The following data show the total output for a firm when specified amounts of labour are combined with a fixed amount of capital.When answering the questions,you are to assume that the wage per unit of labour is $25 and the cost of the capital is $100. \[\begin{array} { | c | c | } \hline \text { Labour per unit of time } & \text { Total output } \\ \hline 0 & 0 \\ \hline 1 & 25 \\ \hline 2 & 75 \\ \hline 3 & 175 \\ \hline 4 & 250 \\ \hline 5 & 305 \\ \hline \end{array}\] TABLE 7- 4 -Refer to Table 7- 4.The average total cost for 250 units of output is approximately

A) 33 cents. B) $1.00. C) 80 cents. D) 40 cents. E) 63 cents. A) 33 cents. B) $1.00. C) 80 cents. D) 40 cents. E) 63 cents.

The following data show the total output for a firm when specified amounts of labour are combined with a fixed amount of capital.When answering the questions,you are to assume that the wage per unit of labour is $25 and the cost of the capital is $100. \[\begin{array} { | l | c | } \hline \text { Labour per unit of time } & \text { Total output } \\ \hline 0 & 0 \\ \hline 1 & 25 \\ \hline 2 & 75 \\ \hline 3 & 175 \\ \hline 4 & 250 \\ \hline 5 & 305 \\ \hline \end{array}\] TABLE 7- 4 -Refer to Table 7- 4.The total cost of producing 175 units of output is

A) $100. B) $75. C) $175. D) $350. E) $150. A) $100. B) $75. C) $175. D) $350. E) $150.

The following data show the total output for a firm when specified amounts of labour are combined with a fixed amount of capital.When answering the questions,you are to assume that the wage per unit of labour is $25 and the cost of the capital is $100. \[\begin{array} { | l | c | } \hline \text { Labour per unit of time } & \text { Total output } \\ \hline 0 & 0 \\ \hline 1 & 25 \\ \hline 2 & 75 \\ \hline 3 & 175 \\ \hline 4 & 250 \\ \hline 5 & 305 \\ \hline \end{array}\] TABLE 7- 4 -Refer to Table 7- 4.Average fixed costs for 305 units of output is approximately

A) 45 cents. B) 74 cents. C) 82 cents. D) 33 cents. E) 41 cents. A) 45 cents. B) 74 cents. C) 82 cents. D) 33 cents. E) 41 cents.

The table below provides information on output per month and short- run costs for a firm producing outdoor wooden lounge chairs. \[\begin{array} { | l | l | l | c | } \hline & \text { TFC } & \text { TVC } & \text { TC } \\ \hline 5 & 200 & 200 & 400 \\ \hline 10 & 200 & 220 & 420 \\ \hline 15 & 200 & 240 & 440 \\ \hline 20 & 200 & 260 & 460 \\ \hline 25 & 200 & 350 & 550 \\ \hline 30 & 200 & 810 & 1010 \\ \hline \end{array}\] TABLE 7- 5 -Refer to Table 7- 5.At what level of output is this firm at its capacity?

A) 10 chairs B) 15 chairs C) 20 chairs D) 25 chairs E) 30 chairs A) 10 chairs B) 15 chairs C) 20 chairs D) 25 chairs E) 30 chairs

The following data show the total output for a firm when different amounts of labour are combined with a fixed amount of capital.Assume that the wage per unit of labour is $10 and the cost of the capital is $50. \[\begin{array} { | c | l | } \hline \text { Lab our per period } & \text { Total output per period } \\ \hline 0 & 0 \\ \hline 1 & 10 \\ \hline 2 & 30 \\ \hline 3 & 90 \\ \hline 4 & 132 \\ \hline 5 & 150 \\ \hline \end{array}\] TABLE 7- 3 -Consider a basket- producing firm with fixed capital.If the firm can produce 24 baskets per day with 3 workers and then increases production to 36 baskets per day with 4 workers,then which of the following statements is definitely true?

A) The firm has passed the point of diminishing average productivity. B) With 4 workers,the average product is greater than the marginal product. C) The firm has passed the point of diminishing marginal productivity. D) With 4 workers,the marginal product is greater than the average product. E) The marginal productivity of the fourth worker is 9. A) The firm has passed the point of diminishing average productivity. B) With 4 workers,the average product is greater than the marginal product. C) The firm has passed the point of diminishing marginal productivity. D) With 4 workers,the marginal product is greater than the average product. E) The marginal productivity of the fourth worker is 9.

The following data show the total output for a firm when different amounts of labour are combined with a fixed amount of capital.Assume that the wage per unit of labour is $10 and the cost of the capital is $50. \[\begin{array} { | c | l | } \hline \text { Lab our per period } & \text { Total output per period } \\ \hline 0 & 0 \\ \hline 1 & 10 \\ \hline 2 & 30 \\ \hline 3 & 90 \\ \hline 4 & 132 \\ \hline 5 & 150 \\ \hline \end{array}\] TABLE 7- 3 -Refer to Table 7- 3.The marginal product of labour is at its maximum when the firm changes the amount of labour hired from

A) 0 to 1 unit. B) 1 to 2 units. C) 2 to 3 units. D) 3 to 4 units. E) 4 to 5 units. A) 0 to 1 unit. B) 1 to 2 units. C) 2 to 3 units. D) 3 to 4 units. E) 4 to 5 units.