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ECON-1010-A-Introduction to Microeconomics

ECON-1010-A-Introduction to Microeconomics

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If, when a woollen mill increases the number of workers from 2 to 3, the mill's output increases from 10 to 15 sweaters what is the mill's marginal product?

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Which of the following statements describes the firm's total product curve?

The total product curve shows the

minimum cost of producing a given amount of output using a given technology.

change in total product for a given change in marginal product.

maximum output that a given quantity of labour can produce.

maximum profit from each unit of output sold.

maximum output that can be produced as technology advances.

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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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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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Which of the following defines the firm's production function?

quantities of inputs used

amount of labour used

price of output

demand for output

change in technology

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Which of the following situations is one source of diseconomies of scale?

Diseconomies of scale can arise because as the firm's output becomes larger and larger

workers become more efficient.

management systems can become more complex and inefficient.

management systems become more efficient.

costs per unit decrease.

the number of workers increases.

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Which of the following statements about the firm's average variable cost curve is correct?

The minimum of the firm's average variable cost curve occurs at

the same output as its minimum marginal cost.

the same output as its minimum marginal cost and minimum average total cost.

the same output as its maximum marginal cost.

the same output as its minimum average total cost.

a smaller output than its minimum average total cost.

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

The short run refers to a time period in which

all factors of production are fixed.

all factors of production are variable, but the technology is fixed.

some factors of production are variable, but at least one is fixed.

all factors of production are variable.

some factors of production are used for one year or less.

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When Coffee 'n' Cream in Victoria, British Columbia hires two students, the restaurant can serve 64 customers in one hour, but when the restaurant hires the third student, 80 customers are served in one hour. What is the marginal product of the third student?

16 customers per hour

32 customers per hour

4 customers per hour

26.67 customers per hour

8 customers per hour

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Table 10.2.1

The two columns of the table are titled Labour in workers per day and Output in teapots per day. The rows display the data as follows:0; 01; 32; 123; 194; 235; 25

Refer to Table 10.2.1 which gives Tania's Teapots' total product schedule. At which worker does the average product of labour reach its maximum?

the fifth worker

the first worker

the second worker

the third worker

the fourth worker

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