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ECON-1010-D1/D2-Introduction to Microeconomics

ECON-1010-D1/D2-Introduction to Microeconomics

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

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Suppose you run a pizza shop and currently have two employees. If you hire a third employee, your output of pizzas per day rises from 55 to 65. If you hire a fourth employee, output rises to 80 per day. A fifth and sixth employee would cause output to rise to 90 and 95 per day, respectively. Pick the correct statement:

Diminishing returns set in with the hiring of the fifth worker.

none of the above

Diminishing returns set in with the hiring of the fourth worker.

Diminishing returns set in with the hiring of the sixth worker.

Diminishing returns set have NOT yet set in because output is still increases.

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An increase in the cost of labour shifts the

total, average, and marginal product curves upward and total, average, and marginal cost curves upward.

total, average, and marginal product curves downward and total, average, and marginal cost curves downward.

none of the above

total, average, and marginal product curves upward and total, average, and marginal cost curves downward.

total, average, and marginal product curves downward and total, average, and marginal cost curves upward.

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Suppose a firm is producing 100 units of output, incurring a total cost of $10 000 and total variable cost of $6 000. It can be concluded that average fixed cost is

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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. Marginal product of labour reaches its maximum when the number of workers increases from

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Use the information below to answer the following questions.

Fact 11.4.1

Franklin is a fiddlehead farmer. He sold 10 bags of fiddleheads last month, with total fixed cost of $100 and total variable cost of $50.

Refer to Fact 11.4.1. Suppose the price of fiddleheads is expected to stay at $10 per bag for the foreseeable future, and Franklin's production and cost figures are expected to stay the same. His total fixed cost consists entirely of rent on land, and his five-year lease on the land runs out at the end of the month. Should Franklin renew the lease?

No, because total revenue must cover all costs for factors of production to remain in fiddlehead farming in the long run.

Yes, because total revenue will still cover total fixed cost.

Yes, because total revenue will still cover total variable cost and a portion of total fixed cost.

Insufficient information to answer.

No, because in the long run, zero economic profit is a signal to move factors of production out of fiddlehead farming.

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Use the figure below to answer the following questions.

Figure 11.4.1

Refer to Figure 11.4.1, which shows the cost curves and marginal revenue curve of a firm in a perfectly competitive market. In the long run, market

demand will increase.

supply will increase.

supply and market demand will decrease.

demand will decrease.

supply will decrease.

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For a given market price, a competitive firm's total-revenue curve

is a positively sloped straight line, starting from the origin.

is the same as the firm's MR curve.

is the same as the firm's demand curve.

increases to the right and then declines when MC = MR.

is a straight line that coincides with the market demand curve.

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A perfectly competitive firm's supply curve is the same as its marginal cost curve at all prices above minimum

average variable cost.

average fixed cost.

total variable cost.

average total cost.

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When marginal revenue for a firm equals marginal cost, what can be said about the firm?

It may be minimizing its losses, rather than maximizing its profit.

It should increase the level of production to maximize its profit.

none of the above

It must be generating economic profits.

It must be generating economic losses.

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