Given the table below,what is the marginal cost of the 250th unit of output? $\begin{array}{c} \begin{array}{c} \\ \\ \text { Output } \\ \hline 100 \\ 200 \\ 300 \\ 400 \end{array} \begin{array}{c} \\ \text { Total}\\ \text { Cost }\\ \hline 560\\ -\\ -\\ - \end{array} \begin{array}{c} \text {Total}\\ \text {Fixed}\\ \text {Cost}\\ \hline-\\ -\\ -\\ - \end{array} \begin{array}{c} \text { Total } \\ \text { Variable } \\ \text { Cost } \\ \hline 60\\ -\\ -\\ - \end{array} \begin{array}{lll} \text {Average}\\ \text {Fixed}\\ \text {Cost}\\ \hline -\\ -\\ -\\ - \end{array} \begin{array}{c} \text {Average}\\ \text {Variable}\\ \text {Cost}\\ \hline-\\ -\\ 4.00\\ - \end{array} \begin{array}{c} \text {Average}\\ \text {Total}\\ \text {Cost}\\ \hline-\\ -\\ -\\ 7.00 \end{array} \begin{array}{c} \\ \text {Marginal}\\ \text {Cost}\\ \hline-\\ 4.00\\ -\\ - \end{array} \end{array}$

A) $0.14 B) $2.40 C) $4.00 D) $7.40 E) none of the above A) $0.14 B) $2.40 C) $4.00 D) $7.40 E) none of the above

The capital stock is fixed at 50 units,the price of capital is $30 per unit,and the price of labor is $25 per unit. \[\begin{array} { c c } \text { Output } & \begin{array} { c } \text { Average } \\ \text { Variable Cost } \end{array} \\ \hline 10 & \$ 40 \\ 20 & 30 \\ 30 & 45 \\ 40 & 60 \end{array}\] Given the above,if the firm produces 40 units of output,what is total variable cost?

A) $1.50 B) $60 C) $100 D) $2,400 E) none of the above A) $1.50 B) $60 C) $100 D) $2,400 E) none of the above

The capital stock is fixed at 5 units,the price of capital is $60 per unit,and the price of labor is $20 per unit. \[\begin{array} { c c } \text { Units of } & \text { Units of } \\ \text { Labor } & \text { Output } \\ \hline 2 & 10 \\ 4 & 26 \\ 6 & 46 \\ 8 & 60 \\ 10 & 72 \\ 12 & 80 \end{array}\] Based on the above,if the firm produces 80 units of output,what is its total cost of production?

A) $540 B) $1,600 C) $1,900 D) $5,040 E) none of the above A) $540 B) $1,600 C) $1,900 D) $5,040 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 one unit,diminishing returns begin with the

A) first unit of labor. B) second unit of labor. C) third unit of labor. D) fourth unit of labor. E) fifth unit of labor. A) first unit of labor. B) second unit of labor. C) third unit of labor. D) fourth unit of labor. E) fifth unit of labor.

A) increases as output increases. B) decreases as output increases. C) increases if marginal cost is increasing. D) increases if marginal cost is greater than average fixed cost. A) increases as output increases. B) decreases as output increases. C) increases if marginal cost is increasing. D) increases if marginal cost is greater than average fixed cost.

Based on the following table,what is total variable cost when 100 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) $5 B) $10.50 C) $105 D) $1050 E) none of the above A) $5 B) $10.50 C) $105 D) $1050 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. \[\begin{array}{l} \quad\quad\quad\quad\quad\quad\text { Units of Capital }\\ \begin{array} { c c c c c c } & & 1 & 2 & 3 & 4 \\ & 1 & 20 & 36 & 48 & 53 \\ \text { Units } & 2 & 38 & 68 & 88 & 94 \\ \text { of } & 3 & 53 & 94 & 122 & 133 \\ \text { Iabar } & 4 & 63 & 112 & 148 & 164 \\ & 5 & 68 & 120 & 164 & 184 \end{array} \end{array}\] If the amount of capital increases from 3 to 4 units,the marginal product of the fourth unit of labor

A) decreases by 3 units. B) increases by 8 units. C) increases by 5 units. D) decreases by 12 units. E) none of the above A) decreases by 3 units. B) increases by 8 units. C) increases by 5 units. D) decreases by 12 units. 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 one unit,how much does the third unit of labor add to total output?

