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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 10.4.2

Refer to Figure 10.4.2, which illustrates the short-run average total cost curves for four different plant sizes. Which curve represents the average total cost for the largest of the four plant sizes?

All plants are of equal size.

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At Bert’s Bootery, the total cost of producing 20 pairs of boots is $400. The marginal cost of producing the 21st pair of boots is $83. What is the average total cost of 21 pairs of boots?

None of the above.

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Economic depreciation is

the deterioration of the physical appearance of a capital.

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

equal to economic profit minus normal profit.

the same as depreciation calculated by an accountant.

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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. Average product of labour reaches its maximum for the ________ worker.

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Which type of cost does not change as the quantity of output produced changes?

average fixed cost

total fixed cost

Both C and D are correct.

average total cost

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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 fixed cost of producing 9 teapots per day is

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Which of the following quotes best illustrates the idea of marginal 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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Use the figure below to answer the following questions.

Figure 10.3.2
Refer to Figure 10.3.2, which illustrates the short-run average and marginal cost curves. The marginal cost curve is curve

B minus curve A

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What distinguishes short-run cost analysis from long-run cost analysis for a profit-maximizing firm in the short run?

There are no fixed costs.

None of the above.

The number of workers used to produce the firm’s product is fixed.

The size of the factory is fixed.

Output is NOT variable.

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A firm's total fixed cost is $100. If total cost is $200 for one unit of output and $310 for two units, what is the marginal cost of the second unit?

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