microeconomics ch 8

Economic cost of production differ from accounting costs in that

The law of diminishing marginal returns states

The figure to the right shows the cost structure for a firm. When the output level is 100 units average fixed cost is

If the marginal cost curve is below the average variable cost curve, then

The figure to the right shows the cost structure for a firm. When output level is 100, what is the total cost of production

Which of the following is an implicit cost of production

Average fixed costs of production

Which of the following explains why the marginal cost curve has a U shape

A firm has successfully adopted a positive technological change when

Marginal cost is the

Refer to the table to the right which shows the technology of production at the Matsuko's Mushroom Farm for the month of May. What is the average product of labor when the farm hires 5 workers

Golda Rush quit her job as a manager for Home Depot to start her own hair dressing salon, Goldilocks. She gave up a salary of $40,000 per year, invested her savings of $30,000 (which was earning 5 percent interest) and borrowed $10,000 from a close friend, agreeing to pay 5 percent interest per year. In her first year, Golda spent $18,000 to rent a salon, hired a part-time assistant for $12,000 and incurred another $15,000 in expenses on equipment and hairdressing material. Based on this information, what is the amount of her implicit costs

Refer to the table to the right which shows cost data for Lotus Lanterns, a producer of whimsical night lights. What is the marginal cost per unit of production when the firm produces 100 lanterns

Refer to the table to the right which shows cost data for Lotus Lanterns, a producer of whimsical night lights. What is the total variable cost of production when the firm produces 115 lanterns

Refer to the diagram to the right. The curve labeled "E" is

The marginal product of labor is defined as

Refer to the diagram to the right. Identify the minimum efficient scale of production

The production function shows

Refer to the diagram to the right. The average product of the 4th worker

If 11 workers can produce a total of 54 units of a product and a 12th worker has a marginal product of 6 units, then the average product of 12 workers is

When a firm produces 50,000 units of output , its total cost equals $6.5 million. When it increases its production to 70,000 units of output, its total cost increased to $9.4 million . Within this range, the marginal cost of an additional unit of output is

Vispana's Gyros House sells gyros. The cost of ingredients (pita, meat, spices, etc) to make a gyro is $2.00. Vispana pays her employees $60 per day. She also incurs a fixed cost of $120 per day. Calculate Vispana's total cost per day when she produces 50 gyros using two workers

Which of the following equations is correct

Refer to the diagram to the right. Diminishing returns to labor set in

The basic activity of a firm is

Refer to the table to the right which shows the technology of production at the Matsuko's Mushroom Farm for the month of May. Diminishing marginal returns sets in when the ___ is hired

Golda Rush quit her job as a manager for Home Depot to start her own hair dressing salon, Goldilocks. She gave up a salary of $40,000 per year, invested her savings of $30,000 (which was earning 5 percent interest) and borrowed $10,000 from a close friend, agreeing to pay 5 percent interest per year. In her first year, Golda spent $18,000 to rent a salon, hired a part-time assistant for $12,000 and incurred another $15,000 in expenses on equipment and hairdressing material. Based on this information, what is the amount of her explicit costs

Refer to the diagram to the right. The vertical difference between curves F and G measures

Refer to the diagram to the right. Identify the curves in the diagram

Refer to the diagram to the right. Diminishing marginal productivity sets in after

Refer to the table to the right which shows the technology production at the Matsuko's Mushroom Farm for the month of May. What is the marginal product of the 4th worker

The average total cost of production

Refer to the diagram to the right. The average product of labor declines after L2 because

Refer to the table to the right which shows cost data for Lotus Lanterns, a producer of whimsical night lights. What is the average total cost of production when the firm produces 120 lanterns

Which of the following is a reason why a firm would experience diseconomies of scale

Refer to the diagram to the right. The marginal product of the 3rd worker is

Which of the following statements best describes the economic short run

If, when a firm doubles all its inputs, its average cost of production decreases, then production displays

If production displays economies of scale, the long run average cost curve is

Which of the following is not a source of technological advancement for a producer