out the table and answer the question below. $\begin{array}{c} \begin{array}{c} \text {Units of}\\ \text {Labor}\\ \hline1 \\ 2 \\ 3 \\ 4 \\ 5 \\ 6 \\ 7 \end{array} \begin{array}{c} \text { Total }\\ \text { Product }\\ \hline ---\\ ---\\ 66\\ ---\\ ---\\ 78\\ --- \end{array} \begin{array}{c} \text {Average}\\ \text {Product}\\ \hline20\\ ---\\ ---\\ ---\\ 16\\ ---\\ 10 \end{array} \begin{array}{c} \text {Marginal}\\ \text {Product}\\ \hline---\\ 30\\ ---\\ 10\\ ---\\ ---\\ ---\\ \end{array} \end{array}$ Diminishing returns begin with the

A) first unit of labor. B) third unit of labor. C) fourth unit of labor. D) sixth unit of labor. A) first unit of labor. B) third unit of labor. C) fourth unit of labor. D) sixth unit of labor.

$\begin{array}{c} \begin{array}{c} \text {Units of}\\ \text {Labor}\\ \hline1 \\ 2 \\ 3 \\ 4 \\ 5 \\ \end{array} \begin{array}{c} \text { Total }\\ \text { Product }\\ \hline ---\\ ---\\ 300\\ ---\\ 290\\ \end{array} \begin{array}{c} \text {Average}\\ \text {Product}\\ \hline---\\ 125\\ ---\\ ---\\ ---\\ \end{array} \begin{array}{c} \text {Marginal}\\ \text {Product}\\ \hline100\\ ---\\ ---\\ 20\\ ---\\ \end{array} \end{array}$ In the table above,what is the average product of four units of labor?

A) 20 B) 60 C) 80 D) 100 E) 350 A) 20 B) 60 C) 80 D) 100 E) 350

Use the following table to answer the question below: The amount of total output produced from various combinations of labor and capital. \[\begin{array}{l} \quad\quad\quad\quad\quad\quad\text { Units of Capital }\\ \begin{array} { c c c c c c } & & 1 & 2 & 3 & 4 \\ & 1 & 20 & 36 & 48 & 53 \\ \text { Units } & 2 & 38 & 68 & 88 & 94 \\ \text { of } & 3 & 53 & 94 & 122 & 133 \\ \text { Iabar } & 4 & 63 & 112 & 148 & 164 \\ & 5 & 68 & 120 & 164 & 184 \end{array} \end{array}\] Diminishing marginal productivity

A) occurs when the marginal product curve begins to slope downward. B) means that adding one more unit of the variable input will reduce total product. C) occurs eventually because each additional unit of the variable unit has,on average,fewer units of the fixed input with which to work. D) both a and c E) both b and c A) occurs when the marginal product curve begins to slope downward. B) means that adding one more unit of the variable input will reduce total product. C) occurs eventually because each additional unit of the variable unit has,on average,fewer units of the fixed input with which to work. D) both a and c E) both b and c

If labor is fixed at 5 units,how much does the second unit of capital add to total output? \[\begin{array}{l} \quad\quad\quad\quad\quad \text { Units of Capital }\\ \begin{array} { c c c c c } & & 1 & 2 & 3 \\ \text { Units } & 1 & 80 & 100 & 120 \\ \text { of } & 2 & 180 & 220 & 260 \\ \text { Labor } & 3 & 270 & 330 & 390 \\ & 4 & 340 & 420 & 500 \\ & 5 & 390 & 490 & 590 \\ & 6 & 410 & 530 & 650 \end{array} \end{array}\] Amount of total output produced from various combinations of labor and capital.

A) 490 B) 390 C) 50 D) 100 E) none of the above A) 490 B) 390 C) 50 D) 100 E) none of the above

Based on the following table,what is average fixed cost when 200 units of output are produced? $\begin{array}{llcc} \text { Output} & \text { Total Cost } \\ 0 &\$300\\ 50&800\\ 100&1050\\ 150 &1650\\ 200 &2400\\ \end{array}$

A) $2.80 B) $80 C) $150 D) $1.50 E) none of the above A) $2.80 B) $80 C) $150 D) $1.50 E) none of the above

In the table below,the capital stock is fixed at 40 units,the price of capital is $15 per unit,and the price of labor is $80 per unit. \[\begin{array} { c c } \text { Units of } & \text { Units of } \\ \text { Labor } & \text { Output } \\ \hline 5 & 40 \\ 10 & 100 \\ 15 & 180 \\ 20 & 220 \end{array}\] How much does the 50th unit of output add to the firm's total cost?

