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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 10.3.2

Refer to Table 10.3.2, which gives Tania's Teapots' total cost schedule. The average total cost of producing 14 teapots is

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Suppose a 1-unit increase in labour, from 2 to 3 workers, increases output from 10 to 15 teacups. The marginal product from the increase in the quantity of labour is

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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 average product when Rob's hires three workers is

1 repair per worker.

❌

12 repairs per worker.

❌

2 repairs per worker.

❌

3 repairs per worker.

❌

4 repairs per worker.

✅

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Use the figure below to answer the following question.

Figure 10.3.1
Refer to Figure 10.3.1. Which one of the following statements is false?

Total fixed cost is constant.

Marginal cost is equal to the slope of curve C.

Total variable cost and total cost both increase with output.

The total fixed cost curve A.

The vertical gap between curves B and C is equal to total variable cost.

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Use the table below to answer the following questions.

Table 10.2.3

Labour (workers per week)	Output (rubbers boats per week)	Marginal Product (rubber boats per worker)	Average Product (rubber boats per worker)
0 1 2 3 4 5 6 7 8 9 10	0 1 2 4 7 11 14 16 17 18 18	1 1 2 A 4 B 2 1 1 0	1 1 C C 2.2 E 2.28 2.13 2 1.8