Exam 24: Extension D: Review

-Given the information in the table above, suppose labor is the only variable input. The price of labor is $400 per week and total fixed costs are $1,000 per week. If 170 units are produced, the average total cost is

-If an average cost pricing rule is imposed on the firm in the figure above, the firm's economic profit is

-Vito's Pizza is a perfectly competitive firm. The firm's costs are shown in the table above. If the market price is $17.50 per pizza, what is Vito's profit-maximizing output?

-The profit maximizing condition for any competitive firm is

-For the monopoly shown in the figure above, the maximum total economic profit is

-For the monopoly shown in the figure above, the markup is

-In the table above, what is the marginal product of the 5th worker?

-For the monopoly shown in the figure above, the profit maximizing output is

-Given the information in the table above, suppose labor is the only variable input. The price of labor is $400 per week and total fixed costs are $1,000 per week. If the firm wants to minimize its average total cost, it should produce

Ms. Lollipop opened a candy store in December 2013. She rented a building for $25,000 a year and used $30,000 from her savings account, which earned an annual interest rate of 5 percent, to buy capital equipment. During the first year of operation, Lollipop paid $28,000 to her employees, $10,000 for utilities, and $16,000 for goods she bought from other firms. In December 2014, the market value of Lollipop's capital equipment was $26,000. Lollipop's best alternative to running her candy store is to work as a sales clerk at Winn-Dixie for $15,000 a year. What is Lollipop's economic profit?

-Firms in which of the following industries can incur an economic loss in the short run?

-If a marginal cost pricing rule is imposed on the firm in the figure above, the firm will produce

Which of the following statements is FALSE?

-For the monopoly shown in the figure above, the efficient output level is

-Vito's Pizza is a perfectly competitive firm. The firm's costs are shown in the table above. What is Vito's shut-down point?

-If the firm in the figure above is unregulated, it will charge a price of

-Given the information in the table above, suppose labor is the only variable input. The price of labor is $400 per week and total fixed costs are $1,000 per week. What is the total cost of producing 100 units?

-Vito's Pizza is a perfectly competitive firm. The firm's costs are shown in the table above. If the market price is $17.50 per pizza, how much economic profit does the firm make?

-If an average cost pricing rule is imposed on the firm in the figure above, the firm will produce

-Vito's Pizza is a perfectly competitive firm. The firm's costs are shown in the table above. If the market price is $22.50 per pizza, what is Vito's profit-maximizing output?