Question Completion Status: QUESTION 1 1.5 points Save Answer Looking at the given information in your table you should be able to idenfy the period of production for this firm. This firm is producing in the O market period. O short run. O long run. O indefinite time period. QUESTION 2 1.5 points Save Answer Now look at the numbers in your table. The marginal product (MP) of the second worker is equal to units (numeric). QUESTION 3 1.5 points Save Answer The marginal product (MP) of the sixth worker is equal to units (numeric).QUESTION 4 1.5 points Save Answer The total fixed cost (TFC) of producing zero (0) units is equal to $. (numeric) QUESTION 5 1.5 points Save Answer The total variable cost (TVC) when output is 500 units is equal to $ (numeric). QUESTION 6 1.5 points Save Answer The total cost (TC) of producing 1000 units of output is equal to $ (Numeric). QUESTION 7 1.5 points Save Answer The average fixed cost (AFC) when producing 700 units is equal to $ (numeric)QUESTION 7 1.5 points Save Answer The average fixed cost (AFC) when producing 700 units is equal to $ (numeric) QUESTION 8 1.5 points Save Answer The average variable cost (AVC) when output is 1025 units is equal to $ (numeric) QUESTION 9 1.5 points Save Answer The average total cost (ATC) when producing 500 units is equal to $ (numeric) QUESTION 10 1.5 points Save Answer The marginal cost (MC) of an additional unit when producing 250 units (or the MC of the 250th unit) is equal to $QUESTION 10 1 .5 points Save Answer The marginal cost (MC) of an additional unit when producing 250 units (or the MIC of the 250th unit} is equal to $ (numeric) QUESTION 11 1 .5 points Save Answer The marginal cost (MC) of an additional unit when producing 95!] units (or the MIC of the 950th unit} is equal to $ (numeric) QUESTION 12 1 .5 points Save Answer This rm experiences increasing marginal returns over which of the following ra nges of workers? 0 08 workers 0 0 3 we rkers 0 48 workers 0 One cannot determine the range of increasing retums from this table. QUESTION 13 1 .5 points Save Answer This rm experiences diminishing marginal returns over which of the following ranges of workers? 0 08 workers 0 03 workers 0 4-8 workers 0 One cannot determing the range that this rm expereinces diminishing marginal returns. QUESTION 14 1 .5 points Save Answer Now look atthe MP and the MC columns on yourtable. Which of the following best describes the relationship between the MP and MC? 0 As the MP rises so too does the MC. 0 They move in opposite directions. 0 There is no relationship between the MP and the MC. QUESTION 15 1 .5 points Save Answer Now look at the graphs ofthe TC, TVC and TFC curves you have drawn. Which of the following best describes the SHAPE of the TFC curve? C) It is a diagonal straight line beginning in the origin. QUESTION 15 1.5 points Save Answer Now look at the graphs of the TC, TVC and TFC curves you have drawn. Which of the following best describes the SHAPE of the TFC curve? It is a diagonal straight line beginning in the origin. O It is a vertical straight line. It is a horizontal straight line. It is a non-linear curve that at first becomes flatter and flatter and then becomes steeper and steeper. O It is a non-linear curve that at first becomes steeper and steeper and then becomes flatter and flatter. QUESTION 16 1.5 points Save Answer Which of the following best describes the shape of the total varibale cost (TVC) curve? O It is a positively sloped diagonal straight line beginning in the origin. It is a positively sloped diagonal straight line beginning above the origin. It is a positively sloped curve beginning in the origin and at first becomes flatter and flatter and then becomes steeper and steeper. O It is a positively sloped curve beginning in the origin and at first becomes steeper and steeper and then becomes flatter and flatter. O It is a horizontal straight line. O It is a negatively sloped curve.QUESTION 17 1.5 points Save Answer Which of the following best describes the shape of the total cost curve (TC)? O It is a positively sloped diagonal straight line beginning above the origin. O It is a positively sloped curve beginning above the origin and at first becomes flatter and flatter and then becomes steeper and steeper. O It is a positively sloped curve beginning in the origin and at first becomes steeper and steeper and then becomes flatter and flatter. It is a positively sloped curve beginning in the origin and at first becomes steeper and steeper and then becomes flatter and flatter. O It is a horizontal straight line. O It is a negatively sloped curve. QUESTION 18 1.5 points Save Answer Staying with the graph of the TC, TVC, and the TFC curves, what is being measured along the X (horizontal) axis? O Costs or $s O workers or labor O quantity or output O timeQUESTION 19 1.5 points Save Answer Now look at the final graph where you have the MC, ATC and the AVC curves drawn. Which of the following relationships is true based on your the realtiship of these curves? O When MC is rising, both the ATC and AVC will increase too O When ATC > MC > AVC then ATC is falling and AVC is rising. O When ATC > MC > AVC then ATC is rising and AVC is falling. O When ATC