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Question 12.5 out of 2.5 pointsFigure 11-1Refer to Figure 11-1. The marginalproduct of the 3rd worker isSelected Answer:15.Question 22.5 out of 2.5 pointsMaximizing the level of output for a given total cost of productionSelected Answer:Question 32.5 out of 2.5 pointsFigure 11-9Refer to Figure 11-9. What is the combination of inputs that produces 200 gooseberry pies at the lowest cost?Selected Answer:Question 42.5 out of 2.5 pointsThe change in a firm's total cost from producing one more unit of a good or service isSelected Answer:
Question 52.5 out of 2.5 pointsAverage total cost is equal toSelected Answer:Question 62.5 out of 2.5 pointsIf a firm's long-run average total curve shows that it can produce 5,000 DVDs at an average cost of $2.00 and 15,000 DVDs at an average cost of $1.50 this is evidence ofSelected Answer:economies of scale.Question 72.5 out of 2.5 pointsWhich of the following statements correctly describes the distinction between technology andtechnological change?Selected Answer:Question 82.5 out of 2.5 pointsAn isocost line showsSelected Answer:Question 92.5 out of 2.5 pointsAn isocost line shows
Selected Answer:Question 102.5 out of 2.5 pointsAn expansion path showsSelected Answer:Question 112.5 out of 2.5 pointsTable 11-3Quantity ofLanterns 75 80 90100115117120Table 11-3 shows cost data for LotusLanterns, a producer of whimsical night lights.Refer to Table 11-3. What is the variable cost of production when the firm produces 115 lanterns?
Selected Answer:$1,157Question 122.5 out of 2.5 pointsIf a producer is not able to expand its plant capacity immediately, it isSelected Answer:Question 132.5 out of 2.5 pointsMarginal cost is theSelected Answer:Question 142.5 out of 2.5 pointsFigure 11-9Refer to Figure 11-9.