Question

1.

(03.01 MC)

The following table shows the production function for a firm.

Which worker represents the first decline in marginal productivity? (2 points)

2.

(03.01 MC)

The following table gives the marginal productivity for up to six dishwashers at a restaurant.

What is the average product of hiring five workers? (2 points)

3.

(03.02 MC)

Use the graph to answer the question. (2 points)

The shift from MC1 to MC2 illustrates variable costs ________ and total costs ________.

4.

(03.02 MC)

If a firm has fixed costs of \$50 and variable costs of \$100 at a production level of 5 units of output, then the total cost to produce 5 units will be (2 points)

5.

(03.03 MC)

Use the graph to answer the question. (2 points)

Image transcription text

10 7 Long Run Average Total Costs 6 A Cost D A B W C N 1 2 3 4 5 6 7 Output 8 9 1010 9 8 Long Run Average Total Costs 6 A D Cost B C 1 2 3 4 5 6 7 8 Output 9 10

...

Between points C and D, the long-run average total cost curve is characterized by ________ because the firm is experiencing ________ returns to scale.

6.

(03.03 MC)

If a firm is operating at a point on its long-run average total cost curve where the slope is negative, it is (2 points)

7.

(03.04 MC)

A firm's implicit costs are \$10,000, explicit costs are \$5,000, and its total revenue is \$10,000. This firm is earning (2 points)

8.

(03.04 MC)

A firm is earning an accounting profit of \$5,000. Its implicit costs are \$3,000, explicit costs are \$8,000, and its economic profit is \$2,000. What must its total revenue be? (2 points)

9.

(03.05 MC)

If a firm is maximizing its profit and is earning positive economic profit, which of the following must be true? (2 points)

10.

(03.05 MC)

A firm operating in a perfectly competitive market is incurring economic losses but has minimized those losses. Assuming its average variable cost is less than its price, which of the following must be true in the short run? (2 points)

11.

(03.06 MC)

The graph below shows the marginal revenue, marginal cost, and average total cost at different quantities for a firm in a perfectly competitive market. (2 points)

At what market price would a firm continue to operate in the short run but leave the market in the long run?

12.

(03.06 MC)

Excelsia is a firm in a perfectly competitive industry. At its profit-maximizing level of output, average total cost is not minimized and its variable cost is higher than its price. What will Excelsia decide to do? (2 points)

13.

(03.07 MC)

Consider the following cost schedule for a firm.

What is the economic profit or loss for a perfectly competitive firm if the market price is \$26? (2 points)

14.

(03.07 MC)

Which of the following would disqualify a firm's market from being considered perfectly competitive? (2 points)

15.

(03.07 MC)

Use the graph to answer the question below. The quantity is measured in thousands of units. (2 points)

Image transcription text

\$40 MC \$30 ATC AVC Price \$20 P \$10 A 0 2 4 5 6 7 Quantity 9

...

What will this firm decide to do in the long run?

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