\[\begin{array} { c c r r r r r r } \text { Q (output) } & \text { TFC } & \text { TVC } & \text { TC } & \text { AFC } & \text { AVC } & \text { ATC } & \text { MC } \\ \hline 0 & \$ 0 & - & & - & & - & - \\ 1 & & & & & \$ 10 & & \\ 2 & \$ 5 & & & & \$ 15 & & \\ 3 & & & & & \$ 15 & & \\ 4 & & & & &\$16.75 \end{array}\] -Using the above table,the TC,the AFC,and the TVC when output is 2 units are

A) $20,$2.50,and $15,respectively. B) $35,$2.50,and $30,respectively. C) $30,$2.50,and $40,respectively. D) $35,$2.50,and $20,respectively. A) $20,$2.50,and $15,respectively. B) $35,$2.50,and $30,respectively. C) $30,$2.50,and $40,respectively. D) $35,$2.50,and $20,respectively.

\[\begin{array} { c c c c } \begin{array} { c } \text { Quantity of } \\ \text { Labor } \end{array} & \begin{array} { c } \text { Total } \\ \text { Product } \end{array} & \begin{array} { c } \text { Average } \\ \text { Product } \end{array} & \begin{array} { c } \text { Marginal } \\ \text { Product } \end{array} \\ \hline 1 & & 320 & \\ 2 & & 335 & \\ 3 & & & 338 \\ 4 &&&320 \\ \hline \end{array}\] -Refer to the above table.What does total product equal when 4 units of labor are used?

A) 1328 B) 332 C) 320 D) 960 A) 1328 B) 332 C) 320 D) 960

\[\begin{array} { c c c c } \begin{array} { c } \text { Quantity of } \\ \text { Workers } \end{array} & \begin{array} { c } \text { Total } \\ \text { Product } \end{array} & \begin{array} { c } \text { Average Physical } \\ \text { Product } \end{array} & \begin{array} { c } \text { Marginal Physical } \\ \text { Product } \end{array} \\ \hline 0 & 0 & & \\ 1 & 3 & & \\ 2 & 7 & & \\ 3 & 12 & & \\ 4 & 16 & & \\ 5 & 18 & & \\ 6 & 18 & & \\ \hline \end{array}\] -In the above table,the average physical product of 2 workers and the marginal physical product of the 2nd worker is

A) 2; 2. B) 4; 1. C) 3.5; 3.5. D) 3.5; 4. A) 2; 2. B) 4; 1. C) 3.5; 3.5. D) 3.5; 4.

\[\begin{array} { c c } \begin{array} { c } \text { Input of Labor } \\ \text { (no. of workers } \\ \text { in weeks) } \end{array} & \begin{array} { c } \text { Total Product } \\ \text { (no. of snowboards } \\ \text { produced) } \end{array} \\ \hline 0 & 0 \\ 1 & 30 \\ 2 & 68 \\ 3 & 110 \\ 4 & 140 \\ 5 & 135 \\ \hline \end{array}\] -In the above table,when the firm employs 4 workers,the marginal product will be

A) 140 snowboards. B) 30 snowboards. C) 35 snowboards. D) 208 snowboards. A) 140 snowboards. B) 30 snowboards. C) 35 snowboards. D) 208 snowboards.

Exam 9: The Firm: Cost and Output Determination

Q (output) TFC TVC TC AFC AVC ATC MC 0 \ 0 - - - - 1 \ 10 2 \ 5 \ 15 3 \ 15 4 \1 6.75 -Using the above table,the TC,the AFC,and the TVC when output is 2 units are

(Multiple Choice)

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Question 21

Average variable cost equals

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Question 22

Which of the following statements about a firm's short-run variable costs is correct?

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Question 23

The production function illustrates the amount of total physical product that can be produced with a given set of

(Multiple Choice)

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Question 24

Due to extremely large fixed costs,an electricity generating plant probably experiences which of the following returns to size?

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Question 25

Suppose that one worker can produce 15 cookies,two workers can produce 35 cookies together,and three workers can produce 65 cookies together.What is the average product of the first three workers?

