Homework Answers
31) C. An efficient scale is at a point where average total cost is minimized.
32)C. Marginal Product and marginal cost always move in opposite direction. Thus when marginal product is negative, marginal cost will be rising.
33)B. Diminishing marginal product means marginal cost increases and is upward sloping
34)C. Efficient scale is when average total cost reaches minimum.
35)A. AFC decrease as more quantity is produced. AFC=TFC/Q
36)B. AC=AVC+AFC. AFC is larger when small number of quantity is produced
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QUESTION 31 An efficient scale of the firm is the quantity of output that maximizes marginal product maximizes pro...
Question Completion Status: QUESTION 31 An efficient scale of the firm is the quantity of output...
Question Completion Status: QUESTION 31 An efficient scale of the firm is the quantity of output that maximizes marginal product • maximizes profit minimizes average total cost • minimizes average variable cost QUESTION 32 If marginal cost is rising - average variable cost must be falling average fixed cost must be rising marginal product must be falling • marginal product must be rising QUESTION 33 Diminishing marginal product suggests that additional units of output beccome less costly as more output...
QUESTION 34 The efficient scale of the firm is the quantity of output that o maximizes...
QUESTION 34 The efficient scale of the firm is the quantity of output that o maximizes marginal product maximizes profit minimizes average total cost O minimizes average variable cost am QUESTION 35 The average fixed cost curve o always declines with increased levels of output O always rises with increased levels of output is flat with respect to output declines as long as marginal cost is going down
QUESTION 31 An efficient scale of the firm is the quantity of output that maximizes marginal product maximizes prof...
QUESTION 31 An efficient scale of the firm is the quantity of output that maximizes marginal product maximizes profit minimizes average total cost minimizes average variable cost QUESTION 32
QUESTION 26 2 points As tax laws become more complex compliance costs are likely to decrease...
QUESTION 26 2 points As tax laws become more complex compliance costs are likely to decrease the government will collect more tax revenue tax evasion and avoidance will decrease the administrative burden of taxes will increase An efficient scale of the firm is the quantity of output that maximizes marginal product maximizes profit minimizes average total cost minimizes average variable cost QUESTION 32 2 points if marginal cost is rising average variable cost must be falling average fored cost must...
20. Refer to Table 13-3. Gallo's cork factory experiences diminishing marginal product of labor with the additio...
20. Refer to Table 13-3. Gallo's cork factory experiences diminishing marginal product of labor with the addition of which worker? a. The third worker. b. The fourth worker. c. The fifth worker. d. The sixth worker. Average total cost equals a. 21. change in total costs divided by quantity produced. b. change in total costs divided by change in quantity produced. (fixed costs+ variable costs) divided by quantity produced. c. d. (fixed costs + variable costs) divided by change in...
QUESTION 32 If marginal cost is rising average variable cost must be falling average fixed cost...
QUESTION 32 If marginal cost is rising average variable cost must be falling average fixed cost must be rising marginal product must be falling marginal product must be rising QUESTION 33 Diminishing marginal product suggests that additional units of output beccome less costly as more output is produced marginal cost is upward sloping the firm is at full capacity adding additional workers willl lower total cost
These two question please Question 8 (1 point) When do constant returns to scale occur? when...
These two question please
Question 8 (1 point) When do constant returns to scale occur? when long-run total costs are constant as output increases when long-run average total costs are constant as output increases when the firm's long-run average-cost curve is falling as output increases when the firm's long-run average-cost curve is rising as output increases Figure 13-4 The curves in this figure reflect information about the average total cost, average fixed cost, average variable cost, and marginal cost for...
22. Which of the following is true for a firm that enjoys economies of scale? a. Marginal cost is increasing as output i...
22. Which of the following is true for a firm that enjoys economies of scale? a. Marginal cost is increasing as output increases. b. Average total cost is falling as output increases. c. Marginal cost is constant as output increases. d. Marginal revenue is falling as output increases. 23. The figure below shows short-run average total cost curves for a firm under four different production technologies. Assume that there are only four different technologies that the firm could use. Refer...