A) 20 B) 40 C) 60 D) 80 E) none of the above A) 20 B) 40 C) 60 D) 80 E) none of the above

The capital stock is fixed at 50 units,the price of capital is $30 per unit,and the price of labor is $25 per unit. \[\begin{array} { c c } \text { Output } & \begin{array} { c } \text { Average } \\ \text { Variable Cost } \end{array} \\ \hline 10 & \$ 40 \\ 20 & 30 \\ 30 & 45 \\ 40 & 60 \end{array}\] Given the above,if the firm produces 30 units of output,how many units of labor does the firm use?

A) 30 B) 45 C) 54 D) 60 E) none of the above A) 30 B) 45 C) 54 D) 60 E) none of the above

Given the table below,what is average fixed cost when 300 units of output are produced? $\begin{array}{c} \begin{array}{c} \\ \\ \text { Output } \\ \hline 100 \\ 200 \\ 300 \\ 400 \end{array} \begin{array}{c} \\ \text { Total}\\ \text { Cost }\\ \hline 560\\ -\\ -\\ - \end{array} \begin{array}{c} \text {Total}\\ \text {Fixed}\\ \text {Cost}\\ \hline-\\ -\\ -\\ - \end{array} \begin{array}{c} \text { Total } \\ \text { Variable } \\ \text { Cost } \\ \hline 60\\ -\\ -\\ - \end{array} \begin{array}{lll} \text {Average}\\ \text {Fixed}\\ \text {Cost}\\ \hline -\\ -\\ -\\ - \end{array} \begin{array}{c} \text {Average}\\ \text {Variable}\\ \text {Cost}\\ \hline-\\ -\\ 4.00\\ - \end{array} \begin{array}{c} \text {Average}\\ \text {Total}\\ \text {Cost}\\ \hline-\\ -\\ -\\ 7.00 \end{array} \begin{array}{c} \\ \text {Marginal}\\ \text {Cost}\\ \hline-\\ 4.00\\ -\\ - \end{array} \end{array}$

A) $0.60 B) $3.00 C) $160 D) $500 E) none of the above A) $0.60 B) $3.00 C) $160 D) $500 E) none of the above

Exam 8: Production and Cost in the Short Run

Given the table below,what is the marginal cost of the 250th unit of output? Output 100 200 300 400 Total Cost 560 - - - Total Fixed Cost - - - - Total Variable Cost 60 - - - Average Fixed Cost - - - - Average Variable Cost - - 4.00 - Average Total Cost - - - 7.00 Marginal Cost - 4.00 - -

(Multiple Choice)

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Question 81

The capital stock is fixed at 50 units,the price of capital is $30 per unit,and the price of labor is $25 per unit. Output Average Variable Cost 10 \ 40 20 30 30 45 40 60 Given the above,if the firm produces 40 units of output,what is total variable cost?

(Multiple Choice)

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Question 82

Short-run average cost is

(Multiple Choice)

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Question 83

The capital stock is fixed at 5 units,the price of capital is $60 per unit,and the price of labor is $20 per unit. Units of Units of Labor Output 2 10 4 26 6 46 8 60 10 72 12 80 Based on the above,if the firm produces 80 units of output,what is its total cost of production?

(Multiple Choice)

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Question 84

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

(Multiple Choice)

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Question 85

Frito-Lay,a division of PepsiCo,manufactures,markets and distributes a variety of snack foods,including Fritos corn chips,Lay's potato chips,Cheetos cheese snacks,Doritos tortilla chips,and Quaker Chewy granola bars,just to name the most familiar products.Which of the following costs for Frito-Lay are avoidable costs: 1)Commission payments to Frito-Lay sales representatives. 2)All the costs associated with winning approval by the FDA to advertise Frito-Lay's new cheese popcorn snack as a probiotic nutritional supplement. 3)Labor cost for installing two new plasma technology baking ovens at the St.Louis production plant. 4)Legal fees incurred in winning an antitrust lawsuit filed by rival company R.W.Garcia,who sued Frito-Lay for illegal price fixing of flax seed chips.