(Multiple Choice)

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Question 26

Graphically,what happens to the production function if a firm uses automation to raise the amount of output per worker? Explain.

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Question 27

The lowest rate of output per unit of time at which long-run average costs for a particular firm are at a minimum is

(Multiple Choice)

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Question 28

The law of diminishing marginal product is a statement

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Question 29

As a firm continues to produce additional output,which of the following will continue to decline as output expands?

(Multiple Choice)

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Question 30

Marginal physical product and average physical product are measured in

(Multiple Choice)

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Question 31

Which of the following would be a fixed input to an automobile firm?

(Multiple Choice)

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Question 32

Quantity of Labor Total Product Average Product Marginal Product 1 320 2 335 3 338 4 320 -Refer to the above table.What does total product equal when 4 units of labor are used?

(Multiple Choice)

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Question 33

In the short run,total costs equal

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Question 34

Which of the following statements regarding the relationship between average and marginal costs is INCORRECT?

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Question 35

Which of the following statements is true about the planning horizon?

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Question 36

Quantity of Workers Total Product Average Physical Product Marginal Physical Product 0 0 1 3 2 7 3 12 4 16 5 18 6 18 -In the above table,the average physical product of 2 workers and the marginal physical product of the 2nd worker is

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Question 37

Input of Labor (no. of workers in weeks) Total Product (no. of snowboards produced) 0 0 1 30 2 68 3 110 4 140 5 135 -In the above table,when the firm employs 4 workers,the marginal product will be

(Multiple Choice)

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Question 38

When long-run average costs rise as output increases,the firm is experiencing

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Question 39

Marginal physical product of the first worker is 100,120 for the second,80 for the third,30 for the fourth,5 for the fifth,3 for the sixth,2 for the seventh,1 for the eighth,and 0 for the ninth.What is total product for the fifth worker and the ninth worker respectively?

(Multiple Choice)

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Question 40

Exam 9: The Firm: Cost and Output Determination

Q (output) TFC TVC TC AFC AVC ATC MC 0 \ 0 - - - - 1 \ 10 2 \ 5 \ 15 3 \ 15 4 \1 6.75 -Using the above table,the TC,the AFC,and the TVC when output is 2 units are

Average variable cost equals

Which of the following statements about a firm's short-run variable costs is correct?

The production function illustrates the amount of total physical product that can be produced with a given set of

Due to extremely large fixed costs,an electricity generating plant probably experiences which of the following returns to size?

Suppose that one worker can produce 15 cookies,two workers can produce 35 cookies together,and three workers can produce 65 cookies together.What is the average product of the first three workers?

Graphically,what happens to the production function if a firm uses automation to raise the amount of output per worker? Explain.

The lowest rate of output per unit of time at which long-run average costs for a particular firm are at a minimum is

The law of diminishing marginal product is a statement

As a firm continues to produce additional output,which of the following will continue to decline as output expands?

Marginal physical product and average physical product are measured in

Which of the following would be a fixed input to an automobile firm?

Quantity of Labor Total Product Average Product Marginal Product 1 320 2 335 3 338 4 320 -Refer to the above table.What does total product equal when 4 units of labor are used?

In the short run,total costs equal

Which of the following statements regarding the relationship between average and marginal costs is INCORRECT?

Which of the following statements is true about the planning horizon?

Quantity of Workers Total Product Average Physical Product Marginal Physical Product 0 0 1 3 2 7 3 12 4 16 5 18 6 18 -In the above table,the average physical product of 2 workers and the marginal physical product of the 2nd worker is

Input of Labor (no. of workers in weeks) Total Product (no. of snowboards produced) 0 0 1 30 2 68 3 110 4 140 5 135 -In the above table,when the firm employs 4 workers,the marginal product will be

When long-run average costs rise as output increases,the firm is experiencing

Marginal physical product of the first worker is 100,120 for the second,80 for the third,30 for the fourth,5 for the fifth,3 for the sixth,2 for the seventh,1 for the eighth,and 0 for the ninth.What is total product for the fifth worker and the ninth worker respectively?

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