Refer to scenario 13 8 according to an economist

94. Refer to Scenario 13-8. According to an economist, which of the following revenue totals will yield Ellie’s
business $50,000 in economic profits?
a. $55,200
b. $100,200
c. $132,500
d. $185,700
8. For a firm, the relationship between the quantity of inputs and quantity of output is called the
Figure 13-1
TP2
TP1
Inputs
Output

Chapter 13/The Costs of Production ❖ 6
9. Refer to Figure 13-1 . Suppose the production function shifts from TP1 to TP2. Such a shift in the total
product curve is most likely due to an increase in the firm's
11. Refer to Figure 13-1 . Which of the following could explain why the total product curve would shift from TP1
to TP2?
20. Let L represent the number of workers hired by a firm, and let Q represent that firm's quantity of output.
Assume two points on the firm's production function are ( L = 5, Q = 125) and ( L = 6, Q = 162). Then the
marginal product of the 6th worker is
a. 25 units of output.
b. 27 units of output.
c. 37 units of output.
d. 162 units of output.
21. Let L represent the number of workers hired by a firm, and let Q represent that firm’s quantity of output.
Assume two points on the firm’s production function are ( L =6, Q =147) and ( L =7, Q =174). The marginal
product of the seventh worker is
24. The marginal product of any input is the