14. Refer to Figure 13-8. Which of the following statements is correct? a. Marginal cost is...
14. Refer to Figure 13-8. Which of the following statements is correct? a. Marginal cost is rising for quantities higher than D because marginal cost is higher than average total cost. b. Average variable cost is declining for quantities less than B because marginal cost is lower than average variable cost. c. Marginal cost is minimized at B because at that quantity, marginal cost equals average variable cost. d. All of the above are correct. 15. When marginal cost is...
15. When marginal cost is less than average total cost, a. marginal cost must be falling....
15. When marginal cost is less than average total cost, a. marginal cost must be falling. b. average variable cost must be falling. c. average total cost is falling. d. average total cost is rising. 16. Which of the following is not a characteristic of a competitive market? a. Buyers and sellers are price takers. b. Each firm sells a virtually identical product. c. Entry is limited d. Each firm chooses an output level that maximizes profits. 17. If a...
Question Completion Status: QUESTION 31 An efficient scale of the firm is the quantity of output that maximizes marginal product • maximizes profit minimizes average total cost • minimizes average variable cost QUESTION 32 If marginal cost is rising - average variable cost must be falling average fixed cost must be rising marginal product must be falling • marginal product must be rising QUESTION 33 Diminishing marginal product suggests that additional units of output beccome less costly as more output...
QUESTION 34 The efficient scale of the firm is the quantity of output that o maximizes marginal product maximizes profit minimizes average total cost O minimizes average variable cost am QUESTION 35 The average fixed cost curve o always declines with increased levels of output O always rises with increased levels of output is flat with respect to output declines as long as marginal cost is going down
QUESTION 31 An efficient scale of the firm is the quantity of output that maximizes marginal product maximizes profit minimizes average total cost minimizes average variable cost QUESTION 32
QUESTION 26 2 points As tax laws become more complex compliance costs are likely to decrease the government will collect more tax revenue tax evasion and avoidance will decrease the administrative burden of taxes will increase An efficient scale of the firm is the quantity of output that maximizes marginal product maximizes profit minimizes average total cost minimizes average variable cost QUESTION 32 2 points if marginal cost is rising average variable cost must be falling average fored cost must...
20. Refer to Table 13-3. Gallo's cork factory experiences diminishing marginal product of labor with the addition of which worker? a. The third worker. b. The fourth worker. c. The fifth worker. d. The sixth worker. Average total cost equals a. 21. change in total costs divided by quantity produced. b. change in total costs divided by change in quantity produced. (fixed costs+ variable costs) divided by quantity produced. c. d. (fixed costs + variable costs) divided by change in...
QUESTION 32 If marginal cost is rising average variable cost must be falling average fixed cost must be rising marginal product must be falling marginal product must be rising QUESTION 33 Diminishing marginal product suggests that additional units of output beccome less costly as more output is produced marginal cost is upward sloping the firm is at full capacity adding additional workers willl lower total cost
These two question please
Question 8 (1 point) When do constant returns to scale occur? when long-run total costs are constant as output increases when long-run average total costs are constant as output increases when the firm's long-run average-cost curve is falling as output increases when the firm's long-run average-cost curve is rising as output increases Figure 13-4 The curves in this figure reflect information about the average total cost, average fixed cost, average variable cost, and marginal cost for...
14. Refer to Figure 13-8. Which of the following statements is correct? a. Marginal cost is rising for quantities higher than D because marginal cost is higher than average total cost. b. Average variable cost is declining for quantities less than B because marginal cost is lower than average variable cost. c. Marginal cost is minimized at B because at that quantity, marginal cost equals average variable cost. d. All of the above are correct. 15. When marginal cost is...
15. When marginal cost is less than average total cost, a. marginal cost must be falling. b. average variable cost must be falling. c. average total cost is falling. d. average total cost is rising. 16. Which of the following is not a characteristic of a competitive market? a. Buyers and sellers are price takers. b. Each firm sells a virtually identical product. c. Entry is limited d. Each firm chooses an output level that maximizes profits. 17. If a...
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