The total product curve studied in class represents the relation between total production by a firm and the quantity variations of total inputs. O True O False
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- What is the difference between economies of scale, constant returns to scale, and diseconomies of scale?If two painters can paint 200 square feet of wall in an hour, and three painters can paint 275 square feet, what is the marginal product of the third painter?A firm had sales revenue of 1 million last year. It spent 600,000 on labor, 150,000 on capital and 200,000 on materials. What was the firms accounting profit?
- What is the difference between a fixed input and a variable input?what is tah relationship between average production and marginal production ?Draw a total production graph where you indicate how total production changes whenthe number of workers increase. Use the total production graph to explain the differencebetween marginal product and diminishing marginal product
- Answer the next four questions after completing the cost table below: Quantity TC MC AFC AVC ATC 0 1 2 3 4 5 6 90 140 410 || X 70 X 45 22.5 What is the AVC when two units of output are produced? O a. $50 O b. $55 O c. $60 O d. $70 X 50 90 1 X 100 115If capital and labour are perfect complements then the marginal products of capital and labour are undefined A True Faise Question 16 A firm uses 10 units of labour and 20 units of capital to produce 10 units of output. The marginal product of labour is 0.5. If there are constant returns to scale the marginal product of labour must be 0.25 True B False Question 17 Afirm uses 10 units of labour and 30 units of capital to produce 10 units of output. The marginal product of labour is 05. If there are constant returns to scale the marginal product of labout must be 0.25 A True FalseThe following three kinds of technologicall change influence production and cost in the very lon OA larger K. improved inputs, and new products OB. new techiniques, improved inputs, and new products. OC. larger K, larger L, and new products. O D. new techniques, substitution of K for L, and new products. DE. new techniques, improved products, and larger K.
- MC ATC AVC 10 20 30 40 50 60 70 80 90 100 Quantity (gallons of ice cream per hour) Based on the above figure, for which of the following amounts of output at Ike's lce Cream Kitchen does the average product of labor exceed the marginal product of labor? Select one: O a. at 10 gallons O b. at 40 gallons Oc. at 70 gallons O d. all of the above u.om/mod/quiz/attempt.php?attempt3D1467161&cmid%3D718241&page=D5 Cost (dollars per gallon)of Microeconomics Spring20 fall20 Moving along the total product curve, which of the following is held constant? Select one: O a. quantity of labor O b. technology O c. total cost O d. None of the above answers is correct. O e. total productProductivity decreases when O a. Output and hours worked decrease at the same rate O b. Hours worked decreases at a faster rate than output O c. Hours worked decreases at a slower rate than output Od. The cost per unit produced decreases
