question
A firms productions function indicates the
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Maximum level of output that could be produced with different combinations of inputs
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the skills that john acquires in graduate school are refrerred to as
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Human Captial
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in the short run
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utilization of at least one inpute is assumed fixed.
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which of the following is most likly to be a fixed input in the short run for joes garage
answer
The garage used to repair cars
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In the long run
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the firm may vary all inputs.
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If a firm is experiencing diminishing returns to labor, then
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total output rises more slowly as addtional workers are added
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when the marginal product of labor is postive
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total product must be rising
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there are dimishing marginal returns to labor
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the rise in output becomes smaller and smaller with each successive worker hired.
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a sunk cost is one that
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was paid in the past and will not change regardless of the present decision
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the firms implicit cost are
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opportuntiy costs of prodcution that do not involve money outlays.
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When the marginal product of labor rises the marginal sot of output
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falls.
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marginal cost is greater than average total cost then
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Average total cost is increasing
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Along a firm's long-run total cost curve, the firm is producing
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each level of output using the input mix that has the lowest cost.
question
If papagna's Pizza Parlor knows that the marginal cost of the 500th pizza is $3.00 and that the average total cost of making 499 pizzas is $3.30, then
a. average costs are rising at Q= 500
b. average variable costs must be rising
c. total costs are falling at Q=500
d. average costs are falling at Q=500
e. average variable costs must be falling
a. average costs are rising at Q= 500
b. average variable costs must be rising
c. total costs are falling at Q=500
d. average costs are falling at Q=500
e. average variable costs must be falling
answer
average total costs are falling at q=500
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