(Multiple Choice)

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Question 86

A short-run cost function assumes that

(Multiple Choice)

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Question 87

A firm's cost of production is affected by changes in

(Multiple Choice)

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Question 88

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 one unit,diminishing returns begin with the

(Multiple Choice)

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Question 89

In the figure above,the wage rate is $600 and total fixed cost is $15,000.What is average variable cost at its minimum?

(Multiple Choice)

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Question 90

Average fixed cost

(Multiple Choice)

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Question 91

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 its marginal cost at this output?

(Multiple Choice)

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Question 92

Based on the following table,what is total variable cost when 100 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 93

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 average total cost?

(Multiple Choice)

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Question 94

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 If the amount of capital increases from 3 to 4 units,the marginal product of the fourth unit of labor

(Multiple Choice)

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Question 95

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 one unit,how much does the third unit of labor add to total output?

(Multiple Choice)

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Question 96

The capital stock is fixed at 50 units,the price of capital is $30 per unit,and the price of labor is $25 per unit. Output Average Variable Cost 10 \ 40 20 30 30 45 40 60 Given the above,if the firm produces 30 units of output,how many units of labor does the firm use?

(Multiple Choice)

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Question 97

Frito-Lay,a division of PepsiCo,manufactures,markets and distributes a variety of snack foods,including Fritos corn chips,Lay's potato chips,Cheetos cheese snacks,Doritos tortilla chips,and Quaker Chewy granola bars,just to name the most familiar products.Which of the following costs for Frito-Lay are sunk costs: 1)Commission payments to Frito-Lay sales representatives. 2)All the costs associated with winning approval by the FDA to advertise Frito-Lay's new cheese popcorn snack as a probiotic nutritional supplement. 3)Labor cost for installing two new plasma technology baking ovens at the St.Louis production plant. 4)Legal fees incurred in winning an antitrust lawsuit filed by rival company R.W.Garcia,who sued Frito-Lay for illegal price fixing of flax seed chips.

(Multiple Choice)

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Question 98

Given the table below,what is average fixed cost when 300 units of output are produced? Output 100 200 300 400 Total Cost 560 - - - Total Fixed Cost - - - - Total Variable Cost 60 - - - Average Fixed Cost - - - - Average Variable Cost - - 4.00 - Average Total Cost - - - 7.00 Marginal Cost - 4.00 - -

(Multiple Choice)

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Question 99

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. What is AVC at its minimum?

(Multiple Choice)

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Question 100

Given the table below,what is the marginal cost of the 250th unit of output? Output 100 200 300 400 Total Cost 560 - - - Total Fixed Cost - - - - Total Variable Cost 60 - - - Average Fixed Cost - - - - Average Variable Cost - - 4.00 - Average Total Cost - - - 7.00 Marginal Cost - 4.00 - -

The capital stock is fixed at 50 units,the price of capital is $30 per unit,and the price of labor is $25 per unit. Output Average Variable Cost 10 \ 40 20 30 30 45 40 60 Given the above,if the firm produces 40 units of output,what is total variable cost?

Short-run average cost is

The capital stock is fixed at 5 units,the price of capital is $60 per unit,and the price of labor is $20 per unit. Units of Units of Labor Output 2 10 4 26 6 46 8 60 10 72 12 80 Based on the above,if the firm produces 80 units of output,what is its total cost of production?

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

A short-run cost function assumes that

A firm's cost of production is affected by changes in

In the figure above,the wage rate is $600 and total fixed cost is $15,000.What is average variable cost at its minimum?

Average fixed 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 its marginal cost at this output?

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

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 average total cost?

The capital stock is fixed at 50 units,the price of capital is $30 per unit,and the price of labor is $25 per unit. Output Average Variable Cost 10 \ 40 20 30 30 45 40 60 Given the above,if the firm produces 30 units of output,how many units of labor does the firm use?

Given the table below,what is average fixed cost when 300 units of output are produced? Output 100 200 300 400 Total Cost 560 - - - Total Fixed Cost - - - - Total Variable Cost 60 - - - Average Fixed Cost - - - - Average Variable Cost - - 4.00 - Average Total Cost - - - 7.00 Marginal Cost - 4.00 - -

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. What is AVC at its minimum?

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