Homework Answers
When APL is above MPL,then a rise in inputs will reduce both MPL and APL
Answer-D
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Question 12 (2.5 points) If a firm's marginal product of labor is less than its average...
Question 13 (2.5 points) A firm's marginal cost is $82, its average total cost is $50,...
Question 13 (2.5 points) A firm's marginal cost is $82, its average total cost is $50, and its outplut is 800 units. Its total cost of producing 801 units is A) less than $40,000. B) between $40,000 and $40,050. C) between $40,050 and $40,080 D) greater than $40,080.
At Stu’s barber shop, the marginal product of labor is 12, and the average product of...
At Stu’s barber shop, the marginal product of labor is 12, and the average product of labor is 18. At Jo’s barber shop, the marginal product of labor is 14, and the average product of labor is 12. Stu’s average product of labor would _______ if he hired another barber. Jo’s average product of labor would _______ if he hired another barber. A. increase; increase B. increase; decrease C. decrease; increase D. decrease; decrease
15. When marginal cost is less than average total cost, a. marginal cost must be falling....
15. When marginal cost is less than average total cost, a. marginal cost must be falling. b. average variable cost must be falling. c. average total cost is falling. d. average total cost is rising. 16. Which of the following is not a characteristic of a competitive market? a. Buyers and sellers are price takers. b. Each firm sells a virtually identical product. c. Entry is limited d. Each firm chooses an output level that maximizes profits. 17. If a...
If a perfectly competitive firm's marginal revenue was less than its marginal cost, u it would...
If a perfectly competitive firm's marginal revenue was less than its marginal cost, u it would raise its price in order to increase its profits. it would decrease output. U it must be currently earning economic losses. both (a) and (c) are true.
Question 5 (1 point) At Stu's barber shop, the marginal product of labor is 12, and...
Question 5 (1 point) At Stu's barber shop, the marginal product of labor is 12, and the average product of labor is 18. At Jo's barber shop, the marginal product of labor is 14, and the average product of labor is 12. Stu's average product of labor would if he hired another barber. Jo's average product of labor would if he hired another barber. increase; increase increase; decrease decrease; increase decrease; decrease
1)The marginal product of labor is equal to the A. total product divided by the total...
1)The marginal product of labor is equal to the A. total product divided by the total number of workers hired. B. increase in the total product that results from hiring one more worker. C. slope of the marginal product of labor curve. D. None of the above answers are correct. 2) The marginal product of labor is the increase in total product from a A. one dollar increase in the wage rate, while holding the price of capital constant. B....
price is less than the average variable cost and the marginal cost must be falling O...
price is less than the average variable cost and the marginal cost must be falling O marginal cost is greater than marginal revenue. All this is contingent upon the conditions that the price is less than the average total cost and the marginal cost must be falling D Question 12 5 pts The demand curve of a typical firm in monopolistic competition is: O upward-sloping and less-elastic (steeper) than a perfectly competitive firm's demand curve. O downward-sloping and less-elastic than...
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...
A firm's production function is Q = 70L0.6 K0:3. Its marginal product of labor is thus...
A firm's production function is Q = 70L0.6 K0:3. Its marginal product of labor is thus MP2 = 42L-0.4 0.3 and its marginal product of capital is MPK = 21L0.6 K-0.7. a. What returns to scale does this production function exhibit: constant, increasing, or decreasing? Show mathematically. b. Suppose the wage rate is $12 and the rental rate for capital is $48. Show that the firm is not minimizing cost when it employs 40 workers (L) per day and 15...
If a perfectly competitive firm's marginal revenue is greater than its marginal cost, the firm O...
If a perfectly competitive firm's marginal revenue is greater than its marginal cost, the firm O A. must be making an economic profit O B. will increase its output to increase economic profit. O c. will decrease its output to increase economic profit. OD. cannot increase its economic profit O E. will lower the price.
Question 13 (2.5 points) A firm's marginal cost is $82, its average total cost is $50, and its outplut is 800 units. Its total cost of producing 801 units is A) less than $40,000. B) between $40,000 and $40,050. C) between $40,050 and $40,080 D) greater than $40,080.
15. When marginal cost is less than average total cost, a. marginal cost must be falling. b. average variable cost must be falling. c. average total cost is falling. d. average total cost is rising. 16. Which of the following is not a characteristic of a competitive market? a. Buyers and sellers are price takers. b. Each firm sells a virtually identical product. c. Entry is limited d. Each firm chooses an output level that maximizes profits. 17. If a...
If a perfectly competitive firm's marginal revenue was less than its marginal cost, u it would raise its price in order to increase its profits. it would decrease output. U it must be currently earning economic losses. both (a) and (c) are true.
Question 5 (1 point) At Stu's barber shop, the marginal product of labor is 12, and the average product of labor is 18. At Jo's barber shop, the marginal product of labor is 14, and the average product of labor is 12. Stu's average product of labor would if he hired another barber. Jo's average product of labor would if he hired another barber. increase; increase increase; decrease decrease; increase decrease; decrease
price is less than the average variable cost and the marginal cost must be falling O marginal cost is greater than marginal revenue. All this is contingent upon the conditions that the price is less than the average total cost and the marginal cost must be falling D Question 12 5 pts The demand curve of a typical firm in monopolistic competition is: O upward-sloping and less-elastic (steeper) than a perfectly competitive firm's demand curve. O downward-sloping and less-elastic than...
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...
A firm's production function is Q = 70L0.6 K0:3. Its marginal product of labor is thus MP2 = 42L-0.4 0.3 and its marginal product of capital is MPK = 21L0.6 K-0.7. a. What returns to scale does this production function exhibit: constant, increasing, or decreasing? Show mathematically. b. Suppose the wage rate is $12 and the rental rate for capital is $48. Show that the firm is not minimizing cost when it employs 40 workers (L) per day and 15...
If a perfectly competitive firm's marginal revenue is greater than its marginal cost, the firm O A. must be making an economic profit O B. will increase its output to increase economic profit. O c. will decrease its output to increase economic profit. OD. cannot increase its economic profit O E. will lower the price.
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