Homework Answers
Marginal revenue is the addition made to the total revenue when an additiinal unit of the commodity is sold in the market. As the production increases the total revenue also increases upto a certain limit. The total revenue as ouput increases whenever the marginal revenue is negative. The total revenue is at maximum when the marginal revenue equals zero and when the marginal revenue turns negative the total revenue starts to decrease.
Ans: Marginal revenue is negative.
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QUESTION 1 Total revenue decreases as output increases whenever: a. marginal revenue is negative O b.marginal...
The firm holds a patent and is technologically progressive A. Marginal revenue decreases as average revenue...
The firm holds a patent and is technologically progressive A. Marginal revenue decreases as average revenue decreases B. Marginal revenue is greater than average revenue c. Demand is perfectly price elastic D. Average revenue (or as the output of price) increases the firm increases
If average variable cost is falling with increasing output, then a.marginal cost must be less than...
If average variable cost is falling with increasing output, then a.marginal cost must be less than average variable cost. b.marginal cost must be greater than average variable cost. c.average fixed cost is rising. d.marginal cost must be rising. e,marginal cost must be falling.
Ceteris paribus, when ticket prices fall: Total revenue product increases. Marginal revenue product decreases. Marginal revenue...
Ceteris paribus, when ticket prices fall: Total revenue product increases. Marginal revenue product decreases. Marginal revenue product increases. Marginal revenue product is unaffected.
Cabinets question Diminishing marginal returns occur when: O total product decreases. O each additional unit of...
Cabinets question
Diminishing marginal returns occur when: O total product decreases. O each additional unit of a variable factor adds more to total output than the previous unit. the marginal product of a variable factor is increasing at a decreasing rate. each additional unit of a variable factor adds less to total output than the previous unit. Marginal Product of Labor of Labor Quantity of (workers) Cabinets (cabinets per worker) cost, how many workers would your firm employ? (Table: Production...
Show work pretty please. 30. Average total cost a. b. c. d. e. increases as output...
Show work pretty please.
30. Average total cost a. b. c. d. e. increases as output increases. decreases as output increases. increases if marginal cost is increasing increases if marginal cost is greater than average total cost. both c and d 31. Amonopolist which suffers losses in the short run will continue to operate as long as total revenue covers fixed cost. raise price in order to eliminate losses exit in the long run if there is no plant size...
Question 1 In the short run, as output increases, the difference between average total cost and...
Question 1 In the short run, as output increases, the difference between average total cost and average variable cost decreases. the difference between total cost and average variable cost decreases marginal cost eventually decreases. All of the above are correct. Question 2 The marginal cost curve intersects the at its minimum average variable cost curve average total cost curve average fixed cost curve A and B are both correct. Question 3 Refer to the short-run information provided in Figure 8.5...
QUESTION 40 When a monopolist increases the amount of output that it produces and sells, its...
QUESTION 40 When a monopolist increases the amount of output that it produces and sells, its average revenue a. increases and its marginal revenue increases. b. decreases and its marginal revenue decreases. c. increases and its marginal revenue decreases. d. decreases and its marginal revenue increases.
A firm sets its output where O marginal revenue minus marginal cost is greater than zero....
A firm sets its output where O marginal revenue minus marginal cost is greater than zero. O marginal revenue minus marginal cost is less than zero. O marginal revenue minus marginal cost equals zero. O marginal revenue plus marginal cost equals zero.
18 20,21,22,23 Question 18 2 pts The marginal revenue received by a firm in a perfectly...
18 20,21,22,23
Question 18 2 pts The marginal revenue received by a firm in a perfectly competitive market: O is greater than the market price. O is equal to its average revenue. increases with the quantity of output sold. is less than the market price. Question 20 2 pts An individual firm in a perfectly competitive industry faces a demand curve with O unit elasticity O elasticity greater than zero but less than one. zero elasticity infinite elasticity Question 21...
Question 3 Long-run average total cost (LAC) O a represents the lowest average cost of producing a given level of...
Question 3 Long-run average total cost (LAC) O a represents the lowest average cost of producing a given level of output. b. is always equal to or greater than short-run average total cost. c. can be measured in the short-run. If a firm is producing the level of output at which long-run average cost equals long-run marginal cost, then a long-run marginal cost is at its minimum point b. long run average cost is at its minimum point. c long...
The firm holds a patent and is technologically progressive A. Marginal revenue decreases as average revenue decreases B. Marginal revenue is greater than average revenue c. Demand is perfectly price elastic D. Average revenue (or as the output of price) increases the firm increases
Cabinets question
Diminishing marginal returns occur when: O total product decreases. O each additional unit of a variable factor adds more to total output than the previous unit. the marginal product of a variable factor is increasing at a decreasing rate. each additional unit of a variable factor adds less to total output than the previous unit. Marginal Product of Labor of Labor Quantity of (workers) Cabinets (cabinets per worker) cost, how many workers would your firm employ? (Table: Production...
Show work pretty please.
30. Average total cost a. b. c. d. e. increases as output increases. decreases as output increases. increases if marginal cost is increasing increases if marginal cost is greater than average total cost. both c and d 31. Amonopolist which suffers losses in the short run will continue to operate as long as total revenue covers fixed cost. raise price in order to eliminate losses exit in the long run if there is no plant size...
Question 1 In the short run, as output increases, the difference between average total cost and average variable cost decreases. the difference between total cost and average variable cost decreases marginal cost eventually decreases. All of the above are correct. Question 2 The marginal cost curve intersects the at its minimum average variable cost curve average total cost curve average fixed cost curve A and B are both correct. Question 3 Refer to the short-run information provided in Figure 8.5...
QUESTION 40 When a monopolist increases the amount of output that it produces and sells, its average revenue a. increases and its marginal revenue increases. b. decreases and its marginal revenue decreases. c. increases and its marginal revenue decreases. d. decreases and its marginal revenue increases.
A firm sets its output where O marginal revenue minus marginal cost is greater than zero. O marginal revenue minus marginal cost is less than zero. O marginal revenue minus marginal cost equals zero. O marginal revenue plus marginal cost equals zero.
18 20,21,22,23
Question 18 2 pts The marginal revenue received by a firm in a perfectly competitive market: O is greater than the market price. O is equal to its average revenue. increases with the quantity of output sold. is less than the market price. Question 20 2 pts An individual firm in a perfectly competitive industry faces a demand curve with O unit elasticity O elasticity greater than zero but less than one. zero elasticity infinite elasticity Question 21...
Question 3 Long-run average total cost (LAC) O a represents the lowest average cost of producing a given level of output. b. is always equal to or greater than short-run average total cost. c. can be measured in the short-run. If a firm is producing the level of output at which long-run average cost equals long-run marginal cost, then a long-run marginal cost is at its minimum point b. long run average cost is at its minimum point. c long...
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