A) $6.67 B) $10 C) $400 D) $600 E) none of the above A) $6.67 B) $10 C) $400 D) $600 E) none of the above

Use the following table to answer the question below: The amount of total output produced from various combinations of labor and capital. \[\begin{array} { c c c c c c } & & { \text { Units af Capital } } \\ & & 1 & 2 & 3 & 4 \\ & 1 & 50 & 120 & 160 & 180 \\ \text { Units } & 2 & 110 & 260 & 360 & 390 \\ \text { of } & 3 & 150 & 360 & 510 & 560 \\ \text { Lebor } & 4 & 170 & 430 & 630 & 690 \\ & 5 & 160 & 480 & 710 & 790 \end{array}\] If the capital stock is fixed at four units and there are three units of labor,what is the average product of labor?

A) 50 B) 140 C) 157.5 D) 170 E) none of the above A) 50 B) 140 C) 157.5 D) 170 E) none of the above

Exam 8: Production and Cost in the Short Run

To answer,refer to the following: "Ford built 18 vehicles per auto employee in North America last year,while GM could only manage 12." In comparison with GM,Ford had

Free

(Multiple Choice)

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Question 1

Correct Answer:

Verified

B

-Assume labor-the only variable input of a firm-has average and marginal product curves shown in the figure above.The price of labor is $1,000 per unit .Marginal cost reaches its minimum value at units of labor usage,which corresponds to units of output.

Free

(Multiple Choice)

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Question 2

Correct Answer:

Verified

B

Suppose you run a pizza shop and currently have two employees.If you hire a third employee,your output of pizzas per day rises from 55 to 65.If you hire a fourth employee,output rises to 80 per day.A fifth and sixth employee would cause output to rise to 90 and 95 per day,respectively.Pick the correct statement:

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(Multiple Choice)

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Question 3

Correct Answer:

Verified

B

out the table and answer the question below. Units of Labor 1 2 3 4 5 6 7 Total Product --- --- 66 --- --- 78 --- Average Product 20 --- --- --- 16 --- 10 Marginal Product --- 30 --- 10 --- --- --- Diminishing returns begin with the

(Multiple Choice)

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Question 4

Units of Labor 1 2 3 4 5 Total Product --- --- 300 --- 290 Average Product --- 125 --- --- --- Marginal Product 100 --- --- 20 --- In the table above,what is the average product of four units of labor?

(Multiple Choice)

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Question 5

Use the following table to answer the question below: The amount of total output produced from various combinations of labor and capital. Units of Capital 1 2 3 4 1 20 36 48 53 Units 2 38 68 88 94 of 3 53 94 122 133 Iabar 4 63 112 148 164 5 68 120 164 184 Diminishing marginal productivity

(Multiple Choice)

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Question 6

Suppose that the firm's only variable input is labor.When 50 workers are used,the average product of labor is 50 and the marginal product of labor is 75.The wage rate is $80 and the total cost of the fixed input is $500.What is average variable cost?

(Multiple Choice)

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Question 7

The following graph shows the marginal and average product curves for labor,the firm's only variable input.The monthly wage for labor is $2,800.Fixed cost is $160,000. When the firm uses 120 units of labor,what is average total cost at this output?

(Multiple Choice)

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Question 8

The following graph shows the marginal and average product curves for labor,the firm's only variable input.The monthly wage for labor is $2,800.Fixed cost is $160,000. When the firm uses 40 units of labor,what is average total cost at this output?

(Multiple Choice)

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Question 9

If labor is fixed at 5 units,how much does the second unit of capital add to total output? Units of Capital 1 2 3 Units 1 80 100 120 of 2 180 220 260 Labor 3 270 330 390 4 340 420 500 5 390 490 590 6 410 530 650 Amount of total output produced from various combinations of labor and capital.

(Multiple Choice)

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Question 10

The marginal product of labor

(Multiple Choice)

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Question 11

Suppose a firm is hiring 20 workers at a wage rate of $60.The average product of labor is 30,the last worker added 12 units of output,and total fixed cost is $3,600.What is marginal cost?

(Multiple Choice)

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Question 12

Suppose that the firm's only variable input is labor.When 50 workers are used,the average product of labor is 50 and the marginal product of labor is 75.The wage rate is $80 and the total cost of the fixed input is $500.What is the marginal cost?

(Multiple Choice)

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Question 13

In the above figure,what is the TOTAL cost of producing 5 units of output?

