As more and more of the _____ input is used, the total product curve increases quickly...
As more and more of the _____ input is used, the total product curve increases quickly at first because _____ product increases and then more slowly because _____.
a. fixed; average; average product decreases
b. variable; average; average product reaches a maximum
c. variable; marginal; marginal product diminishes
d. fixed; marginal; marginal product reaches a maximum
Homework Answers
"C"
As more and more of the "variable" inputs are used, the total product curve increases quickly at first because marginal product increases and then more slowly because marginal product diminishes. The answer is "C".
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As more and more of the _____ input is used, the total product
curve increases quickly...
The inflection point of the total product curve is where: a. the value of the marginal...
The inflection point of the total product curve is where: a. the value of the marginal product is negative. b. the average product equals marginal product. c. the marginal product reaches its maximum or the total product will start to increase at a decreasing rate. d. the marginal rate of technical substitution is equal to one.
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...
Marginal Cost (dollars) Marginal Physical Total Total Product of Variable Fixed Variable Input Fixed Input Input...
Marginal Cost (dollars) Marginal Physical Total Total Product of Variable Fixed Variable Input Fixed Input Input Variable Cost Cost Output (units) (units) (units) (units) (dollars) (dollars) $500 $0 $500 $200 $500 $400 $500 $600 $500 $800 $500 $1000 Refer to Exhibit 21-3. The average variable cost of producing 45 units of output is a. S2.44 (E) b. S1.60. c. $2.00. d. S1.33. e. $13.33.
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...
Diminishing marginal productivity a. means that adding one more unit of the variable input will reduce...
Diminishing marginal productivity a. means that adding one more unit of the variable input will reduce total product. b. occurs when the marginal product curve begins to slope downward c. occurs eventually because each additional unit of the variable unit has, on average, fewer units of the fixed input with which to work. d. both a and c e. both b and c 7. The marginal rate of technical substitution is a. the rate at which the firm can substitute...
QUESTION 15 Which of the following statements about production curves is NOT true? A. Average product...
QUESTION 15 Which of the following statements about production curves is NOT true? A. Average product cannot be negative B. Marginal product cannot be negative C. Total product cannot be negative D. Total product can increase or decrease as more of an input is used QUESTION 16 Last year, your construction company built 25 house using 50 tons of concrete. What is the average product of the concrete input? A. 2 houses per ton B. 0.5 houses per ton C....
QUESTION 1 Suppose that the price of labor, the only variable input used in production, increases from $100 to $120...
QUESTION 1 Suppose that the price of labor, the only variable input used in production, increases from $100 to $120 per day. The effect on costs will be: O a parallel shift in the total cost curve O a parallel shift in the fixed cost curve a parallel shift in the marginal cost curve a shift in total cost by different amounts for different quantities QUESTION 2 Your company produces peanut butter. An increase in the price of peanuts will...
7. The diamond-water paradox is easily resolved once one recognizes that the price of a product...
7. The diamond-water paradox is easily resolved once one recognizes that the price of a product tends to reflect its use value. total value. consumer surplus. marginal value. dodo Which of the following relationships is true? Average variable cost will equal marginal cost when marginal cost is minimized. Average variable cost will equal marginal cost at all relevant level of output. Marginal cost will equal fixed costs when fixed costs are equal to zero. Marginal cost will equal average cost...
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...
Suppose that the price of labor, the only variable input used in production, increases from $100 to $120 per day. The ef...
Suppose that the price of labor, the only variable input used in production, increases from $100 to $120 per day. The effect on costs will be: a parallel shift in the total cost curve a parallel shift in the fixed cost curve a parallel shift in the marginal cost curve a shift in total cost by different amounts for different quantities
Marginal Cost (dollars) Marginal Physical Total Total Product of Variable Fixed Variable Input Fixed Input Input Variable Cost Cost Output (units) (units) (units) (units) (dollars) (dollars) $500 $0 $500 $200 $500 $400 $500 $600 $500 $800 $500 $1000 Refer to Exhibit 21-3. The average variable cost of producing 45 units of output is a. S2.44 (E) b. S1.60. c. $2.00. d. S1.33. e. $13.33.
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 Suppose that the price of labor, the only variable input used in production, increases from $100 to $120 per day. The effect on costs will be: O a parallel shift in the total cost curve O a parallel shift in the fixed cost curve a parallel shift in the marginal cost curve a shift in total cost by different amounts for different quantities QUESTION 2 Your company produces peanut butter. An increase in the price of peanuts will...
7. The diamond-water paradox is easily resolved once one recognizes that the price of a product tends to reflect its use value. total value. consumer surplus. marginal value. dodo Which of the following relationships is true? Average variable cost will equal marginal cost when marginal cost is minimized. Average variable cost will equal marginal cost at all relevant level of output. Marginal cost will equal fixed costs when fixed costs are equal to zero. Marginal cost will equal average cost...
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...
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