Homework Answers
Answer-15 The correct option is d.) Graph -d
When the price of good y decreases, the Y-intercept increases thus a pivot in budget line.
Answer-16 The correct option is c.) the value of the business owner's time.
Answer-17 The correct option is c.) Maximize its profit.
Answer-18 The correct option is b.) 3
Diminishing marginal product start from 3rd number of worker. Marginal product of 1st worker is 40, 2nd is 45 and for 3rd worker its 40. This is the point from where diminishing marginal product begins.
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Refer to Figure 21-3. Which of the graphs in the figure reflects a decrease in the...
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...
tab Labor Total Product MP AP 12 21 31 40 48 54 57 57 54 17...
tab Labor Total Product MP AP 12 21 31 40 48 54 57 57 54 17 6 9 7 7.75 10 6 7 6 7.71 7.12 6.33 54 3 10 -3 63. (Figure: Determining Marginal Returns) Referring to both the table and the figure, if a tenth worker is added, this leads to: A) increasing marginal returns. C) constant marginal returns. B) diminishing marginal returns. D) negative marginal returns. 64. The assumed goal of any firm is to: A) minimize...
7-10 D) An explicit cost is more important, dollar for dollar, than an implicit cost. Figure...
7-10
D) An explicit cost is more important, dollar for dollar, than an implicit cost. Figure 11-1 Total Product 75 68 57 42 15 0 2 3 45 67 8Labor (units) 7) Refer to Figure 11-1. The marginal product of the 7th worker is D)-2 A) 66 8) 9.43 C) 2 8) Refer to Figure 11-1. The average product of the 4th worker B) is 17 D) cannot be determined. A) is 68. C) is 11 Figure 11-2 Output per...
Question 6 S L 1 pts Table 13-5 Number of Output Workers 0 0 1 1 ,000 2 2 ,000 S32,700 4 3 ,200 5 3 ,500 6 3 ,600...
Question 6 S L 1 pts Table 13-5 Number of Output Workers 0 0 1 1 ,000 2 2 ,000 S32,700 4 3 ,200 5 3 ,500 6 3 ,600 Refer to Table 13-5. Assume that fixed costs are $500, and variable costs are $100 per worker. For this firm, what are the shapes of the production function and the total cost curve? The production function is increasing at a decreasing rate, whereas the total cost function is increasing at...
Number of law mowed per day Number of employees Figure 8.1 36) Refer to Figure 8.1....
Number of law mowed per day Number of employees Figure 8.1 36) Refer to Figure 8.1. The marginal product of the second worker is A) 4 B) 5 0955 Lawn mowed D) 11 Number of Workers) Total Output Table 8.3 37) Refer to Table 8.3. If the firm hires even workers, then A) marginal product is less than one. B) marginal product is negative. total product is negative. D) marginal product is equal to three 38) Refer to Table 8.3....
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...
1) 2) A) A horizontal straight line B) An upward–sloping curve that increases at a constant...
1)
2)
A) A horizontal straight line
B) An upward–sloping curve that increases at a constant rate
C) An upward–sloping curve that increases at an increasing
rate
D) An upward–sloping curve that increases at a decreasing
rate
3)
A) 0
B) 300
C) 150
D) 75
4)Forgone interest payments when the money is
invested in one's business are an __________ of capital.
Use letters in alphabetical order to select options
A) Opportunity cost
B) Accounting cost
C) Accepted cost.
D)...
what is the total number of atoms in molecules reacting b. times total cost. c. minus...
what is the total number of atoms in molecules reacting
b. times total cost. c. minus total cost. d. divided by total cost. 4. A firm's opportunity costs of production are equal to its a. explicit costs only b. implicit costs only. c. explicit costs+ implicit costs. d. explicit costs + implicit costs+ total revenue. 5. Explicit costs a. require an outlay of money by the firm. b. include all of the firm's opportunity costs. c. include the value of...
