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ECON-1010-A-Introduction to Microeconomics

ECON-1010-A-Introduction to Microeconomics

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Which of the following events occurs when the marginal product of labour is less than the average product of labour?

The firm is experiencing diminishing marginal returns.

The total product curve is negatively sloped.

The average product of labour is at its maximum.

The marginal product of labour is increasing.

The average product of labour is increasing.

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If, as the firm increases the quantity of labour employed, the slope of the firm's total product curve increases, which of the following event occur?

The marginal product of labour increases.

The marginal product of labour decreases.

The firm's total product increases, but the average product of labour decreases.

The average product of labour decreases and the marginal product of labour doesn't change.

The marginal product of labour increases, but the average product of labour doesn't change.

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Which of the following timeframes defines the firm's long run?

The long run is the timeframe in which

the firm achieves economic efficiency.

the quantities of all factors of production can be varied.

the firm hires the workers it wants, but has a fixed quantity of equipment.

the firm may want to build a bigger plant, but cannot do so.

the firm maximizes total revenue.

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Which of the following timeframes defines the firm's short run?

The short run is the timeframe in which

at least one factor of production is fixed.

the firm is not able to hire more workers.

a shortage of factors of production exists.

it is too short to make all of the decisions necessary to maximize profit.

the amount of output produced is fixed.

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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 2 to 3 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 equations is correct?

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Gerald is a freelance writer who would earn $25,000 a year if he worked for a media outlet, but instead runs his own business, which makes revenue of $40,000 a year. His only business expenses are $1,000 for writing materials and $12,000 for rent. What is Gerald's economic profit from working as a freelance writer?

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

The firm's LRAC curve is horizontal.

The firm's LRAC curve slopes downward.

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

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

The firm's total fixed cost increases.

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How is a firm's economic depreciation calculated?

It is the change in the market price of capital over a given period.

It is the deterioration of the physical appearance of capital.

It is the same as depreciation calculated by an accountant.

It is paid in cash.

It is equal to economic profit minus normal profit.

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A graph plots output versus cost. The horizontal axis is labeled output (teapots per day), and the vertical axis is labeled cost (dollars). The horizontal axis ranges from 0 to 20 in increments of 5 units, and the vertical axis ranges from 0 to 150 in increments of 50 units. An upward curve labeled, C passes through points (6,150), (10,100), (14,100), (15, 100), and, (17, 100). An upward curve labeled, B passes through points (5,80), (10,80), (14,80), (15,80), and, (17,80). A downward curve labeled, A passes through points (5,80), (10,40), (14,30), (15,20), and (17,20). An upward curve is labeled as D. All the values are estimated.

Refer to Figure 10.3.2, which illustrates the short-run average and marginal cost curves. Which curve illustrates the firm's marginal cost?

Curve B minus curve A

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