question
marginal product decreases
answer
Refer to Figure 13-2. As the number of workers increases,
question
$0
answer
Tom quit his $65,000 a year corporate lawyer job to open up his own law practice. In Tom's first year in business his total revenue equaled $150,000. Tom's explicit cost during the year totaled $85,000. What is Tom's economic profit for his first year in business?
question
$120
answer
According to the figure above, the total cost of producing 5 units is
question
diminishing marginal product
answer
When the marginal product of an input declines as the quantity of that input increases, the production function exhibits
question
average product to decrease
answer
If marginal product is 4 units and average product is 8 units, the next worker will cause
question
It is at a maximum at a labor input of 7.5
answer
What can we tell about the total product of labor curve from the marginal product curve above?
question
15 bouquets
answer
Kate is a florist. She can arrange 20 bouquets per day. She is considering hiring her husband William to work for her. Together Kate and William can arrange 35 bouquets per day. What is William's marginal product?
question
The production function is increasing at a decreasing rate, whereas the total-cost function is increasing at an increasing rate.
answer
Refer to Table 13-5. Assume that fixed costs are $500, and variable costs are $100 per worker. For this firm, what are the shapes of the production function and the total-cost curve?
question
ATC A
answer
Figure 13-9: The figure below depicts total cost functions for a firm that produces automobiles.
Refer to Figure 13 -19. Which of the curves is most likely to characterize the short-run advantage total cost curve of the smallest factory?
Refer to Figure 13 -19. Which of the curves is most likely to characterize the short-run advantage total cost curve of the smallest factory?
question
260
answer
The figure above shows the marginal product of labor. In the figure above the firm's total output when 2 people are hired is
question
diminishing product of workers
answer
Refer to Figure 13-2. If the figure represented production at a cookie factory, the factory would be experiencing
question
$15
answer
The Wacky Widget company has total fixed costs of $100,000 per year. The firm's average variable cost is $5 for 10,000 widgets. At that level of output, the firm's average total costs equal
question
Marginal Cost
answer
Refer to Figure 13-5. Curve D is
question
$0.53
answer
Refer to Table 13-3. The average total cost at an output level of 170 is _. ATC = TC/Q
question
diseconomies of scale because average total cost is rising as output rises.
answer
In the long run a company that produces and sells pizzas incurs total costs of $1,050 when output is 90 pizzas and $1,200 when output is 100 pizzas. The pizza company exhibits
question
F-C
answer
In the figure above, at an output level of G, average fixed cost is
question
$100
answer
Refer to Table 13-7. What is the value of E? AVC = TVC/Q
question
third worker.
answer
Refer to Table 13-4. Charles's math tutoring company experiences diminishing marginal productivity with the addition of the
question
economies of scale.
answer
Refer to Figure 13-9. At levels of output lower than M, the firm experiences
question
Average Fixed Cost, as the quantity increases the per unit fix cost decreases
answer
Refer to Figure 13-5. Curve A is _ and it is decreasing because _
Order an Essay Now & Get These Features For Free:
Turnitin Report
Formatting
Title Page
Citation
Outline
