question
the table above shows the short run production function for picking apples. based on the production data, which of the following statements about the marginal product of the fifth worker is true?
A) it is the maximum that can be attained
B) it is the greater than the marginal product of the first worker due to increasing returns
C) it is greater than the combined marginal products of all the other workers
D) it is less than the marginal product of the third worker due to diminishing returns
E) it is rising due to increasing marginal returns
A) it is the maximum that can be attained
B) it is the greater than the marginal product of the first worker due to increasing returns
C) it is greater than the combined marginal products of all the other workers
D) it is less than the marginal product of the third worker due to diminishing returns
E) it is rising due to increasing marginal returns
answer
D) it is less than the marginal product of the third worker due to diminishing returns
question
when total utility is at its maximum marginal utility is
A) increasing
B) negative
C) equal to zero
D) At a maximum
E) at a minimum
A) increasing
B) negative
C) equal to zero
D) At a maximum
E) at a minimum
answer
C) equal to zero
question
After which worker does diminishing marginal product first occur second worker third worker fourth worker fifth worker sixth worker
answer
Second worker
question
The graph above shows the cost curves for competitive firm that produces 20 units of output what are the total cost and the total fixed cost of producing 20 units of output
Total cost. Total fixed cost
A) $10 $0
B) $120. $100
C) $120. $20
D) $200. $100
E) $200. $20
Total cost. Total fixed cost
A) $10 $0
B) $120. $100
C) $120. $20
D) $200. $100
E) $200. $20
answer
C) $120. $20
question
The marginal cost of producing a fourth unit of output is
A) $4
B) $11
C) $19
D) $32
E) impossible to be determined from the information given
The total variable cost of producing five units of output is
A) $6
B) $11
C) $30
D) $43
E) impossible to be determined from the information given
A) $4
B) $11
C) $19
D) $32
E) impossible to be determined from the information given
The total variable cost of producing five units of output is
A) $6
B) $11
C) $30
D) $43
E) impossible to be determined from the information given
answer
A)$4
C) $30
C) $30
question
Which of the following will cause the supply curve to shift left or a cost curve to shift upward
A) An increase in wages
B) an increase in the firms output
C) an increase in the output price
D) a decrease in the firms output
E) a decrease in the price of energy
A) An increase in wages
B) an increase in the firms output
C) an increase in the output price
D) a decrease in the firms output
E) a decrease in the price of energy
answer
A) an increase in wages
question
If a firm's average total cost decreases as the firm increases its output, the firm's marginal cost must be
A) Greater than the average variable cost
B) less than the average fixed cost
C) less than the average total cost
D) decreasing
E) negative
A) Greater than the average variable cost
B) less than the average fixed cost
C) less than the average total cost
D) decreasing
E) negative
answer
C) less than average total cost
question
Check number 8
answer
...
question
Check number 9
answer
...
question
If a firms average total cost decreases as the firm increases its output the firm's marginal cost must be
A) greater than the average variable cost
B) less than the average fixed cost
C) less than the average total cost
D) decreasing
E) negative
A) greater than the average variable cost
B) less than the average fixed cost
C) less than the average total cost
D) decreasing
E) negative
answer
C) less than average total cost
question
In the short run which of the following is true of a firms average total cost of production
A) it is equal to the marginal cost plus average variable cost
B) it is equal to marginal cost plus average fixed cost
C) it is equal to average fixed cost plus average variable cost
D) it is always increasing when a firms increases production
E) it is zero if the firm shuts down
A) it is equal to the marginal cost plus average variable cost
B) it is equal to marginal cost plus average fixed cost
C) it is equal to average fixed cost plus average variable cost
D) it is always increasing when a firms increases production
E) it is zero if the firm shuts down
answer
C) it is equal to average fixed cost plus average variable cost
question
In microeconomics the short run is defined as which of the following?
A) A period That is less than one year
B) A period That is between one year and four years it
C) A period That is too short for a firm to be able to change his level of output it
D) A period During which some imports and a first production process cannot be changed
E) a period during which a firm's fixed costs exceed is variable costs
A) A period That is less than one year
B) A period That is between one year and four years it
C) A period That is too short for a firm to be able to change his level of output it
D) A period During which some imports and a first production process cannot be changed
E) a period during which a firm's fixed costs exceed is variable costs
answer
D) A period during which some inputs in a firms production process cannot be changed
question
FND manufacturing company increases all its imports by 50% each if F and D is output increases by 100% then FND is experiencing
A) increasing returns to scale
B) constant returns to scale
C) diseconomies of scale
D) increasing marginal cost
E) decreasing profits
A) increasing returns to scale
B) constant returns to scale
C) diseconomies of scale
D) increasing marginal cost
E) decreasing profits
answer
A) Increasing returns to scale
question
Instead of being employed at printing company at a salary of of $25,000 per year sally starts her own printing firm. rather than renting a building she owns to someone for $10,000 per year she uses it as the location for her company her costs for workers materials advertising and energy during her first year or $125,000 if the total revenue from her printing company is $155,000 her total economic profit is
A) -$5000
B) $5000
C) $20,000
D) $30,000
E) $120,000
A) -$5000
B) $5000
C) $20,000
D) $30,000
E) $120,000
answer
A) -$5000
question
See number 7
answer
...
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