Question 1

What is a production function?

Accepted Answer

Production is a process that transforms

Question 2

Summing all of the costs that do not change as output varies yields

Accepted Answer

A) variable costs. 
B) fixed costs. 
C) implicit costs. 
D) explicit costs. 
A) variable costs. 
B) fixed costs. 
C) implicit costs. 
D) explicit costs.

Question 3

A fixed resource is one that

Accepted Answer

A) is physically tied to a specific location. 
B) costs more than the average daily revenue of the firm. 
C) cannot be varied in the short run. 
D) can be disposed of only if the firm goes out of business. 
A) is physically tied to a specific location. 
B) costs more than the average daily revenue of the firm. 
C) cannot be varied in the short run. 
D) can be disposed of only if the firm goes out of business.

Question 4

$$\begin{array}{l}
\begin{array} {lll } 
\text {Quantity of}&\text {Total}\
Labor & Product \
\hline 1 & 20 \
2 & 46 \
3 & 63 \
4 & 72\\hline
\end{array}
\end{array}$$
-Refer to the above table.When the quantity of labor equals 2,what does the average product equal?

Accepted Answer

A) 46 
B) 23 
C) 26 
D) 92 
A) 46 
B) 23 
C) 26 
D) 92

Question 5

If marginal product is negative,then

Accepted Answer

A) total product is rising. 
B) total product is falling. 
C) marginal cost is falling. 
D) average profit is rising. 
A) total product is rising. 
B) total product is falling. 
C) marginal cost is falling. 
D) average profit is rising.

Question 6

$$\begin{array} { c c c c } 
\text { Labor } & \text { Output } & \begin{array} { c } 
\text { Average Physical } \
\text { Product }
\end{array} & \text { Marginal Product } \
\hline 1 & 10 & & - \
2 & &12 & \
3 & & &15 \
4 & 52 & &  \
5 & & &9\
\end{array}$$
-Using the above table,the total product and average physical product when 5 workers are employed are

Accepted Answer

A) 61 and 21,respectively. 
B) 62 and 13,respectively. 
C) 62 and 15,respectively. 
D) 61 and 12.2,respectively. 
A) 61 and 21,respectively. 
B) 62 and 13,respectively. 
C) 62 and 15,respectively. 
D) 61 and 12.2,respectively.

Question 7

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 two workers?

Accepted Answer

A) 15 cookies 
B) 20 cookies 
C) 17.5 cookies 
D) 35 cookies 
A) 15 cookies 
B) 20 cookies 
C) 17.5 cookies 
D) 35 cookies

What is a production function?

Summing all of the costs that do not change as output varies yields

A fixed resource is one that

Quantity of Total Labor Product 1 20 2 46 3 63 4 72 -Refer to the above table.When the quantity of labor equals 2,what does the average product equal?

If marginal product is negative,then

Labor Output Average Physical Product Marginal Product 1 10 - 2 12 3 15 4 52 5 9 -Using the above table,the total product and average physical product when 5 workers are employed are

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 two workers?

The Nature of Economics

Scarcity and the World of Trade-Offs

Demand and Supply

Extensions of Demand and Supply Analysis

Public Spending and Public Choice

Funding the Public Sector

Demand and Supply Elasticity

Consumer Choice

Rents, profits, and the Financial Environment of Business

Perfect Competition

Monopoly

Monopolistic Competition

Oligopoly and Strategic Behavior

Regulation and Antitrust Policy in a Globalized Economy

The Labor Market: Demand, supply and Outsourcing

Unions and Labor Market Monopoly Power

Income, poverty, and Health Care

Environmental Economics

Comparative Advantage and the Open Economy

Exchange Rates and the Balance of Payments

Filters

Exam 9: The Firm: Cost and Output Determination

What is a production function?

Summing all of the costs that do not change as output varies yields

A fixed resource is one that

Quantity of Total Labor Product 1 20 2 46 3 63 4 72 -Refer to the above table.When the quantity of labor equals 2,what does the average product equal?

If marginal product is negative,then

Labor Output Average Physical Product Marginal Product 1 10 - 2 12 3 15 4 52 5 9 -Using the above table,the total product and average physical product when 5 workers are employed are

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 two workers?

The Nature of Economics

Scarcity and the World of Trade-Offs

Demand and Supply

Extensions of Demand and Supply Analysis

Public Spending and Public Choice

Funding the Public Sector

Demand and Supply Elasticity

Consumer Choice

Rents, profits, and the Financial Environment of Business

Perfect Competition

Monopoly

Monopolistic Competition

Oligopoly and Strategic Behavior

Regulation and Antitrust Policy in a Globalized Economy

The Labor Market: Demand, supply and Outsourcing

Unions and Labor Market Monopoly Power

Income, poverty, and Health Care

Environmental Economics

Comparative Advantage and the Open Economy

Exchange Rates and the Balance of Payments

Filters