xcquiz2-0301

xcquiz2-0301 - cost? a. $3 b. $8 c. $0.33 d. $ 16 4. For a...

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
ECON 251-0301 Extra Credit Quiz #2 (October 18, 2007) 1. Based on the table of short-run production below, what is the marginal product of the 4 th worker? L Q 0 0 1 24 a. 42 2 35 b. 35 3 42 c. 7 4 48 d. 6 5 50 6 50 2. If each unit of labor is paid $6, what is the total variable cost of producing 42 units of output, based on the table above? a. $5 b. $15 c. $40 d. $ 18 3. If the average variable cost is $8 and the average total cost is $24, what is the average fixed
Background image of page 1
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: cost? a. $3 b. $8 c. $0.33 d. $ 16 4. For a normal good, the income and substitution effects a. move in different directions b. move in the same direction c. offset one another d. have no impact on the quantity demanded 5. Homework #___ is due Monday, October 22. a. 8 b. 10 c. 11 d. 12...
View Full Document

Ask a homework question - tutors are online