6. Scenario: Selma runs a pastry shop. The following table shows the total number of cupcakes...
6. Scenario: Selma runs a pastry shop. The following table shows the total number of cupcakes produced as a function of the number of hours of labor put into making them.
| Hours of Labor | Cupcakes |
| 0 | 0 |
| 1 | 10 |
| 2 | 25 |
| 3 | 35 |
| 4 | 44 |
| 5 | 52 |
| 6 | 58 |
Refer to the scenario above. At which hour of labor does
Diminishing (Marginal) Returns first start?
a. 2nd
b. 6th
c. 3rd
d. 4th
7. Specialization is the result of ________.
a. increased demand for a firm's commodity
b. paying higher wages to experienced workers
c. hiring experienced workers
d. workers developing a certain skill set
8. The Law of Diminishing Returns states that ________.
a. successive increases in product prices lead to a fall in revenue
b. successive increases in inputs eventually lead to less additional output when one of the inputs is fixed
c. the demand for a good decreases as the price of the good increases, all other things remaining constant
d. the net benefits of a perfectly competitive firm decrease as more firms enter the market
9. If marginal cost is less than average total cost, ________.
a. average total cost must be increasing
b. average total cost must be decreasing
c. marginal cost must be increasing
d. output must be falling
Homework Answers
Ans6) the correct option is c. 3rd
Ans7) the correct option is d. workers developing a certain skill set
Ans8) the correct option is b. successive increases in inputs eventually lead to less additional output when one of the inputs is fixed
Ans9) the correct option is b. average total cost must be decreasing
Add Answer to:
6. Scenario: Selma runs a pastry shop. The following
table shows the total number of cupcakes...
Scenario: Selma runs a pastry shop. The following table shows the total number of cupcakes produced...
Scenario: Selma runs a pastry shop. The following table shows the total number of cupcakes produced as a function of the number of hours of labor put into making them. Hours of Labor 0 1 2 3 4 5 Cupcakes 0 10 25 35 44 52 58 Refer to the scenario above. At which hour of labor does Diminishing (Marginal) Returns first start? 2nd 6th 3rd 4th
D5. Scenario: Selma runs a pastry shop. The following table shows the total number of cupcakes produced as a functi...
D5. Scenario: Selma runs a pastry shop. The following table shows the total number of cupcakes produced as a function of the number of hours of labor put into making them. Hours of Labor Cupcakes 2 10 25 35 44 3 4 5 6 52 58 Refer to the scenario above. What is the marginal product of the third hour of labor? 10 cupcakes 35 cupcakes 25 cupcakes 8 cupcakes
Table 13-1 Number of Workers Total Output Marginal Product 140 6. Refer to Table 13-1. What is total output when 2...
Table 13-1 Number of Workers Total Output Marginal Product 140 6. Refer to Table 13-1. What is total output when 2 workers are hired? a. 15 b. 45 c. 75 d. 120 et de 7. Refer to Figure 13-2. If the figure represented production at a cookie factory, the factory would be experiencing a. diminishing marginal product of workers b. diminishing marginal cost of cookie production c. decreasing cost of cookie production d. decreasing output of cookies. Wose Jan started...
The law of diminishing returns means that Multiple Choice O total product will eventually increase at...
The law of diminishing returns means that Multiple Choice O total product will eventually increase at a decreasing rate as more inputs are employed. O the marginal product will increase at an increasing rate. O average total costs are rising and then falling as output is increased. O average fixed cost will fall as production increases.
4. How many haircuts can be produced if a total of four labor hours are used?...
4. How many haircuts can be produced if a total of four labor hours are used? a) 14 b) 19 c) 19x4 d) 19+ 4 e) You can't tell from this graph. 5. During the fourth hour, how many haircuts are produced? a) 14 b) 19 c) 4 d) 5 c) You can't tell from this graph. mhe rodued? a) 19 b) 23 c) 4 d) 5 e) You can't tell from this graph. 7. Moving from three to five...
The short run marginal cost curve in the traditional microeconomic model of production eventually rises because...
The short run marginal cost curve in the traditional microeconomic model of production eventually rises because of a. diseconomies of scale. b. diminishing marginal revenues. c. rising fixed costs. d. increasing marginal productivity of variable inputs. e. diminishing marginal returns. . If the long-run average cost of production falls as the firm increases its level of output, then the firm exhibits a. constant returns to scale. b. constant marginal costs. c. economies of scale. d. diseconomies of scale. e. diminishing...
28) The law of diminishing returns, as it applies to labor, means that A) the marginal...
