Chapt20 - Chapter 20 Homework 1. Costs to an economist: A....

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Chapter 20 Homework 1. Costs to an economist: A. consist only of explicit costs. B. may or may not involve monetary outlays. C. never reflect monetary outlays. D. always reflect monetary outlays. 2. Which of the following is a short-run adjustment? A. A local bakery hires two additional bakers. B. Six new firms enter the plastics industry. C. The number of farms in the United States declines by 5 percent. D. BMW constructs a new assembly plant in South Carolina. 3. The first, second, and third workers employed by a firm add 24, 18, and 9 units to total product respectively. Therefore, the: A. marginal product of the third worker is 9. B. total product of the three workers is 54. C. average product of the three workers is 18. D. marginal product of the second worker is 24. Answer the next question(s) on the basis of the following output data for a firm. Assume that the amounts of all non-labor resources are fixed. 4. Refer to the above data. Average product is at a
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Chapt20 - Chapter 20 Homework 1. Costs to an economist: A....

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