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ECON-1010-D1/D2-Introduction to Microeconomics

ECON-1010-D1/D2-Introduction to Microeconomics

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Use the table below to answer the following questions.

Table 10.3.1

Refer to Table 10.3.1, which gives Tania's Teapots' total cost schedule. The average total cost of producing 16 teapots per day is

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Use the figure below to answer the following questions.

Figure 10.4.1
Refer to Figure 10.4.1 which shows the total product curves for four different plant sizes as Tania's Teapots varies the quantity of capital and workers. The curve that represents the plant using the largest amount of capital is

all curves because each plant uses the same number of machines, just different amounts of labour.

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Use the figure below to answer the following questions.

Figure 10.4.2

Refer to Figure 10.4.2, which illustrates the short-run average total cost curves for four different plant sizes. Which plant has the lowest average total cost for an output rate of 5 sweaters a day?

The plant with the fewest workers

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Which of the following quotes best illustrates the idea of total product?

"If I double workers and double the assembly line, I can make 120 percent more tables."

"If I have 10 workers on my assembly line, I can produce 13 tables a day."

"Each worker produces 2 tables a day."

"If I add an 11th worker, I can produce 1 extra table a day."

"I find if I add an extra shift at night, table production only rises by 80 percent because I need more maintenance time on the assembly line."

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If the total product of four workers is 156 units, calculate the average product of each worker.

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If the average variable cost of producing 10 units is $18 and the average variable cost of producing 11 units is $20, we know that, between 10 and 11 units of output,

average total cost is increasing.

total cost is either increasing or decreasing.

marginal cost is increasing.

average total cost is minimized.

average fixed cost is increasing.

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Use the table below to answer the following questions.

Table 10.3.1

Refer to Table 10.3.1, which gives Tania's Teapots' total cost schedule. When output increases from 4 to 9 teapots, the marginal cost of one of the 5 teapots is

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The ATC curve shifts upward if

a new technology is introduced.

more workers are hired.

none of the above

factor prices rise.

all of the above

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Use the table below to answer the following question.

Table 10.2.4

Number of Workers	Total Product (baskets of corn)
1 2 3 4 5	0 3 7 10 12

Refer to Table 10.2.4. The table gives the total product schedule of workers who harvest corn. Diminishing marginal returns begin when the ________ is hired.

There are no diminishing marginal returns since total product always rises.

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A firm's goal is to

maximize revenue.

maximize profit.

maximize customer satisfaction.

minimize costs.

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