(Multiple Choice)

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Question 14

Based on the following table,what is average fixed cost when 200 units of output are produced? Output Total Cost 0 \3 00 50 800 100 1050 150 1650 200 2400

(Multiple Choice)

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Question 15

Suppose that you run a house-painting company and currently have 2 workers painting a total of 4 houses per month.If you hire a third worker,6 houses can be painted per month.If you hire a fourth worker,9 houses can be painted,and a fifth and sixth worker will increase the number of houses painted to 13 and 15,respectively.Diminishing returns

(Multiple Choice)

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Question 16

To answer,refer to the following: "Ford built 18 vehicles per auto employee in North America last year,while GM could only manage 12." In comparison with GM,Ford had a higher

(Multiple Choice)

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Question 17

In the table below,the capital stock is fixed at 40 units,the price of capital is $15 per unit,and the price of labor is $80 per unit. Units of Units of Labor Output 5 40 10 100 15 180 20 220 How much does the 50th unit of output add to the firm's total cost?

(Multiple Choice)

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Question 18

Use the following table to answer the question below: The amount of total output produced from various combinations of labor and capital. Units af Capital 1 2 3 4 1 50 120 160 180 Units 2 110 260 360 390 of 3 150 360 510 560 Lebor 4 170 430 630 690 5 160 480 710 790 If the capital stock is fixed at four units and there are three units of labor,what is the average product of labor?

(Multiple Choice)

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Question 19

Above is a firm's average product of labor and marginal product of labor curves.The price of labor is $60 per unit.When the firm uses 4 units of labor,what is AVERAGE variable cost?

(Multiple Choice)

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Question 20

To answer,refer to the following: "Ford built 18 vehicles per auto employee in North America last year,while GM could only manage 12." In comparison with GM,Ford had

-Assume labor-the only variable input of a firm-has average and marginal product curves shown in the figure above.The price of labor is $1,000 per unit .Marginal cost reaches its minimum value at units of labor usage,which corresponds to units of output.

out the table and answer the question below. Units of Labor 1 2 3 4 5 6 7 Total Product --- --- 66 --- --- 78 --- Average Product 20 --- --- --- 16 --- 10 Marginal Product --- 30 --- 10 --- --- --- Diminishing returns begin with the

Units of Labor 1 2 3 4 5 Total Product --- --- 300 --- 290 Average Product --- 125 --- --- --- Marginal Product 100 --- --- 20 --- In the table above,what is the average product of four units of labor?

Use the following table to answer the question below: The amount of total output produced from various combinations of labor and capital. Units of Capital 1 2 3 4 1 20 36 48 53 Units 2 38 68 88 94 of 3 53 94 122 133 Iabar 4 63 112 148 164 5 68 120 164 184 Diminishing marginal productivity

Suppose that the firm's only variable input is labor.When 50 workers are used,the average product of labor is 50 and the marginal product of labor is 75.The wage rate is $80 and the total cost of the fixed input is $500.What is average variable cost?

The following graph shows the marginal and average product curves for labor,the firm's only variable input.The monthly wage for labor is $2,800.Fixed cost is $160,000. When the firm uses 120 units of labor,what is average total cost at this output?

The following graph shows the marginal and average product curves for labor,the firm's only variable input.The monthly wage for labor is $2,800.Fixed cost is $160,000. When the firm uses 40 units of labor,what is average total cost at this output?

If labor is fixed at 5 units,how much does the second unit of capital add to total output? Units of Capital 1 2 3 Units 1 80 100 120 of 2 180 220 260 Labor 3 270 330 390 4 340 420 500 5 390 490 590 6 410 530 650 Amount of total output produced from various combinations of labor and capital.

The marginal product of labor

Suppose a firm is hiring 20 workers at a wage rate of $60.The average product of labor is 30,the last worker added 12 units of output,and total fixed cost is $3,600.What is marginal cost?

Suppose that the firm's only variable input is labor.When 50 workers are used,the average product of labor is 50 and the marginal product of labor is 75.The wage rate is $80 and the total cost of the fixed input is $500.What is the marginal cost?

In the above figure,what is the TOTAL cost of producing 5 units of output?

Based on the following table,what is average fixed cost when 200 units of output are produced? Output Total Cost 0 \3 00 50 800 100 1050 150 1650 200 2400

To answer,refer to the following: "Ford built 18 vehicles per auto employee in North America last year,while GM could only manage 12." In comparison with GM,Ford had a higher

In the table below,the capital stock is fixed at 40 units,the price of capital is $15 per unit,and the price of labor is $80 per unit. Units of Units of Labor Output 5 40 10 100 15 180 20 220 How much does the 50th unit of output add to the firm's total cost?

Above is a firm's average product of labor and marginal product of labor curves.The price of labor is $60 per unit.When the firm uses 4 units of labor,what is AVERAGE variable cost?

