Exam 10: Output and Costs

Flora's Flowers bought a new van last year for $10,000.It can now sell the van for $8,500.To buy this year's model of the same van it would have to pay $11,000.What is the one-year amount of economic depreciation?

Use the table below to answer the following questions. Table 10.2.3 -Refer to Table 10.2.3.The maximum value of marginal product occurs where output equals ________,while the maximum value of average product occurs where output equals ________.

Use the table below to answer the following questions. Table 10.3.2 -Refer to Table 10.3.2,which gives Tania's Teapots' total cost schedule.The average total cost of producing 14 teapots is

A firm will want to increase its scale of plant if

Which one of the following statements is true?

The average fixed cost curve slopes downward due to

Economic depreciation is

One reason for diseconomies of scale is that as output becomes larger and larger,

Which one of the following is false?

A firm's opportunity cost of production is the sum of the cost of using resources

Use the table below to answer the following questions. Table 10.3.2 -Refer to Table 10.3.2,which gives Tania's Teapots' total cost schedule.When output increases from 8 to 12 teapots,the marginal cost of one of the 4 teapots is

Which one of the following statements is false?

A firm's goal is to

Which of the following quotes best illustrates the idea of average product?

Use the figure below to answer the following question. Figure 10.3.1 -Refer to Figure 10.3.1.Which one of the following statements is false?

If the average variable cost of producing 10 units is $18 and the average variable cost of producing 11 units is $20,we know that,between 10 and 11 units of output,

Use the table below to answer the following question. Table 10.2.4 -Refer to Table 10.2.4.The table gives the total product schedule of workers who harvest corn.Diminishing marginal returns begin when the ________ is hired.

If the ATC curve is falling,then the MC curve must be

The short run refers to a time period

Suppose a 1-unit increase in labour,from 2 to 3 workers,increases output at a woollen mill from 10 to 15 sweaters.The marginal product from the increase in the quantity of labour is