Refer to the table shown. If total output is 41, level of employment is: $\begin{array}{|c|c|} \hline \text { Number of workers } & \text { Marginal product of workers } \\ \hline 1 & 5 \\ \hline 2 & 7 \\ \hline 3 & 8 \\ \hline 4 & 10 \\ \hline 5 & 11 \\ \hline 6 & 7 \\ \hline 7 & 5 \\ \hline 8 & 3 \\ \hline 9 & 0 \\ \hline 10 & -1 \\ \hline \end{array}$

A) 4. B) 5. C) 6. D) 7. A) 4. B) 5. C) 6. D) 7.

Refer to the table shown. The average fixed cost of producing eight bicycles is: \[\begin{array} { | c | c | } \hline \begin{array} { c } \text { Output } \\ \text { (bicycles per week) } \end{array} & \text { Tatal cast (dallars) } \\ \hline 1 & 100 \\ \hline 2 & 200 \\ \hline 3 & 310 \\ \hline 4 & 440 \\ \hline 5 & 580 \\ \hline 6 & 730 \\ \hline 7 & 900 \\ \hline 8 & 1,200 \\ \hline \end{array}\]

A) $100. B) $150. C) less or equal to $12.50. D) greater than $20. A) $100. B) $150. C) less or equal to $12.50. D) greater than $20.

Refer to the table shown. The average product when eight workers are employed is: $\begin{array}{|c|c|} \hline \text { Number of workers } & \text { Total output } \\ \hline 1 & 4 \\ \hline 2 & 10 \\ \hline 3 & 18 \\ \hline 4 & 28 \\ \hline 5 & 35 \\ \hline 6 & 41 \\ \hline 7 & 45 \\ \hline 8 & 48 \\ \hline 9 & 50 \\ \hline 10 & 49 \\ \hline \end{array}$

A) 3. B) 4. C) 5. D) 6. A) 3. B) 4. C) 5. D) 6.

A) do not exist in the long run. B) are the only costs that exist in the long run. C) do not exist in the short run. D) are the only costs that exist in the short run. A) do not exist in the long run. B) are the only costs that exist in the long run. C) do not exist in the short run. D) are the only costs that exist in the short run.

A) are positive even when no output is produced. B) are zero when no output is produced. C) decrease as output increases. D) increase as output increases. A) are positive even when no output is produced. B) are zero when no output is produced. C) decrease as output increases. D) increase as output increases.

Refer to the table shown. Diminishing marginal productivity begins when the: $\begin{array}{|c|c|} \hline \text { Number of workers } & \text { Total output } \\ \hline 1 & 4 \\ \hline 2 & 10 \\ \hline 3 & 18 \\ \hline 4 & 28 \\ \hline 5 & 35 \\ \hline 6 & 41 \\ \hline 7 & 45 \\ \hline 8 & 48 \\ \hline 9 & 50 \\ \hline 10 & 49 \\ \hline \end{array}$

A) third worker is hired. B) fourth worker is hired. C) fifth worker is hired. D) sixth worker is hired. A) third worker is hired. B) fourth worker is hired. C) fifth worker is hired. D) sixth worker is hired.

Exam 11: Production and Cost Analysis I

Refer to the table shown. If total output is 41, level of employment is: Number of workers Marginal product of workers 1 5 2 7 3 8 4 10 5 11 6 7 7 5 8 3 9 0 10 -1

(Multiple Choice)

4.9/5

(34)

Question 121

Explicit revenue minus explicit measurable costs equals:

(Multiple Choice)

4.9/5

(39)

Question 122

The vertical distance between the average total cost and average variable cost curves falls as output rises.

(True/False)

4.9/5

(37)

Question 123

The diagram was intended to illustrate the MC and AVC curves that correspond to each other.Explain why the diagram below is incorrect.

(Essay)

4.8/5

(37)

Question 124

Refer to the table shown. The average fixed cost of producing eight bicycles is: Output (bicycles per week) Tatal cast (dallars) 1 100 2 200 3 310 4 440 5 580 6 730 7 900 8 1,200

(Multiple Choice)

4.9/5

(50)

Question 125

If marginal cost is less than average variable cost, average variable cost will:

(Multiple Choice)

4.9/5

(36)

Question 126

Refer to the graph shown. The line segment that represents average variable costs of producing Q* is:

(Multiple Choice)

4.8/5

(33)

Question 127

The average fixed cost curve is:

(Multiple Choice)

4.8/5

(37)

Question 128

Why does the marginal cost curve always cut the average cost curve at the lowest point on the AC curve?

(Essay)

4.8/5

(38)

Question 129

Which of the following costs is independent of output?

