58. Refer to Figure 13-5.Which of the curves is most likely to represent average total cost? a. Ab. Bc. Cd. DExhibit 22-8Units ofLaborUnits ofOutput001502110315541855205 59. Exhibit 22-8 shows how output varies with the only variable input used in its production. Marginal physical product ofthe fifth unit of labor is 60. 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 Figure 14-1 Suppose that a firm in a competitive market has the following cost curves: Page 13
Name: Class:Date: Practice Problems on Chapters 4 and 5 for ECN 220 Quiz 3 Sp17 61. Refer to Figure 14-1.At a price of $8, the profit maximizing rate of output is approximately 62. If a firm produces nothing, which of the following costs will be zero? a. fixed costb. total costc. variable costd. opportunity cost 63. Competitive firms cannotindividually affect market price because 64. Refer to Table 21.2 Average fixed cost at 10 units of output is: Page 14
Name: Class:Date: Practice Problems on Chapters 4 and 5 for ECN 220 Quiz 3 Sp17 65. Refer to Table 21.2 The marginal cost between 20 and 30 units of output is: 66. Refer to Figure 21.2 If the market price is $23, at what level of output will the firm produce? a. 31 units.b. 25 units. c. 13 units.d. 39 units. 67. Refer to Figure 21.2 This firm should shutdown at any price below: 68. In a market economy, profits Page 15
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