# Question 1 3 3 pts a firms product price multiplied

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Question 1 3 / 3 pts A firm’s product price multiplied by the total number of items sold is called total revenue profit explicit cost implicit cost A firm’s total revenue is equal to price multiplied by quantity.
Question 2 3 / 3 pts Labor Output 1 2 0 8
Consider the table above. What is the average product when 4 workers are hired?
Question 3 3 / 3 pts Consider the figure above. Which statement below is true?
Question 4 3 / 3 pts Labor Marginal Product 0 1 2 10 3 13 4 12 5 6 7 8 Dexter’s Dog treats bakery makes dog biscuits in designer flavors. Dexter pays each of his workers the same wage and labor is his only variable cost of production. Production information for Dexter’s firm is shown in the table above. From this information 8 8 7 4 3 we know that Dexter’s average variable cost decreases as output increases from 0 to 12, but increases after that. as output increases from 0 to 43, but increases after that. as output increases from 0 to 51, but increases after that. over all output levels. Recall that AVC = VC/Q. Since labor is the only variable cost, VC = wage * number of laborers.
Incorrect Question 5 0 / 3 pts If a firm wants to take advantage of economies of scale, they might
Incorrect Question 6 0 / 3 pts When a profit maximizing firm makes its labor decision, it hires workers up to the point where