Managers,profits,and Markets

Demand,supply,and Market Equilibrium

Marginal Analysis for Optimal Decisions

Basic Estimation Techniques

Theory of Consumer Behavior

Elasticity and Demand

Demand Estimation and Forecasting

Production and Cost in the Long Run

Production and Cost Estimation

Managerial Decisions in Competitive Markets

Managerial Decisions for Firms With Market Power

Strategic Decision Making in Oligopoly Markets

Advanced Pricing Techniques

Decisions Under Risk and Uncertainty

Government Regulation of Business

Filters

Exam 8: Production and Cost in the Short Run

To answer,refer to the following: "Ford built 18 vehicles per auto employee in North America last year,while GM could only manage 12." In comparison with GM,Ford had

-Assume labor-the only variable input of a firm-has average and marginal product curves shown in the figure above.The price of labor is $1,000 per unit .Marginal cost reaches its minimum value at ________ units of labor usage,which corresponds to ________ units of output.

out the table and answer the question below. Units of Labor 1 2 3 4 5 6 7 Total Product --- --- 66 --- --- 78 --- Average Product 20 --- --- --- 16 --- 10 Marginal Product --- 30 --- 10 --- --- --- Diminishing returns begin with the

Units of Labor 1 2 3 4 5 Total Product --- --- 300 --- 290 Average Product --- 125 --- --- --- Marginal Product 100 --- --- 20 --- In the table above,what is the average product of four units of labor?

Use the following table to answer the question below: The amount of total output produced from various combinations of labor and capital. Units of Capital 1 2 3 4 1 20 36 48 53 Units 2 38 68 88 94 of 3 53 94 122 133 Iabar 4 63 112 148 164 5 68 120 164 184 Diminishing marginal productivity

Suppose that the firm's only variable input is labor.When 50 workers are used,the average product of labor is 50 and the marginal product of labor is 75.The wage rate is $80 and the total cost of the fixed input is $500.What is average variable cost?

The following graph shows the marginal and average product curves for labor,the firm's only variable input.The monthly wage for labor is $2,800.Fixed cost is $160,000. When the firm uses 120 units of labor,what is average total cost at this output?

The following graph shows the marginal and average product curves for labor,the firm's only variable input.The monthly wage for labor is $2,800.Fixed cost is $160,000. When the firm uses 40 units of labor,what is average total cost at this output?

If labor is fixed at 5 units,how much does the second unit of capital add to total output? Units of Capital 1 2 3 Units 1 80 100 120 of 2 180 220 260 Labor 3 270 330 390 4 340 420 500 5 390 490 590 6 410 530 650 Amount of total output produced from various combinations of labor and capital.

The marginal product of labor

Suppose a firm is hiring 20 workers at a wage rate of $60.The average product of labor is 30,the last worker added 12 units of output,and total fixed cost is $3,600.What is marginal cost?

Suppose that the firm's only variable input is labor.When 50 workers are used,the average product of labor is 50 and the marginal product of labor is 75.The wage rate is $80 and the total cost of the fixed input is $500.What is the marginal cost?

In the above figure,what is the TOTAL cost of producing 5 units of output?

Based on the following table,what is average fixed cost when 200 units of output are produced? Output Total Cost 0 \3 00 50 800 100 1050 150 1650 200 2400

To answer,refer to the following: "Ford built 18 vehicles per auto employee in North America last year,while GM could only manage 12." In comparison with GM,Ford had a higher

In the table below,the capital stock is fixed at 40 units,the price of capital is $15 per unit,and the price of labor is $80 per unit. Units of Units of Labor Output 5 40 10 100 15 180 20 220 How much does the 50th unit of output add to the firm's total cost?

Above is a firm's average product of labor and marginal product of labor curves.The price of labor is $60 per unit.When the firm uses 4 units of labor,what is AVERAGE variable cost?

Managers,profits,and Markets

Demand,supply,and Market Equilibrium

Marginal Analysis for Optimal Decisions

Basic Estimation Techniques

Theory of Consumer Behavior

Elasticity and Demand

Demand Estimation and Forecasting

Production and Cost in the Long Run

Production and Cost Estimation

Managerial Decisions in Competitive Markets

Managerial Decisions for Firms With Market Power

Strategic Decision Making in Oligopoly Markets

Advanced Pricing Techniques

Decisions Under Risk and Uncertainty

Government Regulation of Business

Filters

-Assume labor-the only variable input of a firm-has average and marginal product curves shown in the figure above.The price of labor is $1,000 per unit .Marginal cost reaches its minimum value at units of labor usage,which corresponds to units of output.