4dfmbNLI54e1wproblemsetch12

4dfmbNLI54e1wproblemsetch12 - Econ 231- Chapter 12 Cost of...

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Econ 231--- Chapter 12 Cost of Production 1.Suppose a certain firm is able to produce 165 units of output per day when 15 workers are hired. The firm is able to produce 176 units of output per day when 16 workers are hired (holding other inputs fixed). Then the marginal product of the 16th worker is a. 10 units of output. b.11 units of output. c. 16 units of output. d.176 units of output. ANS: B Table 12-1 Number of Workers Total Output Marginal Product 0 0 -- 1 30 2 40 3 50 4 40 5 30 2. Refer to Table 12-1 . What is total output when 4 workers are hired? a. 30 b.40 c. 120 d.160 ANS: D Table 12-2 Number of Workers Output 0 0 1 50 2 110 3 180 4 260 5 330
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3. Refer to Table 12-2 . What is the marginal product of the fourth worker? a. 65 b.70 c. 75 d.80 ANS: D Table 12-3 Number of Workers Number of Machines Output (corks produced per hour) Marginal Product of Labor Cost of Workers Cost of Machines Total Cost 1 2 5 2 2 10 3 2 20 4 2 35 5 2 55 6 2 70 7 2 80 4. Refer to Table 12-3 . Each worker at Gallo's cork factory costs $12 per hour. The cost of
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4dfmbNLI54e1wproblemsetch12 - Econ 231- Chapter 12 Cost of...

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