Homework Answers
a) The average product is total product / total quantity , 18 / 3 = 6. the answer is "D".
b) "A"
Firm uses more of the variable input and fixed input are fixed that leads to a lower marginal output.
c) "D"
rent paid on the ten year lease will be considered as fixed cost because that will be paid no matter the firm is producing or not.
d) "A"
it is the sum of all costs that increases as the firm increase the output.
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Question 5 (1 point) Labor Total product (workers per day)| (hats per day) 1 10 18...
Question 1 (1 point) 1. The short run is a period of time in which the...
Question 1 (1 point) 1. The short run is a period of time in which the amount of output is fixed. nothing the firm does can be altered. the quantity of at least one factor of production is fixed. prices and wages are fixed. Question 2 (1 point) 2. When the demand for electricity peaks during the hottest days of summer, Florida Power and Light Company can generate more electricity by using more fuel and increasing the working hours of...
Question 3 (1 point) Saved 3. Which of the following statements is CORRECT? Question 3 options:...
Question 3 (1 point) Saved 3. Which of the following statements is CORRECT? Question 3 options: AFC = ATC + AVC AVC = AFC - ATC ATC = AVC - AFC ATC = AFC + AVC Question 4 (1 point) Saved 4. The above table shows the total product of producing baseball hats. The marginal product of the 4th worker is equal to Question 4 options: 25 baseball hats 6.25 baseball hats 21 baseball hats 7 baseball hats Question 5...
Question 1 1 pts Labor Total product Marginal (workers per day) (units per day) product 2...
Question 1 1 pts Labor Total product Marginal (workers per day) (units per day) product 2 8 12 3 5 In the above table, the marginal product of the second worker is 3 5 Oo oo Question 2 1 pts Labor Total product |(workers per day) (units per day) 0 0 2 Marginal product 0 2 8 3 12 T In the above table, the total product that can be produced with four workers is O 16 Ο Ο Ο...
Labor Total product (workers) (wands per day) 0 0 1 10 25 3 45 4 60...
Labor Total product (workers) (wands per day) 0 0 1 10 25 3 45 4 60 5 70 The table above shows Randy's Wands' short-run production function. Randy hires workers at a wage rate of $120 a day and his total fixed cost is $400/day. a) What is the marginal product of the 3rd worker? b) What is Randy's average fixed cost if 25 wands are produced? What is Randy's average variable cost if 60 wands are produced? c) d)...
Labor Total product (workers) (wands per day) The table above shows Randy's Wands' short-run production function....
Labor Total product (workers) (wands per day) The table above shows Randy's Wands' short-run production function. Randy hires workers at a wage rate of $120 a day and his total fixed cost is $400/day. a) What is the marginal product of the 3rd worker? b) What is Randy's average fixed cost if 25 wands are produced? c) What is Randy's average variable cost if 60 wands are produced? d) What is Randy's marginal cost of producing the 35th wand? e)...
SECTION# NAME PRINT LAST NAME, FIRST NAME Suppose 9 workers can repair 36 television sets per day. If a tenth worker i...
SECTION# NAME PRINT LAST NAME, FIRST NAME Suppose 9 workers can repair 36 television sets per day. If a tenth worker is hired and the each worker repairs, on average, 4 T.V. sets per day when nine workers are hired average product must be rising because the marginal product of the tenth worker 6. total number of repaired T.V. sets increases to 39, then: a. the marginal product of the tenth worker is 3.9 T.V, sets b. is greater than...
Question 5 1 pts One would expect to observe diminishing marginal product of labor when O union workers are told to red...
Question 5 1 pts One would expect to observe diminishing marginal product of labor when O union workers are told to reduce their work effort in preparation for a new round of collective bargaining talks. O workers are discouraged about the lack of help from other workers. O crowded office space reduces the productivity of new workers. O only new workers are trained in using the most productive capital. Question 6 1 pts Diminishing marginal product suggests that the marginal...
(a) Total product 15 - Total product Total product (tons/day) 10 5 0 5 10 Workers...
(a) Total product 15 - Total product Total product (tons/day) 10 5 0 5 10 Workers per day (b) Marginal product 5 - 4 Marginal product (tons/day) 3 Marginal product 1 - 0 THINKOA 10 Refer to Exhibit 7.1, which shows the total product and marginal product produced by a firm. Between three and seven workers, Select one: O a marginal product equals zero and total product is at a maximum. o b. marginal product is negative and total product...
Exhibit 7-5 Output per day Workers per day Total cost $10 50 7. In Exhibit 7-5,...
