Homework Answers
1. A parallel shift in total cost curve (the total cost curve will move up because of increase in variable cost)
2. Marginal cost will rise (as input cost increases)
3. Does not vary with the level of output (and it cannot be recovered)
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QUESTION 1 Suppose that the price of labor, the only variable input used in production, increases from $100 to $120...
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
please answer in an A, B, C, D format. Thank you. 3120 per day. The effect...
please answer in an A, B, C, D format. Thank you.
3120 per day. The effect on couts will be QUESTION 1 Suppose that the price of labor, the only variable input used in production, increases from 1100 a parallel shift in the total cost ourve parallels in the feed cost curve a parallel hit in the marginal cost curve a shift in total cost byderent amounts for different quantes QUESTION 2 Your company produces peanut butter. An increase in...
Your company produces peanut butter. An increase in the price of peanuts will cause the firm...
Your company produces peanut butter. An increase in the price of peanuts will cause the firm to lower its output because fixed costs will rise marginal cost will rise the price of peanut butter will fall marginal revenue will fall
EDUSTESSCOUISE Question 1 Incorrect Mark 0.00 out of 1.00 P Flag question Appropriate Transfer Prices: Opportunity...
EDUSTESSCOUISE Question 1 Incorrect Mark 0.00 out of 1.00 P Flag question Appropriate Transfer Prices: Opportunity Costs Plains Peanut Butter Company recently acquired a peanut-processing company that has a normal annual capacity of 4,000,000 pounds and that sold 2,900,000 pounds last year at a price of $2.00 per pound. The purpose of the acquisition is to furnish peanuts for the peanut butter plant, which needs 1,500,000 pounds of peanuts per year. It has been purchasing peanuts from suppliers at the...
1.Suppose that good ABC is a neutral good for Leah. If Leah's income rises, then the...
1.Suppose that good ABC is a neutral good for Leah. If Leah's income rises, then the result will be that Leah's demand curve for good ABC will a.shift rightward. b.shift leftward. c.not shift at all. d.shift rightward immediately and then shift leftward. ( I chose option A) 2. Which of the following illustrates the law of supply? a.Company ABC increases the quantity supplied of its product as the price of that product rises. b.Company ABC decreases the quantity supplied of...
Fixed costs if sales and production output rises substantially. fall O do not change Question 8...
Fixed costs if sales and production output rises substantially. fall O do not change Question 8 The production costs of raw material and labor are properly called variable costs O total costs Omarginal costs Question 9 Computing the change in total costs between two levels of output and dividing that number by the corresponding change in output quantity gives us a numbe called: 0 T tal Average Cost OTotal Variable Cost Marginal Fixed Cost Manginal co e畚白 8% 3 4...
Suppose that a firm's only variable input is labor. The firm increases the number of employees...
Suppose that a firm's only variable input is labor. The firm increases the number of employees from four to five, thereby causing weekly output to rise by three units and total costs to increase from $3,300 per week to $3,600 per week. What is the marginal product of the fifth worker units. (Your answer should be a whole number.)
O. LULCI LADILOILUSI Uly. 2.00 O b. price of labor per unit multiplied by the number...
O. LULCI LADILOILUSI Uly. 2.00 O b. price of labor per unit multiplied by the number of la Flag question O units. c. total fixed cost plus total variable cost. d. the sum of marginal cost and total variable cost. Average fixed costs will Question 5 Not yet answered Points out of 2.00 P Flag Select one: a. rise as output rises. O b. rise then fall as output rises. C. fall then rise as output rises. d. fall as...
Question 17 1 pts Ma Baensch's pickled herring factory has variable costs of $500 for 500...
Question 17 1 pts Ma Baensch's pickled herring factory has variable costs of $500 for 500 jars and variable costs of $505 for 501 jars. The marginal cost of the 501st jar is: $503 Unknown because we do not know fixed costs. O $3 $5 Question 18 1 pts Sam, a cost analyst for Jiffy, observes that when they are producing 800 jars of peanut butter an hour, their marginal cost is 53 cents ($0.53) and their average variable cost...
Suppose that for a particular firm the only variable input into the production process is labor...
Suppose that for a particular firm the only variable input into the production process is labor and that output equals zero when no workers are hired. In addition, suppose that when the firm hires 2 workers, the total cost of production is $2,000. When the firm hires a total of3 workers, the total cost of production is $2,500. In addition, assume that the variable cost per unit of labor is the same regardless of the number of units of labor...
please answer in an A, B, C, D format. Thank you.
3120 per day. The effect on couts will be QUESTION 1 Suppose that the price of labor, the only variable input used in production, increases from 1100 a parallel shift in the total cost ourve parallels in the feed cost curve a parallel hit in the marginal cost curve a shift in total cost byderent amounts for different quantes QUESTION 2 Your company produces peanut butter. An increase in...
EDUSTESSCOUISE Question 1 Incorrect Mark 0.00 out of 1.00 P Flag question Appropriate Transfer Prices: Opportunity Costs Plains Peanut Butter Company recently acquired a peanut-processing company that has a normal annual capacity of 4,000,000 pounds and that sold 2,900,000 pounds last year at a price of $2.00 per pound. The purpose of the acquisition is to furnish peanuts for the peanut butter plant, which needs 1,500,000 pounds of peanuts per year. It has been purchasing peanuts from suppliers at the...
Fixed costs if sales and production output rises substantially. fall O do not change Question 8 The production costs of raw material and labor are properly called variable costs O total costs Omarginal costs Question 9 Computing the change in total costs between two levels of output and dividing that number by the corresponding change in output quantity gives us a numbe called: 0 T tal Average Cost OTotal Variable Cost Marginal Fixed Cost Manginal co e畚白 8% 3 4...
Suppose that a firm's only variable input is labor. The firm increases the number of employees from four to five, thereby causing weekly output to rise by three units and total costs to increase from $3,300 per week to $3,600 per week. What is the marginal product of the fifth worker units. (Your answer should be a whole number.)
O. LULCI LADILOILUSI Uly. 2.00 O b. price of labor per unit multiplied by the number of la Flag question O units. c. total fixed cost plus total variable cost. d. the sum of marginal cost and total variable cost. Average fixed costs will Question 5 Not yet answered Points out of 2.00 P Flag Select one: a. rise as output rises. O b. rise then fall as output rises. C. fall then rise as output rises. d. fall as...
Question 17 1 pts Ma Baensch's pickled herring factory has variable costs of $500 for 500 jars and variable costs of $505 for 501 jars. The marginal cost of the 501st jar is: $503 Unknown because we do not know fixed costs. O $3 $5 Question 18 1 pts Sam, a cost analyst for Jiffy, observes that when they are producing 800 jars of peanut butter an hour, their marginal cost is 53 cents ($0.53) and their average variable cost...
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