17. Refer to Table 13-2. At which number of workers does diminishing marginal product begin? ooo...
17. Refer to Table 13-2. At which number of workers does diminishing marginal product begin? ooo Table 13-2 Number of Workers Output 0 1 2 3 50 110 180 260 330 14. Assume a certain firm regards the number of workers it employs as variable, and that it regards the size of its factory as fixed. This assumption is often realistic a. in the short run, but not in the long run. b. in the long run, but not in...
Number of Total Marginal Workers Output Product 300 500 600 650 4 1) Refer to the...
Number of Total Marginal Workers Output Product 300 500 600 650 4 1) Refer to the above table. Fill in the final column (4 points). 2) Refer to the above table. At which number of workers does diminishing marginal product begin? (3 points) A. 2 B. 1 C. 3 D. 4
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...
tab Labor Total Product MP AP 12 21 31 40 48 54 57 57 54 17 6 9 7 7.75 10 6 7 6 7.71 7.12 6.33 54 3 10 -3 63. (Figure: Determining Marginal Returns) Referring to both the table and the figure, if a tenth worker is added, this leads to: A) increasing marginal returns. C) constant marginal returns. B) diminishing marginal returns. D) negative marginal returns. 64. The assumed goal of any firm is to: A) minimize...
7-10
D) An explicit cost is more important, dollar for dollar, than an implicit cost. Figure 11-1 Total Product 75 68 57 42 15 0 2 3 45 67 8Labor (units) 7) Refer to Figure 11-1. The marginal product of the 7th worker is D)-2 A) 66 8) 9.43 C) 2 8) Refer to Figure 11-1. The average product of the 4th worker B) is 17 D) cannot be determined. A) is 68. C) is 11 Figure 11-2 Output per...
Question 6 S L 1 pts Table 13-5 Number of Output Workers 0 0 1 1 ,000 2 2 ,000 S32,700 4 3 ,200 5 3 ,500 6 3 ,600 Refer to Table 13-5. Assume that fixed costs are $500, and variable costs are $100 per worker. For this firm, what are the shapes of the production function and the total cost curve? The production function is increasing at a decreasing rate, whereas the total cost function is increasing at...
Number of law mowed per day Number of employees Figure 8.1 36) Refer to Figure 8.1. The marginal product of the second worker is A) 4 B) 5 0955 Lawn mowed D) 11 Number of Workers) Total Output Table 8.3 37) Refer to Table 8.3. If the firm hires even workers, then A) marginal product is less than one. B) marginal product is negative. total product is negative. D) marginal product is equal to three 38) Refer to Table 8.3....
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...
1)
2)
A) A horizontal straight line
B) An upward–sloping curve that increases at a constant rate
C) An upward–sloping curve that increases at an increasing
rate
D) An upward–sloping curve that increases at a decreasing
rate
3)
A) 0
B) 300
C) 150
D) 75
4)Forgone interest payments when the money is
invested in one's business are an __________ of capital.
Use letters in alphabetical order to select options
A) Opportunity cost
B) Accounting cost
C) Accepted cost.
D)...
what is the total number of atoms in molecules reacting
b. times total cost. c. minus total cost. d. divided by total cost. 4. A firm's opportunity costs of production are equal to its a. explicit costs only b. implicit costs only. c. explicit costs+ implicit costs. d. explicit costs + implicit costs+ total revenue. 5. Explicit costs a. require an outlay of money by the firm. b. include all of the firm's opportunity costs. c. include the value of...
17. Refer to Table 13-2. At which number of workers does diminishing marginal product begin? ooo Table 13-2 Number of Workers Output 0 1 2 3 50 110 180 260 330 14. Assume a certain firm regards the number of workers it employs as variable, and that it regards the size of its factory as fixed. This assumption is often realistic a. in the short run, but not in the long run. b. in the long run, but not in...
Number of Total Marginal Workers Output Product 300 500 600 650 4 1) Refer to the above table. Fill in the final column (4 points). 2) Refer to the above table. At which number of workers does diminishing marginal product begin? (3 points) A. 2 B. 1 C. 3 D. 4
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