Exam 14: Production and Cost

-The above table gives some production and cost information for Flaming Fernando's,a restaurant that sells Fiery Frijoles.Between what two levels of output does the marginal cost of producing Fiery Frijoles first begin to rise?

In the short run,firms increase output

The cost that does not change as output changes is

The main source of economies of scale is

To produce 10 shirts,the total cost is $80; to produce 11 shirts,the total cost is $99.The average total cost of the 11th shirt is equal to

A normal profit is

Darryl runs a ranch in Jackson,Wyoming.The interest on the debt he incurred to buy his ranch totals $3,000 per year.For Darryl,the interest is

The main source of economies of scale is

In economics,a "normal profit" is the return to

The figure above shows a firm's total product curve. -Which of the points show efficient production points?

The marginal cost curve intersects the ________ curves at their ________ points. A) average total cost and average fixed cost; minimum B) average product and marginal product; maximum C) average variable cost and total variable cost; maximum D) average total cost and average variable cost; minimum E) average product and marginal product; minimum

-Which of the following is correct about marginal and average products?

The average total cost curve is U-shaped.At the quantity of output where average total cost is at its minimum,is the marginal cost curve above the average total cost curve,below the average total cost curve,or intersecting the average total cost curve?

The total variable cost curve ________ because ________ as output increases.

Interest is considered a(n)

-In the above figure,curve A is the ________ curve and curve C is the ________ curve.

In a graph of a typical firm's AFC,ATC,and AVC curves,the

Average total cost is equal to

A normal profit is defined as

-The table above shows the total product schedule for Rick's Lawn Service,a yard care company.When does the average product of labor equal the marginal product of labor?