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ECON-1010-D1/D2-Introduction to Microeconomics

ECON-1010-D1/D2-Introduction to Microeconomics

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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 marginal product when Tania's increases the number of workers from 3 to 4 per day is

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Use the figure below to answer the following question.

Figure 10.4.3

Refer to Figure 10.4.3 which shows a firm's long-run average total cost curve. When production increases from Q₁ to Q₂ sweaters per day, the firm experiences

economies of scale.

constant total costs.

a decrease in fixed costs.

diseconomies of scale.

constant returns to scale.

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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 short-run average and marginal cost curves. Which one of the following statements is false?

Average fixed cost decreases with output.

Curve D is the marginal cost curve.

Line B comes closer to line C as output increases because of a decrease in average fixed cost.

The vertical gap between curves B and C is equal to average fixed cost.

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

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A firm is currently producing 21 units of output; marginal cost is $49 and average total cost is $9 at this level of output. The average total cost at 20 units of output was:

none of the above

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Suppose a 1-unit increase in labour, from 2 to 3 workers, increases output at a woollen mill from 10 to 15 sweaters. The marginal product from the increase in the quantity of labour 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. The marginal product when the number of workers increases from 1 to 2 is

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Average, marginal, and total product curves

demonstrate that each of these measures of output increase as more inputs are applied.

express relationships between physical inputs and physical outputs.

relate the price of output to the quantity supplied.

relate the prices of inputs (factors of production) to the prices of products.

demonstrate that, in the short run, all inputs are variable.

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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 employs four workers is

12 repairs per worker.

8 repairs per worker.

15 repairs per worker.

2 repairs per worker.

3.75 repairs per worker.

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If capital is a variable input in a production process, the law of diminishing marginal returns implies that

total product is minimized.

marginal product of capital is constant.

capital's marginal product is positive and less than one.

marginal product of capital eventually decreases.

total product is maximized.

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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 false?

All the points below the curve are inefficient.

All the points on the curve are attainable.

All the points below the curve are attainable.

The cost of producing at point B equals the cost of producing at point C.

All the points above the curve are unattainable.

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