Exhibit 7-5 Output per day Workers per day Total cost $10 50 7. In Exhibit 7-5, what is fixed cost at 20 units of output? a. $0 c. $30 b. $10 d. it is impossible to calculate fixed cost with the information in the exhibit. 8. In Exhibit 7-5, what are variable costs at 18 units of output? a. $30 d. $20 b. $10 e. $35 c. $1
Question 5 1 pts Case 1. Suppose a coffee shop's only variable input is labor. When...
Question 5 1 pts Case 1. Suppose a coffee shop's only variable input is labor. When 20 workers are hired, the average product of labor is 250 (cups/worker), and the marginal product of the 20th worker is 200 (cups/worker). The price of labor is $200 per worker. The cost of all fixed inputs is $1000. Refer to Case 1. When 20 workers are hired, the marginal cost of coffee is $_per cup. O2 O 0.5 O 0.8 01 Question 6...
Question 1 (1 point) 1. The short run is a period of time in which the amount of output is fixed. nothing the firm does can be altered. the quantity of at least one factor of production is fixed. prices and wages are fixed. Question 2 (1 point) 2. When the demand for electricity peaks during the hottest days of summer, Florida Power and Light Company can generate more electricity by using more fuel and increasing the working hours of...
Question 1 1 pts Labor Total product Marginal (workers per day) (units per day) product 2 8 12 3 5 In the above table, the marginal product of the second worker is 3 5 Oo oo Question 2 1 pts Labor Total product |(workers per day) (units per day) 0 0 2 Marginal product 0 2 8 3 12 T In the above table, the total product that can be produced with four workers is O 16 Ο Ο Ο...
Labor Total product (workers) (wands per day) 0 0 1 10 25 3 45 4 60 5 70 The table above shows Randy's Wands' short-run production function. Randy hires workers at a wage rate of $120 a day and his total fixed cost is $400/day. a) What is the marginal product of the 3rd worker? b) What is Randy's average fixed cost if 25 wands are produced? What is Randy's average variable cost if 60 wands are produced? c) d)...
Labor Total product (workers) (wands per day) The table above shows Randy's Wands' short-run production function. Randy hires workers at a wage rate of $120 a day and his total fixed cost is $400/day. a) What is the marginal product of the 3rd worker? b) What is Randy's average fixed cost if 25 wands are produced? c) What is Randy's average variable cost if 60 wands are produced? d) What is Randy's marginal cost of producing the 35th wand? e)...
SECTION# NAME PRINT LAST NAME, FIRST NAME Suppose 9 workers can repair 36 television sets per day. If a tenth worker is hired and the each worker repairs, on average, 4 T.V. sets per day when nine workers are hired average product must be rising because the marginal product of the tenth worker 6. total number of repaired T.V. sets increases to 39, then: a. the marginal product of the tenth worker is 3.9 T.V, sets b. is greater than...
Question 5 1 pts One would expect to observe diminishing marginal product of labor when O union workers are told to reduce their work effort in preparation for a new round of collective bargaining talks. O workers are discouraged about the lack of help from other workers. O crowded office space reduces the productivity of new workers. O only new workers are trained in using the most productive capital. Question 6 1 pts Diminishing marginal product suggests that the marginal...
(a) Total product 15 - Total product Total product (tons/day) 10 5 0 5 10 Workers per day (b) Marginal product 5 - 4 Marginal product (tons/day) 3 Marginal product 1 - 0 THINKOA 10 Refer to Exhibit 7.1, which shows the total product and marginal product produced by a firm. Between three and seven workers, Select one: O a marginal product equals zero and total product is at a maximum. o b. marginal product is negative and total product...
Exhibit 7-5 Output per day Workers per day Total cost $10 50 7. In Exhibit 7-5, what is fixed cost at 20 units of output? a. $0 c. $30 b. $10 d. it is impossible to calculate fixed cost with the information in the exhibit. 8. In Exhibit 7-5, what are variable costs at 18 units of output? a. $30 d. $20 b. $10 e. $35 c. $1
Question 5 1 pts Case 1. Suppose a coffee shop's only variable input is labor. When 20 workers are hired, the average product of labor is 250 (cups/worker), and the marginal product of the 20th worker is 200 (cups/worker). The price of labor is $200 per worker. The cost of all fixed inputs is $1000. Refer to Case 1. When 20 workers are hired, the marginal cost of coffee is $_per cup. O2 O 0.5 O 0.8 01 Question 6...
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