-Dustin's copy shop can use four alternative plants. The figure above shows the average total cost curves for Plant 1 (ATC1), Plant 2 (ATC2), Plant 3 (ATC3), and Plant 4 (ATC4). Dustin's Plant 2 will be economically efficient if the firm produces

A) 2,000 copies per day. B) 4,800 copies per day. C) 5,300 copies per day. D) 6,000 copies per day. A) 2,000 copies per day. B) 4,800 copies per day. C) 5,300 copies per day. D) 6,000 copies per day.

Exam 11: Output and Costs

Decent Donuts -Use the data in the table above and suppose that labor is the only variable factor of production. When 122 dozen donuts are produced at Decent Donuts, the MC curve

(Multiple Choice)

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Question 301

What is the long-run average cost curve? What are the three ranges of output and in what order do they occur? Briefly define each of the three ranges.

(Essay)

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Question 302

Average total cost minus average variable cost as output increases because as output increases.

(Multiple Choice)

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Question 303

-Some of the cost curves for Ike's Ice Cream Kitchen are given in the above figure. At which of the following levels of output will AFC be the lowest?

(Multiple Choice)

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Question 304

Poppy Lipstick is a lipstick producer. A decrease in the rent paid by Poppy Lipstick

(Multiple Choice)

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Question 305

Fernando charges the restaurant Flaming Fernando's $1,000 annually for use of his name. If Fernando increases the fee for use of his name

(Multiple Choice)

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Question 306

-Using the data in the above table, when the firm increases its output from 4 to 9 units, the marginal cost of a unit is

(Multiple Choice)

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Question 307

A firm's marginal cost is $30, its average total cost is $50, and its output is 800 units. Its total cost of producing 801 units is

(Multiple Choice)

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Question 308

Output (pizzas per day) -Tony's Pizza's production function is shown in the table above. a) Suppose Tony operates Plant 2. He hires 2 workers and produces 20 pizzas a day. Is the pizzeria technologically efficient? Why or why not? b) Suppose Tony operates Plant 1. He hires 2 workers and produces 18 pizzas per day. Is Tony's Pizza technologically efficient? Why or why not? Can Tony increase production to 22 pizzas a day in the short run? If yes, how? c) Suppose Tony operates Plant 3. What is the marginal product of labor when the fourth worker is hired? When operating Plant 3, does Tony experience diminishing marginal returns? Explain. d) Suppose Tony currently uses Plant 3. Can he increase production from 40 to 50 pizzas per day in the short run? In the long run? If yes, how?

(Essay)

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Question 309

Sticky Cakes is a bakery. A decrease in the wage rate that Sticky Cakes pays its workers

(Multiple Choice)

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Question 310

In the long run all costs are variable costs. Why?

(Essay)

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Question 311

A technological change that increases productivity marginal product and marginal cost.

(Multiple Choice)

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Question 312

-Draw an average total cost curve, an average variable cost, and a marginal cost curve all on the same graph. Make sure to correctly label the axes. What relationship must exist between the marginal cost curve and the average total cost and average variable cost curves?

(Essay)

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Question 313

A firm's total product curve shows

(Multiple Choice)

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Question 314

Economists define the short run as a period of time so short that

(Multiple Choice)

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Question 315

Increasing marginal returns means that as the firm expands its output, its

(Multiple Choice)

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Question 316

The long run is a period of time in which

(Multiple Choice)

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Question 317

-Dustin's copy shop can use four alternative plants. The figure above shows the average total cost curves for Plant 1 (ATC₁), Plant 2 (ATC₂), Plant 3 (ATC₃), and Plant 4 (ATC₄). Dustin's Plant 2 will be economically efficient if the firm produces

(Multiple Choice)

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Question 318

In general, increasing marginal returns occur

(Multiple Choice)

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Question 319

If all inputs are increased by 5 percent and output increases by 8 percent, then the

(Multiple Choice)

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Question 320

Showing 301 - 320 of 493

Decent Donuts -Use the data in the table above and suppose that labor is the only variable factor of production. When 122 dozen donuts are produced at Decent Donuts, the MC curve

What is the long-run average cost curve? What are the three ranges of output and in what order do they occur? Briefly define each of the three ranges.

Average total cost minus average variable cost as output increases because as output increases.

-Some of the cost curves for Ike's Ice Cream Kitchen are given in the above figure. At which of the following levels of output will AFC be the lowest?