(Multiple Choice)

4.8/5

(42)

Question 130

Refer to the table shown. The average product when eight workers are employed is: Number of workers Total output 1 4 2 10 3 18 4 28 5 35 6 41 7 45 8 48 9 50 10 49

(Multiple Choice)

4.9/5

(37)

Question 131

Variable costs:

(Multiple Choice)

4.8/5

(34)

Question 132

When output is 500, a firm's fixed costs are $10,000 and its variable costs are $15,000. The firm's total costs are therefore:

(Multiple Choice)

4.9/5

(40)

Question 133

Total fixed costs:

(Multiple Choice)

4.8/5

(34)

Question 134

If the law of diminishing marginal productivity holds true, eventually both the marginal cost curve and the average cost curve must become:

(Multiple Choice)

4.9/5

(33)

Question 135

Demonstrate graphically and explain verbally why the MC curve always goes through the minimum point of the AVC curve.

(Essay)

4.9/5

(35)

Question 136

Refer to the table shown. Diminishing marginal productivity begins when the: Number of workers Total output 1 4 2 10 3 18 4 28 5 35 6 41 7 45 8 48 9 50 10 49

(Multiple Choice)

4.8/5

(31)

Question 137

The marginal cost curve is a mirror image of the:

(Multiple Choice)

4.8/5

(36)

Question 138

The following graph shows average fixed costs, average variable costs, average total costs, and marginal costs of production. Why does the distance between curves II and III get smaller as quantity increases?

(Multiple Choice)

4.8/5

(38)

Question 139

Refer to the graph shown. Within which section(s)of the production function is marginal product increasing?

(Multiple Choice)

4.8/5

(33)

Question 140

Exam 11: Production and Cost Analysis I

Refer to the table shown. If total output is 41, level of employment is: Number of workers Marginal product of workers 1 5 2 7 3 8 4 10 5 11 6 7 7 5 8 3 9 0 10 -1

Explicit revenue minus explicit measurable costs equals:

The vertical distance between the average total cost and average variable cost curves falls as output rises.

The diagram was intended to illustrate the MC and AVC curves that correspond to each other.Explain why the diagram below is incorrect.

Refer to the table shown. The average fixed cost of producing eight bicycles is: Output (bicycles per week) Tatal cast (dallars) 1 100 2 200 3 310 4 440 5 580 6 730 7 900 8 1,200

If marginal cost is less than average variable cost, average variable cost will:

Refer to the graph shown. The line segment that represents average variable costs of producing Q* is:

The average fixed cost curve is:

Why does the marginal cost curve always cut the average cost curve at the lowest point on the AC curve?

Which of the following costs is independent of output?

Refer to the table shown. The average product when eight workers are employed is: Number of workers Total output 1 4 2 10 3 18 4 28 5 35 6 41 7 45 8 48 9 50 10 49

Variable costs:

When output is 500, a firm's fixed costs are $10,000 and its variable costs are $15,000. The firm's total costs are therefore:

Total fixed costs:

If the law of diminishing marginal productivity holds true, eventually both the marginal cost curve and the average cost curve must become:

Demonstrate graphically and explain verbally why the MC curve always goes through the minimum point of the AVC curve.

Refer to the table shown. Diminishing marginal productivity begins when the: Number of workers Total output 1 4 2 10 3 18 4 28 5 35 6 41 7 45 8 48 9 50 10 49

The marginal cost curve is a mirror image of the:

The following graph shows average fixed costs, average variable costs, average total costs, and marginal costs of production. Why does the distance between curves II and III get smaller as quantity increases?

Refer to the graph shown. Within which section(s)of the production function is marginal product increasing?

Economics and Economic Reasoning

The Production Possibility Model, Trade, and Globalization

Economic Institutions

Supply and Demand

Using Supply and Demand

Describing Supply and Demand: Elasticities

Taxation and Government Intervention

Market Failure Versus Government Failure

Comparative Advantage, Exchange Rates, and Globalization

International Trade Policy

Production and Cost Analysis II

Perfect Competition

Monopoly and Monopolistic Competition

Oligopoly and Antitrust Policy

Real-World Competition and Technology

Work and the Labor Market

Who Gets What the Distribution of Income

The Logic of Individual Choice: the Foundation of Supply and Demand

Game Theory, Strategic Decision Making, and Behavioral Economics

Thinking Like a Modern Economist

Behavioral Economics and Modern Economic Policy

Microeconomic Policy, Economic Reasoning, and Beyond

Economic Growth, Business Cycles, and Unemployment

Measuring and Describing the Aggregate Economy

The Keynesian Short-Run Policy Model: Demand-Side Policies

The Classical Long-Run Policy Model: Growth and Supply-Side Policies

The Financial Sector and the Economy

Monetary Policy

Financial Crises, Panics, and Unconventional Monetary Policy

Deficits and Debt: the Austerity Debate

The Fiscal Policy Dilemma

Jobs and Unemployment

Inflation, Deflation, and Macro Policy

International Financial Policy

Macro Policy in a Global Setting

Structural Stagnation and Globalization

Macro Policy in Developing Countries

Filters