Homework Answers
Answer-9 The correct option is $4
AFC = ATC -AVC
= 12- 8
= 4
AFC = $4
Answer-10 The correct option is average total cost is rising.
When MC exceeds ATC, ATC is rising
Answer-11 The correct option is (ii) and (iii)
Answer-12 The correct option is $30
Total cost = Total fixed cost at 0 units of output
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Question 9 1 pts Costs per unit (dollars per unit) o 20 40 60 80 Quantity...
20. Refer to Table 13-3. Gallo's cork factory experiences diminishing marginal product of labor with the additio...
20. Refer to Table 13-3. Gallo's cork factory experiences diminishing marginal product of labor with the addition of which worker? a. The third worker. b. The fourth worker. c. The fifth worker. d. The sixth worker. Average total cost equals a. 21. change in total costs divided by quantity produced. b. change in total costs divided by change in quantity produced. (fixed costs+ variable costs) divided by quantity produced. c. d. (fixed costs + variable costs) divided by change in...
Question 5 1 pts One would expect to observe diminishing marginal product of labor when O union workers are told to red...
Question 5 1 pts One would expect to observe diminishing marginal product of labor when O union workers are told to reduce their work effort in preparation for a new round of collective bargaining talks. O workers are discouraged about the lack of help from other workers. O crowded office space reduces the productivity of new workers. O only new workers are trained in using the most productive capital. Question 6 1 pts Diminishing marginal product suggests that the marginal...
(1) $ per unit of output (2) (3) Quantity In this diagram, curves 1, 2, and...
(1) $ per unit of output (2) (3) Quantity In this diagram, curves 1, 2, and 3 represent the: average variable cost, average cost, and marginal cost Total cost, total fixed cost and total marginal cost marginal cost, average cost, and average variable cost total marginal cost, total cost, and total variable cost Marginal revenue may be defined as the: change in product price associated with the sale of one more unit of output change in average revenue associated with...
Refer to the table below. Quantity Cost (in dollars) Fixed Costs (in dollars) Total Costs...
Refer to the table below. Quantity Cost (in dollars) Fixed Costs (in dollars) Total Costs (in dollars) Average Total Costs (in dollars per unit) Average Variable Costs (in dollars per unit) Marginal Costs (in dollars per unit) 0 0 40 40 - - - - - - 1 1 40 55 15 55 15 2 35 40 75 17.5 37.5 20 3 60 40 100 20 33.3 25 4 90 40 130 22.5 32.5 30 5 125 40 155...
Cost schedule Total variable Total cost Labor Output (units per day) cost (dollars) (workers) (dollars) 0...
Cost schedule Total variable Total cost Labor Output (units per day) cost (dollars) (workers) (dollars) 0 30 1 3 20 50 2 40 70 3 12 60 90 4 14 80 110 5 15 100 130 In the above table, the total fixed cost is O $20 O $30. O $0. O $50. Question 13 1 pts In the above table, when output increases from 12 to 14 units, the marginal cost of one of those 2 units is O...
ATC AVC (dollars 20 40 60 80 100 Quantity of output (units per day) 26. As...
ATC AVC (dollars 20 40 60 80 100 Quantity of output (units per day) 26. As shown in the graph above, if the price is either $10, $15, $20, or $40, the firm's economic profit is maximum at what output? a. A, 20 units b. B, 50 units C. C, 60 units d. D. 80 units 27. As shown in the graph above, if the price of the firm's product is $20 per unit, the firm will produce how many...
Use the figure below to answer the following question. Price (dollars per unit 100 80 60...
Use the figure below to answer the following question. Price (dollars per unit 100 80 60 40 20 MR 40 60 80 Quantity (units per week 20 Figure 13.2.1 15) Refer to Figure 13.2.1. This single-price monopoly producesunits per day and charges 15) a price of $ per unit A) 40: 50 B) 20: 75 C) zero; 0 D) 20; 20 E) 20: 50 16) To increase sales from 7 units to 8 units, a single-price monopolist must drop the...
Price per Unit Total Revenue (dollars) Marginal Revenue (dollars) $85 80 75 Quantity Demanded (units) 10...
Price per Unit Total Revenue (dollars) Marginal Revenue (dollars) $85 80 75 Quantity Demanded (units) 10 11 12 Total Cost of Marginal Cost Production (dollars) (dollars) $530 540 550 560 15 16 . • • Fill out the rest of the table. What is the firm's profit maximizing output and what is the price charged to sell this output? • Calculate ATC at the profit maximizing quantity. • When producing the profit maximizing output, what is the amount of the...
