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

Info iconThis preview shows pages 1–6. Sign up to view the full content.

View Full Document Right Arrow Icon
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 ________. A) $7.84; $11.76; $19.60 B) $133.33; $200; $333.33 Page 1
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
C) $400; $600; $1,000 D) $5.33; $13.33; $18.67 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. A) average fixed cost B) average total cost C) average variable cost D) total variable cost Page 2
Background image of page 2
Use the following to answer question 4: 4. (Table: Costs of Producing Bagels) Marginal cost reaches its minimum value for the ________ bagel. A) first B) third C) Fourth MC= Change in TC/Quality D) fifth Use the following to answer question 5: Figure: Total Product Page 3
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
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? A) Workers in the firm are less productive on average. B) The firm employed more of a variable input in the short run. C) The firm has suffered a decrease in available technology. D) The firm employed more of a fixed input in the long run. 7. A fixed cost: A) will exist only in the long run. B) depends on the level of output. C) will be positive, even if the firm doesn't produce any output in the short run. D) decreases after the point of diminishing returns is reached. Page 4
Background image of page 4
8. A firm that is experiencing diminishing returns in management's ability to use and disseminate information as it increases production in the long run is an example of: A) economies of scale. B)
Background image of page 5

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 6
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 16

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

This preview shows document pages 1 - 6. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online