Exam 8: Production and Cost in the Short Run

Given the table below,if capital is fixed at two units,what is the marginal product of the fourth unit of labor? Amount of total output produced from various combinations of labor and capital.

Suppose a firm is hiring 20 workers at a wage rate of $60.The average product of labor is 30,the last worker added 12 units of output,and total fixed cost is $3,600.What is average total cost?

The following graph shows the marginal and average product curves for labor,the firm's only variable input.The monthly wage for labor is $2,800.Fixed cost is $160,000. When the firm uses 40 units of labor,how much output does it produce?

In the figure above,the wage rate is $600 and total fixed cost is $15,000.How much output does the firm produce when average variable cost is at its minimum?

Suppose a firm is hiring 20 workers at a wage rate of $60.The average product of labor is 30,the last worker added 12 units of output,and total fixed cost is $3,600.What is marginal cost?

Suppose that the firm's only variable input is labor.When 50 workers are used,the average product of labor is 50 and the marginal product of labor is 75.The wage rate is $80 and the total cost of the fixed input is $500.What is the marginal cost?

If a firm is producing a given level of output in an economically efficient manner,then it must be the case that

A firm's cost of production is affected by changes in

In the above figure,what is the TOTAL cost of producing 5 units of output?

Suppose that the firm's only variable input is labor.When 50 workers are used,the average product of labor is 50 and the marginal product of labor is 75.The wage rate is $80 and the total cost of the fixed input is $500.Which of the following is true?

Suppose that the firm's only variable input is labor.When 50 workers are used,the average product of labor is 50 and the marginal product of labor is 75.The wage rate is $80 and the total cost of the fixed input is $500.What is average variable cost?

out the table and answer the question below. Marginal product is negative when _____ units of labor are employed.

A short-run cost function assumes that

The capital stock is fixed at 5 units,the price of capital is $60 per unit,and the price of labor is $20 per unit. Based on the above,if the firm produces 80 units of output,what is its total cost of production?

Given the table below,if capital is fixed at one unit,diminishing returns begin with the Amount of total output produced from various combinations of labor and capital.

The capital stock is fixed at 50 units,the price of capital is $30 per unit,and the price of labor is $25 per unit. Given the above,how much does the 23rd unit of output add to the firm's total cost?

The following graph shows the marginal and average product curves for labor,the firm's only variable input.The monthly wage for labor is $2,800.Fixed cost is $160,000. What is AVC at its minimum?

The following graph shows the marginal and average product curves for labor,the firm's only variable input.The monthly wage for labor is $2,800.Fixed cost is $160,000. When the firm uses 40 units of labor,what is marginal cost at this level of output?

Given the table below,the maximum amount that can be produced using 20 workers is

In the above figure,what is the AVERAGE total cost of producing 10 units of output?