Question 17 1 pts Ma Baensch's pickled herring factory has variable costs of $500 for 500...
Question 17 1 pts Ma Baensch's pickled herring factory has variable costs of $500 for 500 jars and variable costs of $505 for 501 jars. The marginal cost of the 501st jar is: $503 Unknown because we do not know fixed costs. O $3 $5 Question 18 1 pts Sam, a cost analyst for Jiffy, observes that when they are producing 800 jars of peanut butter an hour, their marginal cost is 53 cents ($0.53) and their average variable cost...
9:08 1 Exit Question 3 2 pts Average variable costs equal total variable costs divided by...
9:08 1 Exit Question 3 2 pts Average variable costs equal total variable costs divided by marginal costs. total variable costs divided by output. the change in marginal costs from producing another unit of output. O output divided by the change in total costs. Question 4 2 pts 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...
20. Refer to Table 13-3. Gallo's cork factory experiences diminishing marginal product of labor with the addition of which worker? a. The third worker. b. The fourth worker. c. The fifth worker. d. The sixth worker. Average total cost equals a. 21. change in total costs divided by quantity produced. b. change in total costs divided by change in quantity produced. (fixed costs+ variable costs) divided by quantity produced. c. d. (fixed costs + variable costs) divided by change in...
Question 5 1 pts One would expect to observe diminishing marginal product of labor when O union workers are told to reduce their work effort in preparation for a new round of collective bargaining talks. O workers are discouraged about the lack of help from other workers. O crowded office space reduces the productivity of new workers. O only new workers are trained in using the most productive capital. Question 6 1 pts Diminishing marginal product suggests that the marginal...
(1) $ per unit of output (2) (3) Quantity In this diagram, curves 1, 2, and 3 represent the: average variable cost, average cost, and marginal cost Total cost, total fixed cost and total marginal cost marginal cost, average cost, and average variable cost total marginal cost, total cost, and total variable cost Marginal revenue may be defined as the: change in product price associated with the sale of one more unit of output change in average revenue associated with...
Cost schedule Total variable Total cost Labor Output (units per day) cost (dollars) (workers) (dollars) 0 30 1 3 20 50 2 40 70 3 12 60 90 4 14 80 110 5 15 100 130 In the above table, the total fixed cost is O $20 O $30. O $0. O $50. Question 13 1 pts In the above table, when output increases from 12 to 14 units, the marginal cost of one of those 2 units is O...
ATC AVC (dollars 20 40 60 80 100 Quantity of output (units per day) 26. As shown in the graph above, if the price is either $10, $15, $20, or $40, the firm's economic profit is maximum at what output? a. A, 20 units b. B, 50 units C. C, 60 units d. D. 80 units 27. As shown in the graph above, if the price of the firm's product is $20 per unit, the firm will produce how many...
Use the figure below to answer the following question. Price (dollars per unit 100 80 60 40 20 MR 40 60 80 Quantity (units per week 20 Figure 13.2.1 15) Refer to Figure 13.2.1. This single-price monopoly producesunits per day and charges 15) a price of $ per unit A) 40: 50 B) 20: 75 C) zero; 0 D) 20; 20 E) 20: 50 16) To increase sales from 7 units to 8 units, a single-price monopolist must drop the...
Price per Unit Total Revenue (dollars) Marginal Revenue (dollars) $85 80 75 Quantity Demanded (units) 10 11 12 Total Cost of Marginal Cost Production (dollars) (dollars) $530 540 550 560 15 16 . • • Fill out the rest of the table. What is the firm's profit maximizing output and what is the price charged to sell this output? • Calculate ATC at the profit maximizing quantity. • When producing the profit maximizing output, what is the amount of the...
Question 17 1 pts Ma Baensch's pickled herring factory has variable costs of $500 for 500 jars and variable costs of $505 for 501 jars. The marginal cost of the 501st jar is: $503 Unknown because we do not know fixed costs. O $3 $5 Question 18 1 pts Sam, a cost analyst for Jiffy, observes that when they are producing 800 jars of peanut butter an hour, their marginal cost is 53 cents ($0.53) and their average variable cost...
9:08 1 Exit Question 3 2 pts Average variable costs equal total variable costs divided by marginal costs. total variable costs divided by output. the change in marginal costs from producing another unit of output. O output divided by the change in total costs. Question 4 2 pts 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...
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