Quiz 4.3 - Quiz 4.3 Submitted by dson1 on 4/2/2009 10:25:02...

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Quiz 4.3 Submitted by dson1 on 4/2/2009 10:25:02 AM -------------------------------------------------------------------------------- Points Awarded 10 Points Missed 0 Percentage 100% 1. Marginal cost A. equals the slope of the variable cost curve. B. is calculated as the change in variable cost divided by the change in output. C. is the increase in variable cost resulting from a one-unit increase in output. D. All of the answers above are correct. Points Earned: 1/1 Your Response: D 2. The formula for marginal cost is the A. change in variable costs divided by the change in the number of workers. B. change in variable cost divided by total product. C. change in variable cost divided by the change in total product. D. change in variable cost divided by the number of workers. Points Earned: 1/1 Your Response: C 3. Marginal cost is constant as long as A. the wage rate is constant. B. the wage rate and marginal product of each worker are constant. C. total product is constant. D. the wage rate and the total product are constant. Points Earned: 1/1 Your Response: B 4. This firm has a wage of $100 per worker. According to the following output schedule, the marginal cost when the firm is producing 15 units of output is Labor Output 1 5 2 15 3 20 4 24 A. $6.67. B. $100. C. $10. D. $20. Points Earned: 1/1 Your Response: C
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5. When marginal cost is rising, marginal product is A. rising. B. unchanged. C. negative. D. falling. Points Earned: 1/1 Your Response: D 6. The relationship between marginal cost and marginal product is A. MC = MP/w B. MC = 1/MP C. MC = (w)(MP) D. MC = w/MP Points Earned: 1/1 Your Response: D 7. When there is congestion of the fixed inputs, the marginal cost is A. unaffected. B. increasing. C. decreasing. D. zero. Points Earned: 1/1 Your Response: B 8. Based on the following marginal cost curve, A. teamwork and specialization are maximized at 50 units of output. B. this firm does not experience congestion of teh fixed inputs. C. marginal productivity is minimized at 50 units of output. D. teamwork and specialization begin to take effect after 50 units of output. Points Earned: 1/1 Your Response: A 9. Based on the following variable cost curve, the marginal cost of the fifth unit of output is A. $40. B. $8. C. $5. D. $1. Points Earned: 1/1 Your Response: C 10. When marginal cost is decreasing, variable costs are
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A. decreasing. B. decreasing at an increasing rate. C. increasing at an increasing rate. D. increasing at a decreasing rate.
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This note was uploaded on 06/18/2011 for the course ECON 101 taught by Professor Vicek during the Spring '11 term at Parkland.

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Quiz 4.3 - Quiz 4.3 Submitted by dson1 on 4/2/2009 10:25:02...

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