Table 13-5
Number of |
Output |
0 |
0 |
1 |
1,000 |
2 |
2,000 |
3 |
2,700 |
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?
Group of answer choices
Both the production function and total-cost curve are increasing at a decreasing rate.
The production function is increasing at an increasing rate, whereas the total-cost function is increasing at a decreasing rate.
Both the production function and total-cost curve are increasing at an increasing rate.
The production function is increasing at a decreasing rate, whereas the total-cost function is increasing at an increasing rate.
W | Q | FC | VC | TC |
0 | 0 | 500 | 0 | 500 |
1 | 1000 | 500 | 100 | 600 |
2 | 2000 | 500 | 200 | 700 |
3 | 2700 | 500 | 300 | 800 |
4 | 3200 | 500 | 400 | 900 |
5 | 3500 | 500 | 500 | 1000 |
6 | 3600 | 500 | 600 | 1100 |
The production function is increasing at a decreasing rate, whereas the total-cost function is increasing at an increasing rate.
Table 13-5 Number of Workers Output 0 0 1 1,000 2 2,000 3 2,700 4 3,200 5 3,50...
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...
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...
Table 13-1 Number of Workers Total Output Marginal Product 0 0 -- 1 30 2 40 3 50 4 40 5 30 Refer to Table 13-1. What is total output when 5 workers are hired? Group of answer choices 160 -10 190 120
Figure 13-2 The figure depicts a total cost function for a firm that produces cookies. Total Cost Quantity of Output (# of cookies) Refer to Figure 13-2. What does the changing slope of the total-cost curve reflect? decreasing average variable cost decreasing average total cost decreasing marginal product O decreasing marginal cost The figure depicts a total cost function for a firm that produces cookies. Total Cost Quantity of Output (# of cookies) Refer to Figure 13-2. What is the...
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)...
Table 13-2 Number of Total Marginal Workers Output Product 300 500 600 1650 Refer to Table 13-2. What is the marginal product of the second worker? O 300 units. 50 units. 100 units. 200 units.
Table 13-7 2 Number of Workers Total Output 0 Marginal Product 40 85 125 35 30 215 Refer to Table 13-7. What is the marginal product of the third worker? a. 45 O b. 125 О с. 40 O d. 85
Table 13-7 2 Number of Workers Total Output 0 Marginal Product 40 85 125 35 30 215 Refer to Table 13-7. What is the marginal product of the third worker? a. 45 O b. 125 О с. 40 O...
Table 13-3 Number of Workers Output Fixed Cost Variable Cost Total Cost 0 0 $50 $0 $50 1 90 $50 $20 $70 2 170 $50 $40 $90 3 230 $50 $60 $110 4 240 $50 $80 $130 Refer to Table 13-3. If the firm can sell its output for $1 per unit, what is the profit-maximizing level of output? a. 170 units b. 190 units c. 240 units d. 230 units
Exhibit 6-1 Production of pizza data Workers Pizzas 0 0 1 4 2 10 3 15 4 18 5 19 Exhibit 6-1 shows the change in the short-run production of pizzas as more workers are hired. The table shows the marginal product of the labor input is decreasing with the hiring of the third worker. A possible reason for this diminishing marginal product is: a. increased division of labor as additional workers are hired. b. increases in plant size. c....
Question 17 (1 point) Table 13-1 Number of Workers Total Output Marginal Product x Refer to Table 13-1. What is total output when 5 workers are hired? O b) 185 O O c) 10 O O O d) 225