Exam 7: Producers in the Short Run

Consider a basket-producing firm with fixed capital.If the firm can produce 36 baskets per day with 3 workers and then increases productivity to 44 baskets per day with 4 workers,then which of the following statements is true?

The diagram below shows some short-run cost curves for a firm. FIGURE 7-2 -Refer to Figure 7-2.Which of the following choices correctly identifies the cost curves in part (i)of the figure?

Consider a firm in the short run.Average product is at its maximum when

Real capital includes

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. TABLE 7-3 -Refer to Table 7-3.What is the marginal product of the 4th unit of labour hired by the firm?

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. TABLE 7-4 -Refer to Table 7-4.The average total cost of producing 75 units of output is

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. TABLE 7-4 -Refer to Table 7-4.The total variable cost of producing 305 units of output is

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. TABLE 7-3 -Refer to Table 7-3.At what level of output does average variable cost reach a minimum?

What information is provided by average,marginal,and total product curves?

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. TABLE 7-4 -Refer to Table 7-4.Average fixed costs for 305 units of output is approximately

Consider the production costs for a firm,one of which is the cost of depreciation.Depreciation costs are

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. TABLE 7-4 -Refer to Table 7-4.The marginal product of labour curve intersects the average product of labour curve from above when the firm changes the amount of labour per unit of time from

The table below provides the annual revenues and costs for a family-owned firm producing catered meals. TABLE 7-1 -Refer to Table 7-1.The economic profits for this family-owned firm are

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. TABLE 7-4 -Refer to Table 7-4.Average variable costs for 175 units of output is approximately

The period of time over which the firm can vary its technology of production is the

Suppose a firm is producing 100 units of output,incurring a total cost of $10 000 and total variable cost of $6000.It can be concluded that average fixed cost is

If a firm uses factor inputs that are personally owned by the firmʹs owner,then economists refer to the opportunity cost of these inputs as

The table below provides the total revenues and costs for a small landscaping company in a recent year. TABLE 7-2 -Refer to Table 7-2.The implicit costs for this firm are

With regard to economic decision making for firms,the long run is a period in which

A firm that is maximizing its profits by producing a certain level of output must also be