis of the following cost data:

The average total cost of five units of output is:

answer

$78

question

Assume that in the short run a firm is producing 100 units of output, has average total costs of $200, and average variable costs of $150. The firm's total fixed costs are:

answer

$5,000

question

Because the marginal product of a variable resource at first increases and then decreases as the output of the firm is increased:

answer

total cost at first increases at a decreasing rate and then increases at an increasing rate.

question

If you operated a small bakery, which of the following would be a variable cost in the short run?

answer

baking supplies (flour, salt, etc.)

question

If a firm wanted to know how much it would save by producing one less unit of output, it would look to:

answer

question

If the total variable cost of 9 units of output is $90 and the total variable cost of 10 units of output is $120, then:

answer

the average variable cost of 9 units is $10.

question

Marginal cost:

answer

equals both average variable cost and average total cost at their respective minimums.

question

Which of the following is most likely to be a fixed cost?

answer

property insurance premiums

question

If a technological advance reduces the amount of variable resources needed to produce any level of output, then the:

answer

MC curve will shift downward.

question

Which of the following is most likely to be a variable cost?

answer

fuel and power payments

question

The short-run average total cost curve is U-shaped because:

answer

of increasing and diminishing returns.

question

Answer the question on the basis of the accompanying table that shows average total costs (ATC) for a manufacturing firm whose total fixed costs are $10:

The total cost of producing 4 units of output is:

answer

$124

question

Answer the question on the basis of the following cost data:

The marginal cost curve would intersect the average variable cost curve at about:

answer

4 units of output.

question

Answer the question on the basis of the accompanying table that shows average total costs (ATC) for a manufacturing firm whose total fixed costs are $10:

The average variable cost of 4 units of output is:

answer

$28.50

question

Answer the question on the basis of the following cost data:

The marginal cost of the fifth unit of output is:

answer

$80

question

Average fixed cost:

answer

declines continually as output increases.

1 of 20

question

Refer to the above diagram, where variable inputs of labor are being added to a constant amount of property resources. Average variable cost will be at a minimum when the firm is hiring:

answer

...

question

answer

$37

question

Answer the question on the basis of the following cost data:

The total cost of four units of output is:

answer

$310

question

Answer the question on the basis of the following cost data:

If the firm closed down in the short run and produced zero units of output, its total cost would be:

answer

$50

question

Answer the question on the basis of the following cost data:

The average total cost of five units of output is:

answer

$78

question

Assume that in the short run a firm is producing 100 units of output, has average total costs of $200, and average variable costs of $150. The firm's total fixed costs are:

answer

$5,000

question

Because the marginal product of a variable resource at first increases and then decreases as the output of the firm is increased:

answer

total cost at first increases at a decreasing rate and then increases at an increasing rate.

question

If you operated a small bakery, which of the following would be a variable cost in the short run?

answer

baking supplies (flour, salt, etc.)

question

If a firm wanted to know how much it would save by producing one less unit of output, it would look to:

answer

question

If the total variable cost of 9 units of output is $90 and the total variable cost of 10 units of output is $120, then:

answer

the average variable cost of 9 units is $10.

question

Marginal cost:

answer

equals both average variable cost and average total cost at their respective minimums.

question

Which of the following is most likely to be a fixed cost?

answer

property insurance premiums

question

If a technological advance reduces the amount of variable resources needed to produce any level of output, then the:

answer

MC curve will shift downward.

question

Which of the following is most likely to be a variable cost?

answer

fuel and power payments

question

The short-run average total cost curve is U-shaped because:

answer

of increasing and diminishing returns.

question

answer

$124

question

Answer the question on the basis of the following cost data:

The marginal cost curve would intersect the average variable cost curve at about:

answer

4 units of output.

question

answer

$28.50

question

Answer the question on the basis of the following cost data:

The marginal cost of the fifth unit of output is:

answer

$80

question

Average fixed cost:

answer

declines continually as output increases.

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AP Microeconomics – Quiz 4.3

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