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ECON-1010-A-Introduction to Microeconomics

ECON-1010-A-Introduction to Microeconomics

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A graph plots labor versus output. In the graph, the horizontal axis is labeled labor (workers per day) and the vertical axis is labeled output (teapots per day). The horizontal axis ranges from 0 to 6 in increments of 1 unit, and the vertical axis ranges from 0 to 25 in increments of 5 units. Four upward curves are labeled Plant A, Plant B, Plant C, and Plant D.

Refer to Figure 10.4.1, which illustrates a firm's total product curves for four different plant sizes as it varies the quantities of capital and labour employed. Which curve shows the plant size which uses the largest quantity of capital?

all four plant sizes because each uses identical capital, just different quantities of labour

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Table 10.2.2

Short Description: A table shows Rob's Repair Shop's total product schedule. Long Description: The column headings from left to right are labour (workers per day) and output (repairs per day). The row entries are as follows. Row 1. 0, 0. Row 2. 1, 2. Row 3. 2, 8. Row 4. 3, 12. Row 5. 4, 15. Row 6. 5, 16.

Refer to Table 10.2.2 which gives Rob's Repair Shop's total product schedule. When Rob's employs four workers, what is Rob's Repair Shop's average product?

8 repairs per worker

2 repairs per worker

3.75 repairs per worker

15 repairs per worker

12 repairs per worker

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As the firm increases its output, how does the firm's marginal cost of production change?

decreases until it reaches its minimum value and then increases.

increases until it reaches its maximum value and then remains constant.

decreases until it reaches its minimum value and then remains constant.

increases by smaller and smaller amounts.

decreases by smaller and smaller amounts.

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Which of the following statements is correct?

The firm's average variable cost of production is at a minimum when the firm's

average product of labour is at a maximum.

average product of labour is at a minimum.

marginal product of labour is at a minimum.

marginal cost of production is at a minimum.

marginal product of labour is at a maximum.

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Which of the following situations arises when the marginal product of labour is greater than the average product of labour?

The firm is experiencing diminishing marginal returns.

The total product curve is negatively sloped.

The firm is experiencing constant returns.

The marginal product of labour is increasing.

The average product of labour is increasing.

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In which of the following situations does the firm experience diminishing marginal returns?

The experiences diminishing marginal returns when the ________ of an additional worker is less than the ________ of the previous worker.

average product; average product

average cost; average cost

marginal cost; marginal cost

marginal product; average product

marginal product; marginal product

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A graph plots good y versus good x. The horizontal axis is labeled good x, and the vertical axis is labeled good y. A graph displays two falling lines from top left in the vertical axis at R to bottom center at T and extreme right at S. A concave up decreasing curve has two points A and B intersecting the line R S at A. A concave up decreasing curve C and D intersecting the line R T at C. A dashed line from top left to bottom right intersects at B. A dashed line from the top left in the vertical axis to the bottom right in the horizontal axis intersects at D.

Refer to Figure 9.3.4, which shows a consumer's choices and the consumer's budget. If the price of good X rises and the budget line shifts from RS to RT, what is the substitution effect of the price change?

The change in the quantity of good X as the consumer moves from

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Table 10.4.2

The title of the table is A Firm's Production Function. The first column of the table is titled Labour in workers per day. The second, third, and fourth columns are titled Output in sweaters per day. The second column has output for plant size 1 knitting machine, the third column has output for plant size 2 knitting machines, and the fourth column has output for plant size 3 knitting machines..The rows display the data as follows:1; 5; 11; 142; 11; 16;193; 14; 19; 234; 16; 21; 255; 17; 22; 26

Refer to Table 10.4.2, which sets out a factory's production function. If the factory increases both the number of knitting machines and the number of workers employed from 1 to 2 per day, which of the following situations occurs?

The factory experiences

economies of scale.

constant marginal product of labour.

diseconomies of scale.

constant marginal product of capital.

constant returns to scale.

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Which of the following events occurs when the firm experiences economies of scale?

The firm's average total cost remains constant as it uses more resources.

The firm's LRAC curve is horizontal.

The firm's LRAC curve slopes downward.

The firm's average total cost rises as it increases its output.

The firm's total fixed cost increases.

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Which of the following items completes the calculation of economic profit?

Economic profit equals total revenue minus

the firm's opportunity cost of production.

the implicit rental rate of the firm's capital.

the cost of resources supplied by the owner.

the cost of resources bought in the market.

the cost of resources owned by the firm.

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