28) The law of diminishing returns, as it applies to labor, means that A) the marginal product of labor will eventually be a horizontal line at zero. B) the average product of labor starts to decline before the marginal product of labor. C) total output eventually decreases. D) the average product of labor increases at a decreasing rate. E) the marginal product of labor eventually decreases as more labor is added with capital held fixed. 29) A firm's short-run labor...
The first second, and third workers employed by a firm add 25, 18, and 10 units...
The first second, and third workers employed by a firm add 25, 18, and 10 units to total product, respectively. On the basis of this information, we can say that: the total product of the three workers is 9 the average product of the three workers is 3 the law of diminishing marginal returns is not evident in this example the marginal product of the third worker is 8 the law of diminishing marginal returns starts with the addition of...
1)Which of the following statements is true? A. Average fixed cost equals total fixed cost divided...
1)Which of the following statements is true? A. Average fixed cost equals total fixed cost divided by total output. B. Average total cost always falls as output increases. C. Average fixed cost equals average total cost plus average variable cost. D. Average variable cost is always greater than average fixed cost. 2) As output increases, average fixed cost A. remains constant. B. always decreases. C. decreases, then increases. D. increases, then decreases. 3) Average total cost minus average variable cost...
e total cost 19. For a certain firm, the 10th unit of output marginal cost of...
e total cost 19. For a certain firm, the 10th unit of output marginal cost of Sto. It follows that the production of the 10th it fo r of outputut the firm produse marinat revenue of land them the firm's profi not the 100th unit of t h e firm's average total costs C. Firm's profit-maximize ve futut is less than 100 units. d. production of the 101st unit of output the lost unit of output must increase the firm's...
Scenario: Selma runs a pastry shop. The following table shows the total number of cupcakes produced as a function of the number of hours of labor put into making them. Hours of Labor 0 1 2 3 4 5 Cupcakes 0 10 25 35 44 52 58 Refer to the scenario above. At which hour of labor does Diminishing (Marginal) Returns first start? 2nd 6th 3rd 4th
D5. Scenario: Selma runs a pastry shop. The following table shows the total number of cupcakes produced as a function of the number of hours of labor put into making them. Hours of Labor Cupcakes 2 10 25 35 44 3 4 5 6 52 58 Refer to the scenario above. What is the marginal product of the third hour of labor? 10 cupcakes 35 cupcakes 25 cupcakes 8 cupcakes
Table 13-1 Number of Workers Total Output Marginal Product 140 6. Refer to Table 13-1. What is total output when 2 workers are hired? a. 15 b. 45 c. 75 d. 120 et de 7. Refer to Figure 13-2. If the figure represented production at a cookie factory, the factory would be experiencing a. diminishing marginal product of workers b. diminishing marginal cost of cookie production c. decreasing cost of cookie production d. decreasing output of cookies. Wose Jan started...
The law of diminishing returns means that Multiple Choice O total product will eventually increase at a decreasing rate as more inputs are employed. O the marginal product will increase at an increasing rate. O average total costs are rising and then falling as output is increased. O average fixed cost will fall as production increases.
4. How many haircuts can be produced if a total of four labor hours are used? a) 14 b) 19 c) 19x4 d) 19+ 4 e) You can't tell from this graph. 5. During the fourth hour, how many haircuts are produced? a) 14 b) 19 c) 4 d) 5 c) You can't tell from this graph. mhe rodued? a) 19 b) 23 c) 4 d) 5 e) You can't tell from this graph. 7. Moving from three to five...
28) The law of diminishing returns, as it applies to labor, means that A) the marginal product of labor will eventually be a horizontal line at zero. B) the average product of labor starts to decline before the marginal product of labor. C) total output eventually decreases. D) the average product of labor increases at a decreasing rate. E) the marginal product of labor eventually decreases as more labor is added with capital held fixed. 29) A firm's short-run labor...
The first second, and third workers employed by a firm add 25, 18, and 10 units to total product, respectively. On the basis of this information, we can say that: the total product of the three workers is 9 the average product of the three workers is 3 the law of diminishing marginal returns is not evident in this example the marginal product of the third worker is 8 the law of diminishing marginal returns starts with the addition of...
e total cost 19. For a certain firm, the 10th unit of output marginal cost of Sto. It follows that the production of the 10th it fo r of outputut the firm produse marinat revenue of land them the firm's profi not the 100th unit of t h e firm's average total costs C. Firm's profit-maximize ve futut is less than 100 units. d. production of the 101st unit of output the lost unit of output must increase the firm's...
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