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Exam 10: Output and Costs

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Question 1

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Suppose the marginal product of energy equals the average product of energy.This implies that

A) marginal product is negative.
B) average product is at its maximum value.
C) marginal product is at its maximum value.
D) the marginal product curve is upward sloping.
E) average product is at its minimum value.

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B

Question 2

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When Coffee 'n' Cream in Victoria,British Columbia hires two students,64 customers can be served in one hour.Suppose the manager of the restaurant observes that after hiring the third student,80 customers are being served in one hour.The marginal product of the third student is ________ customers per hour.

A) 4
B) 16
C) 8
D) 26.67
E) 32

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Question 3

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Which of the following factors are fixed in the long run?

Use the figure below to answer the following questions. Figure 10.4.1 -Refer to Figure 10.4.1,which illustrates the total product curves for four different plant sizes.One of the fundamental technological facts reflected in the shape of each of the total product curves is the

Refer to the table below to answer the following questions. Table 10.2.1 -Refer to Table 10.2.1 which gives Tania's Teapots' total product schedule.Average product of labour reaches its maximum for the ________ worker.

The marginal cost curve slopes upward due to

Diseconomies of scale are present when

Refer to the table below to answer the following questions. Table 10.2.1 -Refer to Table 10.2.1 which gives Tania's Teapots' total product schedule.Marginal product of labour reaches its maximum when the number of workers increases from

Use the table below to answer the following questions. Table 10.4.1 Swanky's output levels -Refer to Table 10.4.1,which represents Swanky's production possibilities as the firm varies the quantities of knitting machines and workers per day.If Swanky increases the number of knitting machines from 1 to 2 and increases the number of workers employed from 1 to 2,the factory experiences

In the long run,a firm has no factors of production that are

Refer to the table below to answer the following questions. Table 10.2.1 -Refer to Table 10.2.1 which gives Tania's Teapots' total product schedule.The marginal product when Tania's increases the number of workers from 3 to 4 per day is

The marginal cost curve slopes downward at low outputs because of ________.The marginal cost curve eventually slopes upward because of ________.

If energy (E) is the only input used to produce output (Q) ,what is the formula for average product of energy?

Plant refers to those factors of production

Use the table below to answer the following questions. Table 10.4.1 Swanky's output levels -Refer to Table 10.4.1,which represents Swanky's production possibilities as the firm varies the quantities of knitting machines and workers per day.If Swanky increases the number of knitting machines from 2 to 3 and increases the number of workers employed from 2 to 3,the factory experiences

Use the table below to answer the following questions. Table 10.3.1 -Refer to Table 10.3.1,which gives Tania's Teapots' total cost schedule.The average total cost of producing 16 teapots per day is

If the total product of four workers is 156 units,the average product of each worker is

If energy (E) is the only input used to produce output (Q) ,what is the formula for marginal product of energy?

Marginal cost equals

Use the figure below to answer the following questions. Figure 10.2.1 -Refer to Figure 10.2.1 which illustrates Tania's Teapots' total product curve.Marginal product of labour reaches its maximum when the number of workers increases from