Poppy Lipstick is a lipstick producer. A decrease in the rent paid by Poppy Lipstick

Fernando charges the restaurant Flaming Fernando's $1,000 annually for use of his name. If Fernando increases the fee for use of his name

-Using the data in the above table, when the firm increases its output from 4 to 9 units, the marginal cost of a unit is

A firm's marginal cost is $30, its average total cost is $50, and its output is 800 units. Its total cost of producing 801 units is

Sticky Cakes is a bakery. A decrease in the wage rate that Sticky Cakes pays its workers

In the long run all costs are variable costs. Why?

A technological change that increases productivity marginal product and marginal cost.

-Draw an average total cost curve, an average variable cost, and a marginal cost curve all on the same graph. Make sure to correctly label the axes. What relationship must exist between the marginal cost curve and the average total cost and average variable cost curves?

A firm's total product curve shows

Economists define the short run as a period of time so short that

Increasing marginal returns means that as the firm expands its output, its

The long run is a period of time in which

-Dustin's copy shop can use four alternative plants. The figure above shows the average total cost curves for Plant 1 (ATC₁), Plant 2 (ATC₂), Plant 3 (ATC₃), and Plant 4 (ATC₄). Dustin's Plant 2 will be economically efficient if the firm produces

In general, increasing marginal returns occur

If all inputs are increased by 5 percent and output increases by 8 percent, then the

What Is Economics

The Economic Problem

Demand and Supply

Elasticity

Efficiency and Equity

Government Actions in Markets

Global Markets in Action

Utility and Demand

Possibilities, Preferences, and Choices

Organizing Production

Perfect Competition

Monopoly

Monopolistic Competition

Oligopoly

Public Choices, Public Goods, and Healthcare

Externalities

Markets for Factors of Production

Economic Inequality

Uncertainty and Information

Filters

Exam 11: Output and Costs

Decent Donuts -Use the data in the table above and suppose that labor is the only variable factor of production. When 122 dozen donuts are produced at Decent Donuts, the MC curve

What is the long-run average cost curve? What are the three ranges of output and in what order do they occur? Briefly define each of the three ranges.

Average total cost minus average variable cost ________ as output increases because ________ as output increases.

-Some of the cost curves for Ike's Ice Cream Kitchen are given in the above figure. At which of the following levels of output will AFC be the lowest?

Poppy Lipstick is a lipstick producer. A decrease in the rent paid by Poppy Lipstick

Fernando charges the restaurant Flaming Fernando's $1,000 annually for use of his name. If Fernando increases the fee for use of his name

-Using the data in the above table, when the firm increases its output from 4 to 9 units, the marginal cost of a unit is

A firm's marginal cost is $30, its average total cost is $50, and its output is 800 units. Its total cost of producing 801 units is

Sticky Cakes is a bakery. A decrease in the wage rate that Sticky Cakes pays its workers

In the long run all costs are variable costs. Why?

A technological change that increases productivity ________ marginal product and ________ marginal cost.

-Draw an average total cost curve, an average variable cost, and a marginal cost curve all on the same graph. Make sure to correctly label the axes. What relationship must exist between the marginal cost curve and the average total cost and average variable cost curves?

A firm's total product curve shows

Economists define the short run as a period of time so short that

Increasing marginal returns means that as the firm expands its output, its

The long run is a period of time in which

-Dustin's copy shop can use four alternative plants. The figure above shows the average total cost curves for Plant 1 (ATC1), Plant 2 (ATC2), Plant 3 (ATC3), and Plant 4 (ATC4). Dustin's Plant 2 will be economically efficient if the firm produces

In general, increasing marginal returns occur

If all inputs are increased by 5 percent and output increases by 8 percent, then the

What Is Economics

The Economic Problem

Demand and Supply

Elasticity

Efficiency and Equity

Government Actions in Markets

Global Markets in Action

Utility and Demand

Possibilities, Preferences, and Choices

Organizing Production

Perfect Competition

Monopoly

Monopolistic Competition

Oligopoly

Public Choices, Public Goods, and Healthcare

Externalities

Markets for Factors of Production

Economic Inequality

Uncertainty and Information

Filters

Average total cost minus average variable cost as output increases because as output increases.

A technological change that increases productivity marginal product and marginal cost.

-Dustin's copy shop can use four alternative plants. The figure above shows the average total cost curves for Plant 1 (ATC₁), Plant 2 (ATC₂), Plant 3 (ATC₃), and Plant 4 (ATC₄). Dustin's Plant 2 will be economically efficient if the firm produces