Exam 7: Producers in the Short Run

The table below provides information on output per month and short-run costs for a firm producing outdoor wooden lounge chairs. All costs are in dollars. TABLE 7-5 -Refer to Table 7-5. What is the average total cost of producing 25 chairs?

(Multiple Choice)

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Question 101

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. Diminishing marginal product of labour is first observed when the firm changes the amount of labour hired from

(Multiple Choice)

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Question 102

The table below provides the total revenues and costs for a small landscaping company in a recent year. TABLE 7-2 -With regard to economic decision making for firms, the long run is a period in which

(Multiple Choice)

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Question 103

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

(Multiple Choice)

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Question 104

Which of the following items is part of a firmʹs financial capital as distinct from its real capital?

(Multiple Choice)

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Question 105

Consider a firmʹs short-run cost curves. When capital is a fixed factor, a rise in the cost of labour

(Multiple Choice)

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Question 106

When a plant is operating at the level of output where its short-run average total cost is at its minimum,

(Multiple Choice)

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Question 107

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 total output per period when this firm is employing labour such that the marginal product of labour is at its maximum?

(Multiple Choice)

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Question 108

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

(Multiple Choice)

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Question 109

The table below provides the total revenues and costs for a small landscaping company in a recent year. TABLE 7-2 -The period of time over which at least one factor of production is fixed is called the

(Multiple Choice)

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Question 110

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 total cost reach a minimum?

(Multiple Choice)

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Question 111

Suppose a firm is producing 10 000 units of output. At this level of output, average total cost is $200 and average fixed cost is $20. It can be concluded that total variable cost is

(Multiple Choice)

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Question 112

Suppose a production function for a firm takes the following algebraic form: Q = 2KL - 0.2)L2, where Q is the output of sweaters per day. Now suppose the firm is operating with 8 units of capital K =8) and 10 units of labour L=10). What is the output of sweaters?

(Multiple Choice)

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Question 113

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 is at its maximum when the firm changes the amount of labour hired from

(Multiple Choice)

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Question 114

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. The average total cost when producing 150 units of output is approximately

(Multiple Choice)

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Question 115

When a firmʹs total-product curve is increasing at a decreasing rate

(Multiple Choice)

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Question 116

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. The average product of labour is highest when the firm hires

(Multiple Choice)

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Question 117

Short-run cost curves for a firm are eventually upward-sloping because of the effects of

(Multiple Choice)

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Question 118

A firmʹs short-run marginal cost curve is decreasing when

(Multiple Choice)

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Question 119

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. The average total cost when this firm is producing 10 units of output is

(Multiple Choice)

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Question 120

Showing 101 - 120 of 144

Exam 7: Producers in the Short Run

The table below provides information on output per month and short-run costs for a firm producing outdoor wooden lounge chairs. All costs are in dollars. TABLE 7-5 -Refer to Table 7-5. What is the average total cost of producing 25 chairs?

The table below provides the total revenues and costs for a small landscaping company in a recent year. TABLE 7-2 -With regard to economic decision making for firms, the long run is a period in which

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

Which of the following items is part of a firmʹs financial capital as distinct from its real capital?

Consider a firmʹs short-run cost curves. When capital is a fixed factor, a rise in the cost of labour

When a plant is operating at the level of output where its short-run average total cost is at its minimum,

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 table below provides the total revenues and costs for a small landscaping company in a recent year. TABLE 7-2 -The period of time over which at least one factor of production is fixed is called the

Suppose a firm is producing 10 000 units of output. At this level of output, average total cost is $200 and average fixed cost is $20. It can be concluded that total variable cost is

Suppose a production function for a firm takes the following algebraic form: Q = 2KL - 0.2)L2, where Q is the output of sweaters per day. Now suppose the firm is operating with 8 units of capital K =8) and 10 units of labour L=10). What is the output of sweaters?

When a firmʹs total-product curve is increasing at a decreasing rate

Short-run cost curves for a firm are eventually upward-sloping because of the effects of

A firmʹs short-run marginal cost curve is decreasing when

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