 # The following data show the total output for a firm

• 20
• 100% (1) 1 out of 1 people found this document helpful

Course Hero uses AI to attempt to automatically extract content from documents to surface to you and others so you can study better, e.g., in search results, to enrich docs, and more. This preview shows page 10 - 13 out of 20 pages.

1.The following data show the total output for a firm when specified amounts of labourare combined with a fixed amount of capital. When answering the questions, you are
to assume that the wage per unit of labour is \$25 and the cost of the capital is \$100.The total variable cost of producing 305 units of output isLabour per unitof timeTotal output00125275317542505305
2.We can predict that resources will move into an industry whenever
3.Consider a firm in the short run. Average product is at its maximum when
4.The following data show the total output for a firm when specified amounts of labourare combined with a fixed amount of capital. When answering the questions, you areto assume that the wage per unit of labour is \$25 and the cost of the capital is \$100.Labour per unitof timeTotal output00125275317542505305Marginal product of labour begins decreasing with the ________ unit of labour hired.Average product of labour begins decreasing with the ________ unit of labour hired.a)3rd; 2ndb)3rd; 4thc)4th; 3rdd)4th; 5th
e)2nd; 3rd5.The following data show the total output for a firm when different amounts of labourare combined with a fixed amount of capital. Assume that the wage per unit of labouris \$10 and the cost of the capital is \$50. The average total cost when producing 150units of output is approximatelyLabour perperiodTotal outputper period0011023039041325150
Pre-week quiz1.You are given the following table with the different quantity of workers you can hire,the output level associated to that amount of workers and the respective cost.LabourTotal OutputTotal cost14110210120313130415140516150What is the marginal cost of producing the 16th unit?Chapter 8 – Production in the Long-Run1.In defining a firm's long-run average cost curve,

Course Hero member to access this document

Course Hero member to access this document

End of preview. Want to read all 20 pages?

Course Hero member to access this document

Term
Fall
Professor
Terry
• • • 