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Principles of Microeconomics
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The table below shows the cost information for a firm in a perfectly competitive industry.
Up to what quantity is the spreading effect stronger than the diminishing returns effect?
| Q | FC | VC | TC | MC | AFC | AVC | ATC |
| 0 | 250 | 250 | |||||
| 1 | 250 | 20 | 270 | 20 | 250.0 | 20.0 | 270.0 |
| 2 | 250 | 38 | 288 | 18 | 125.0 | 19.0 | 144.0 |
| 3 | 250 | 54 | 304 | 16 | 83.3 | 18.0 | 101.3 |
| 4 | 250 | 71 | 321 | 17 | 62.5 | 17.8 | 80.3 |
| 5 | 250 | 89 | 339 | 18 | 50.0 | 17.8 | 67.8 |
| 6 | 250 | 109 | 359 | 20 | 41.7 | 18.2 | 59.8 |
| 7 | 250 | 131 | 381 | 22 | 35.7 | 18.7 | 54.4 |
| 8 | 250 | 155 | 405 | 24 | 31.3 | 19.4 | 50.6 |
| 9 | 250 | 181 | 431 | 26 | 27.8 | 20.1 | 47.9 |
| 10 | 250 | 209 | 459 | 28 | 25.0 | 20.9 | 45.9 |
| 11 | 250 | 239 | 489 | 30 | 22.7 | 21.7 | 44.5 |
| 12 | 250 | 271 | 521 | 32 | 20.8 | 22.6 | 43.4 |
| 13 | 250 | 305 | 555 | 34 | 19.2 | 23.5 | 42.7 |
| 14 | 250 | 341 | 591 | 36 | 17.9 | 24.4 | 42.2 |
| 15 | 250 | 379 | 629 | 38 | 16.7 | 25.3 | 41.9 |
| 16 | 250 | 419 | 669 | 40 | 15.6 | 26.2 | 41.8 |
| 17 | 250 | 461 | 711 | 42 | 14.7 | 27.1 | 41.8 |
| 18 | 250 | 505 | 755 | 44 | 13.9 | 28.1 | 41.9 |
| 19 | 250 | 551 | 801 | 46 | 13.2 | 29.0 | 42.2 |
| 20 | 250 | 599 | 849 | 48 | 12.5 | 30.0 | 42.5 |
*** Correct answers will receive 1 mark. Incorrect answers will receive -0.75 mark. An answer left blank will receive 0 marks. So decide carefully before you answer.***
A firm has the following cost functions:
TC = 1520 + 6Q + 0.1Q2
MC = 6 + 0.2Q
What will be the firm's minimum cost output?
*** Correct answers will receive 1 mark. Incorrect answers will receive -0.75 mark. An answer left blank will receive 0 marks. So decide carefully before you answer.***
A firm has the following total cost function:
TC = 625 + 6.5Q + 4Q2
What would be their average variable cost for the 9th unit?
Use the table below, which shows the marginal product of labour, to calculate the total product when the number of workers is 5.
| L | MP |
| 1 | 36 |
| 2 | 33 |
| 3 | 30 |
| 4 | 27 |
| 5 | 24 |
| 6 | 21 |
| 7 | 18 |
| 8 | 15 |
| 9 | 12 |
| 10 | 9 |
| 11 | 6 |
| 12 | 3 |