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ECON-1010-D1/D2-Introduction to Microeconomics

ECON-1010-D1/D2-Introduction to Microeconomics

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Use the figure below to answer the following questions.

Figure 10.2.1

Refer to Figure 10.2.1 which illustrates Tania's Teapots' total product curve. Marginal product of labour reaches its maximum when the number of workers increases from

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Use the figure below to answer the following questions.

Figure 10.2.1

Refer to Figure 10.2.1 which illustrates Tania's Teapots' total product curve. Which one of the following statements is true?

The points below the curve are inefficient and unattainable.

Marginal product is equal at every point on the total product curve.

The points above the curve are attainable and inefficient.

The points below the curve are attainable and inefficient.

The points on the curve are efficient and unattainable.

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Harry runs a small street vendor service that contracts to produce and sell moulded plastic souvenirs (key chains, commemorative plastic coins, plastic animals, etc.) at small fairs. As owner of the firm, Harry must decide how much of each product to produce. What is a key element of this decision?

None of the above.

the cost of his selling booth

how costs will vary as he changes the level of production

the fixed cost of production

the cost of bookkeeping services

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At what level of output will average total cost increase?

when marginal cost is greater than average total cost

None of the above.

when marginal cost equals average variable cost

when marginal cost is lower than average variable cost

when marginal cost equals average total cost

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Use the table below to answer the following questions.

Table 10.2.2

Refer to Table 10.2.2 which gives Rob's Repair Shop's total product schedule. The marginal product when the number of workers increases from 2 to 3 is

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Ernie's Earmuffs produces 200 earmuffs per year at a total cost of $2,000 and $400 of this cost is fixed. What is Ernie's average variable cost?

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Refer to the table below to answer the following questions.

Table 10.2.1

Labour (workers per day)	Output (teapots per day)
0 1 2 3 4 5	0 3 12 19 23 25

Refer to Table 10.2.1 which gives Tania's Teapots' total product schedule. The average product when Tania's hires two workers is

6 teapots per worker.

7 teapots per worker.

3 teapots per worker.

12 teapots per worker.

9 teapots per worker.

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What can the marginal product of labour be defined as?

change in labour divided by change in profit

None of the above.

change in output divided by change in labour

change in labour divided by change in output

change in profit divided by change in labour

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Which of the following assumptions is often realistic for a firm in the short run?

The firm can vary neither the size of its factory nor the number of workers it employs.

None of the above.

The firm can vary the number of workers it employs, but NOT the size of its factory.

The firm can vary the size of its factory, but NOT the number of workers it employs.

The firm can vary both the size of its factory and the number of workers it employs.

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Use the figure below to answer the following questions.

Figure 10.4.1
Refer to Figure 10.4.1, which illustrates the total product curves for four different plant sizes. One of the fundamental technological facts reflected in the shape of each of the total product curves is the

law of economies of scale.

fact that capital and labour cannot be substituted for each other.

price of the inputs.

price of the output.

law of diminishing marginal returns.

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