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CH12 - Name Date 1 The marginal product of labor is the...

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Name: __________________________ Date: _____________ 1. The marginal product of labor is the change in: A) labor divided by the change in total product. B) total output divided by the change in the quantity of labor. C) average output divided by the change in the quantity of labor. D) total costs divided by the change in the quantity of labor. Use the following to answer question 2: Figure and Table: Variable, Fixed, and Total Costs 2. (Figure and Table: Variable, Fixed, and Total Costs) In the figure, when 51 bushels of wheat are produced, average fixed cost is ________, average variable cost is ________, and average total cost is ________. Page 1
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Use the following to answer question 3: Figure: A Firm's Cost Curves 3. (Figure: A Firm's Cost Curves) The curve labeled W represents the firm's ________ curve. Page 2
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Use the following to answer question 4: 4. (Table: Costs of Producing Bagels) Marginal cost reaches its minimum value for the ________ bagel. Use the following to answer question 5: Figure: Total Product Page 3
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5. (Figure: Total Product) If after hiring L 2 units of labor, the firm hires more labor, total product will ________ because the marginal product of labor is ________. A) decrease; positive B) increase; positive C) decrease; negative D) increase; negative Use the following to answer question 6: Figure: Change in Total Product 6 . (Figure: Change in Total Product) The figure shows a production function changing from TP 1 to TP 2 . Which of the following choices is a likely cause of this shift? 7. A fixed cost: Page 4
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