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Refer to the table below to answer the following questions.

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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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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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.

50%

supply and market demand will decrease.

demand will decrease.

supply will decrease.

50%

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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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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.

100%

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

average variable cost.

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A firm will want to increase its scale of plant if

it is producing below minimum efficient scale.

marginal cost is below average total cost.

it is persistently producing on the upward-sloping part of its short-run average total cost curve.

it is persistently producing on the downward-sloping part of its short-run average total cost curve.

marginal cost is below average variable cost.

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If the ATC curve is falling, then the MC curve must be

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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. When output increases from 8 to 12 teapots, the marginal cost of one of the 4 teapots is

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