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ECON-1010-A-Introduction to Microeconomics

ECON-1010-A-Introduction to Microeconomics

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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. Calculate Tania's Teapots' marginal product when the number of workers increases from 3 to 4 per day.

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Table 10.3.2

Short Description: A table shows Tania's Teapots' total cost schedule.Long Description: The column heading from left to right are labour (workers per day), output (teapots per day), T F C (dollars per day), T V C (dollars per day), and T C (dollars per day). The row entries are as follows. Row 1. 0, 0, 30, 0, 30. Row 2. 1, 3, 30, 20, blank. Row 3. 2, 8, 30, 40, blank. Row 4. 3, 12, 30, 60, blank. Row 5. 4, 14, 30, blank, 110. Row 6. 5, 15, 30, blank, 130.

Refer to Table 10.3.2, which gives Tania's Teapots' total cost schedule. What is the firm's average total cost of producing 14 teapots per day?

$7.86 per teapot

$1.75 per teapot

$6.75 per teapot

$27.50 per teapot

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If, when a firm increases the quantity of labour employed from 5 to 6 workers, the firm's total output increases from 100 units to 400 units, what is the firm's marginal product of the sixth worker?

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A graph plots output versus average cost. The horizontal axis is labeled output (sweaters per day), and the vertical axis is labeled average cost (dollars per sweater). The horizontal axis ranges from 0 to 30 in increments of 5 units, and the vertical axis ranges from 0 to 12 in increments of 2 units. Four upward opening parabolic curves are labeled as ATC sub A, ATC sub B, ATC sub C, and ATC sub D, which intersects at points (10,17,22) of the horizontal axis.

Refer to Figure 10.4.2, which illustrates a firm's short-run average total cost curves for four different plant sizes. Which curve represents the firm's average total cost of production when it uses the largest of the four plant sizes?

All plants are of equal size.

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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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Which of the following items is the firm's implicit rental rate of a building the firm owns?

The firm's implicit rental rate equals

the rental rate on using an alternative building.

the interest forgone on the purchase of the building.

the economic depreciation only. of the building.

the cost of using the building.

the economic depreciation and interest forgone by buying the building.

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If the firm's total product of four workers is 156 units, what is the average product of a worker?

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Which of the following calculations equals the firm's marginal cost of production?

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A graph plots output versus cost.In the graph, the horizontal axis is labeled output (teapots per day), and the vertical axis is labeled cost (dollars per day). The horizontal axis ranges from 0 to 20 in increments of 5 units, and the vertical axis ranges from 0 to 15 in increments of 5 units. A straight line labeled, A passes through points (4,3), (10,3), (14,3), (15,3), and (17,3). An upward curve labeled B passes through points (4,3), (10,4), (14,6), (15,7), and (17,8). An upward curve labeled C passes through points (10,8), (14,8), (15,9), and (17,12), respectively. All the values are estimated.

Refer to Figure 10.3.1, which shows the firm's total cost curves. Which of the following statements is false?

Both the firm's total variable cost and total cost increase with output.

Total variable cost is equal to the gap between curves A and C.

The firm's total fixed cost curve is curve A.

The vertical gap between curves B and C is equal to total variable cost.

The gap between curves B and C is constant.

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Which of the following quotes best illustrates the idea of the average product of labour?

"Each worker produces 2 tables a day."

"With double the workers and double the assembly line, the firm can make 120 percent more tables."

"By adding an extra shift at night, table production only rises by 80 percent because the assembly line needs more maintenance time."

"With 10 workers on my assembly line, the firm can produce 13 tables a day."

"By adding an 11th worker, the firm can produce 1 extra table a day."

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