question
a. decreases as output increases
answer
Average fixed cost
a. decreases as output increases
b. increases as output increases
c. increases if marginal cost is increasing
d. increases if marginal cost is greater than average fixed cost
a. decreases as output increases
b. increases as output increases
c. increases if marginal cost is increasing
d. increases if marginal cost is greater than average fixed cost
question
$7.40
answer
Given the table below, what is the marginal cost of the 250th unit of output?
question
decreases from 29 to 28
answer
Given the table below, as the number of workers increases from 10 to 15, output per worker (increases or decreases) from ___ to ___
question
$10
answer
Above is a firm's average product of labor and marginal product of labor curves. The price of labor is $60 per unit.When the firm uses 4 units of labor, what is AVERAGE variable cost?
question
$170
answer
The following graph shows the marginal and average product curves for labor, the firm's only variable input. The monthly wage for labor is $2,800. Fixed cost is $160,000. When the firm uses 40 units of labor, what is average total cost at this output?
question
a. at least one input is a fixed input.
answer
A short-run production function assumes that
a. at least one input is a fixed input. b. the level of output is fixed.
c. all inputs are fixed inputs.
d. both a and b both b and c
a. at least one input is a fixed input. b. the level of output is fixed.
c. all inputs are fixed inputs.
d. both a and b both b and c
question
a. must be greater than average product.
answer
If average product is increasing, then marginal product
a. must be greater than average product.
b. must be increasing.
c. cannot be decreasing.
d. must be less than average product.
e. both a and c
a. must be greater than average product.
b. must be increasing.
c. cannot be decreasing.
d. must be less than average product.
e. both a and c
question
$4.80
answer
Given the table below, what is average total cost when 200 units of output are produced?
question
c. this output level is the most that can be produced with the given levels of inputs.
answer
If a firm is producing a given level of output in a technically efficient manner, then it must be the case that
a. each input is producing its maximum marginal product.
b. this is the lowest cost method of producing that output.
c. this output level is the most that can be produced with the given levels of inputs.
d. both a and c
e. all of the above
a. each input is producing its maximum marginal product.
b. this is the lowest cost method of producing that output.
c. this output level is the most that can be produced with the given levels of inputs.
d. both a and c
e. all of the above
question
a. at least one input is fixed in supply.
answer
A short-run cost function assumes that
a. at least one input is fixed in supply.
b. the level of output is fixed.
c. all inputs are fixed in supply.
d. both a and b
e. both b and c
a. at least one input is fixed in supply.
b. the level of output is fixed.
c. all inputs are fixed in supply.
d. both a and b
e. both b and c
question
4
answer
The marginal product of the fifth unit of labor is
question
FIGURE OUT REAL ANSWER
answer
Given the table below, what is average fixed cost when 300 units of output are produced?
question
d. both a and c
answer
If a firm is producing a given level of output in an economically efficient manner, then it must be the case that
a. this is the lowest cost method of producing that output.
b. each input is producing its maximum marginal product.
c. this output level is the most that can be produced with the given level of inputs.
d. both a and c
e. none of the above
a. this is the lowest cost method of producing that output.
b. each input is producing its maximum marginal product.
c. this output level is the most that can be produced with the given level of inputs.
d. both a and c
e. none of the above
question
3rd
answer
In the table above, diminishing returns begins with the ___ unit of labor
question
3rd
answer
Diminishing returns begin with the ___ unit of labor
question
d. Diminishing returns set in with the hiring of the fifth worker.
answer
Suppose you run a pizza shop and currently have two employees. If you hire a third employee, your output of pizzas per day rises from 55 to 65. If you hire a fourth employee, output rises to 80 per day. A fifth and sixth employee would cause output to rise to 90 and 95 per day, respectively. Pick the correct statement:
a. Diminishing returns set in with the hiring of the fourth worker.
b. Diminishing returns set have not yet set in because output is still increases.
c. Diminishing returns set in with the hiring of the sixth worker.
d. Diminishing returns set in with the hiring of the fifth worker.
a. Diminishing returns set in with the hiring of the fourth worker.
b. Diminishing returns set have not yet set in because output is still increases.
c. Diminishing returns set in with the hiring of the sixth worker.
d. Diminishing returns set in with the hiring of the fifth worker.
question
19
answer
The average product of labor when 4 units of labor are employed is
question
$500
answer
Given the table below, what is the total fixed cost when 400 units of output are produced?
question
6th
answer
Above is a firm's average product of labor and marginal product of labor curves. The price of labor is $60 per unit. Given this, diminishing returns set in with the ___ unit of labor
question
a. the quantity of inputs and the quantity of output.
answer
A production function measures the relation between
a. the quantity of inputs and the quantity of output.
b. input prices and output prices.
input prices and the quantity of output.
c. the quantity of inputs and input prices.
d. none of the above
a. the quantity of inputs and the quantity of output.
b. input prices and output prices.
input prices and the quantity of output.
c. the quantity of inputs and input prices.
d. none of the above
question
e. both b and c
answer
Marginal cost
a. measures how total cost changes when input prices change.
b. measures how total cost changes when one more unit of output is produced.
c. is less than average cost when average cost is decreasing. both a d. and b
e. both b and c
a. measures how total cost changes when input prices change.
b. measures how total cost changes when one more unit of output is produced.
c. is less than average cost when average cost is decreasing. both a d. and b
e. both b and c
question
$100
answer
In the above figure, what is the TOTAL cost of producing 5 units of output?
question
b. In the short run all inputs are fixed.
answer
Which of the following statements is FALSE?
a. In the short run, a firm can change some but not all of its inputs.
b. In the short run all inputs are fixed.
c. In the long run all inputs are variable.
d. A firm plans in the long run and operates in the short run.
a. In the short run, a firm can change some but not all of its inputs.
b. In the short run all inputs are fixed.
c. In the long run all inputs are variable.
d. A firm plans in the long run and operates in the short run.
question
$35
answer
The following graph shows the marginal and average product curves for labor, the firm's only variable input. The monthly wage for labor is $2,800. Fixed cost is $160,000. When the firm uses 40 units of labor, what is marginal cost at this level of output?
question
d. both b and c.
answer
Marginal product is negative when ________ units of labor are employed.
a. 5 units of labor are employed.
b. 6 units of labor are employed.
c. 7 units of labor are employed.
d. both b and c.
a. 5 units of labor are employed.
b. 6 units of labor are employed.
c. 7 units of labor are employed.
d. both b and c.
Order an Essay Now & Get These Features For Free:
Turnitin Report
Formatting
Title Page
Citation
Outline
