Exam 11: Output and Costs

When the 7th worker is hired,output increases from 100 units per week to 110 units per week.When the 8th worker is hired,output increases from 110 units to 118 units.This is an example of

A rise in the price of a fixed input shifts a firm's

If ATC is rising then MC must be

Use the figure below to answer the following questions. Figure 11.3.2 -Refer to Figure 11.3.2,which illustrates short-run average and marginal cost curves.Which one of the following statements is false?

Use the figure below to answer the following questions. Figure 11.4.1 -Refer to Figure 11.4.1,which illustrates the total product curves for four different plant sizes.One of the fundamental technological facts reflected in the shape of each of the total product curves is the

Use the table below to answer the following questions. Table 11.2.2 Labour Output (workers per day) (teapots per day) 0 0 1 2 2 8 3 12 4 15 5 16 -Refer to Table 11.2.2 which gives Tania's total product schedule.The average product when the firm employs four workers is

Use the figure below to answer the following questions. Figure 11.2.1 -Refer to Figure 11.2.1 which illustrates Tania's total product curve.Which one of the following statements is false?

The minimum efficient scale is the smallest quantity of output at which

Marginal cost is equal to

Use the table below to answer the following questions. Table 11.4.1 Swanky's output levels Labour Plant Size (knitting machines) (workers per day) 1 2 3 1 5 11 14 2 11 16 19 3 14 19 23 4 16 21 25 5 17 22 26 -Refer to Table 11.4.1,which represents Swanky's production possibilities as the firm varies the quantities of knitting machines and workers per day.If Swanky increases the number of knitting machines from 1 to 2 and increases the number of workers employed from 1 to 2,the factory experiences

If diseconomies of scale are present

Refer to the table below to answer the following questions. Table 11.2.1 Labour (workersper day) Output (teapots per day) 0 0 1 3 2 12 3 19 4 23 5 25 -Refer to Table 11.2.1 which gives Tania's total product schedule.The marginal product when the firm increases the number of workers from 3 to 4 per day is

Which one of the following statements is true?

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

The MC curve shifts upward if

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 questions. Table 11.2.3 Labour (workers per week) Output (rubbers boats per week) Marginal Product (rubber boats per worker) Average Product (rubber boats per worker) 0 0 1 1 1 1 1 2 2 2 1 3 4 A C 4 7 4 C 5 11 B 2.2 6 14 2 B 7 16 1 2.28 8 17 1 2.13 9 18 0 2 10 18 1.8 -Refer to Table 11.2.3.The maximum value of marginal product occurs where output equals ________,while the maximum value of average product occurs where output equals ________.

A firm's total product curve describes

The long run is a time frame in which

Marginal cost is the amount that