Question
Hello, I have difficulty with the following exercise I dont understand, thank you for your help: 74.Constant returns to scale occur when Select one: a.the
Hello, I have difficulty with the following exercise I dont understand, thank you for your help:
74.Constant returns to scale occur when
Select one:
a.the long-run average cost curve is falling as output increases.
b.long-run total costs are constant as output increases.
c.the long-run average cost curve is rising as output increases.
d.long-run average total costs are constant as output increases.
75. The long-run average total cost curve is always
Select one:
a.horizontal.
b.rising as output increases.
c.falling as output increases.
d.flatter than the short-run average total cost curve, but not necessarily horizontal.
78. Marginal cost always equals average total cost at:
Select one:
a.maximum average variable total cost.
b.maximum average total cost.
c.average variable cost.
d.minimum average total cost.
81. Marginal product is rising, marginal cost is
Select one:
a.rising.
b.at its minimum.
c.constant.
d.falling.
83. When marginal cost is less than average total cost,
Select one:
a.average total cost is falling.
b.average total cost is rising.
c.marginal cost must be falling.
d.average variable cost must be falling.
84.
Number of workers hired | 0 | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
Output | 0 | 10 | 25 | 40 | 50 | 59 | 61 | 62 | 62 | 62 | 60 |
Consider the above production function for a pet manufacturer:
The marginal product of the 5th worker is
Select one:
a.9
b.15
c.1
d.10
e.2
87.
Number of workers hired | 0 | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
Output | 0 | 10 | 25 | 40 | 50 | 59 | 61 | 62 | 62 | 62 | 60 |
Consider the above production function for a pet manufacturer:
In this case, diminishing marginal returns set in with the
Select one:
a.second worker.
b.4th worker.
c.sixth worker.
d.fifth worker.
e.third worker.
94.
Number of workers hired | 0 | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
Output | 0 | 10 | 25 | 40 | 50 | 59 | 61 | 62 | 62 | 62 | 60 |
Consider the above production function for a pet manufacturer:
With the 10th worker hired, the marginal product
Select one:
a.becomes positive.
b.becomes negative
c.begins to rise.
d.is stable.
e.begins to fall.
95.
Quantity (units) | 0 | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 |
Total cost ($) | 46 | 76 | 96 | 104 | 110 | 130 | 160 | 196 | 236 | 286 |
Consider the above cost schedule for a firm producing widgets.
The efficient scale of operation for this firm is
Select one:
a.5 units.
b.6 units.
c.4 units.
d.7 units.
e.3 units.
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