Exam 11: Output and Costs

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

Total product divided by the total quantity of labor employed equals the

-The above (incomplete) table provides information about the relationships between output and various cost measures. The total fixed cost (TFC) for the firm is

Marginal cost is the increase in total ________ that results from a one-unit increase in ________.

-The above figure shows the costs at Barney's Bagel Bakery. After 3000 bagels are produced each day, the ATC curve starts to slope upward because the

Jefferson's Cleaners -Based on the above table, what is the marginal product of the 6th worker hired at Jefferson's Cleaners?

When the marginal and average products of labor are equal to each other, the

Which curve intersects the AVC curve at its minimum point?

The a firm's short-run cost curves shifts when there is a change in

-The above figure shows the costs at Barney's Bagel Bakery. Up to which level of output will increasing marginal returns in production be experienced at Barney's Bagel Bakery?

Economists define the short run as a period of time so short that

-Based on the above figure of the costs at Barney's Bagel Bakery, at which of the following levels of output does the marginal product of labor equal the average product of labor?

Angel Rodriguez pulls up in his 24-foot panel truck in front of Sezz Medi Brick Oven Pizza in Upper Manhattan. Even though it's the middle of the summer, he's delivering- firewood. He says even though fuel costs have doubled in the past year, it's still worth the premium he gets delivering ash and cherry to the captive and growing market in NYC. How would a decrease in gasoline prices affect Angel's short run costs?

-The above table shows the total product schedule for the campus book store. When the book store is selling 60 books per hour it is certain that

A change in technology that shifts the firm's total product curve upward without changing the quantity of capital used

A firm has fixed costs

-The table above shows the short-run product schedule for Virginia's Tee-Shirts. The worker for whom the law of diminishing returns initially occurs is the ________ worker.

-The above table shows the total product schedule for Hair Today, a hair styling salon. a) What is the first worker's marginal product? The second worker? The third worker? The fourth worker? The fifth worker? b) Over what range of workers is there increasing marginal returns? Over what range is there decreasing marginal returns?

Cost schedule -In the above table, the total variable cost of producing 16 units of output is

-Sandra's Sweaters' production function is shown in the above table. Sandra rents three knitting machines for $30 a day each and hires workers at a wage rate of $40 a day. If the rental rate of capital rises to $50 per machine a day, Sandra's ________ curve shifts upward.