____53.Tom’s Tent Company has total fixed costs of $300,000 per year. The firm's average variable cost is $80 for 10,000 tents. At that level of output, the firm's average total costs equal
____54.As Bubba's Bubble Gum Company adds workers while using the same amount of machinery, some workers may be underutilized because they have little work to do while waiting in line to use the machinery. When this occurs, Bubba’s Bubble Gum Company encounters
____55.Which of the following is an example of an implicit cost?
____56.Eldin is a house painter. He can paint three houses per week. He is considering hiring his friend Murphy. Together, Eldin and Murphy can paint five houses per week. What is Murphy’s marginal product?a.2 housesb.3 housesc.5 housesd.8 houses
____57.In the short run, a firm incurs fixed costs
____58.A firm produces 400 units of output at a total cost of $1,200. If fixed costs are $200,
Scenario 13-15Farmer Jack is a watermelon farmer. If Jack plants no seeds on his farm, he gets no harvest. If he plants 1 bag of seeds, he gets 30 watermelons. If he plants 2 bags of seeds, he gets 50 watermelons. If he plants 3 bags of seeds he gets 60 watermelons. A bag of seeds costs $100, and the costs of seeds are his only costs.____59.Refer to Scenario 13-15. What is the shape of Farmer Jack’s marginal cost curve?