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- If 15 workers produce 100 license plates, 16 workers produce 120 license plates, and 17 workers produce 130-license plates, then O diminishing marginal returns have not set in because the marginal product is positive O the marginal product of the seventeenth worker is 130 O diminishing marginal returns must begin with the sixteenth worker O the marginal product of the sixteenth worker is greater than the marginal product of the seventeenth worker O the marginal product of the fifteenth worker must be 20Why do average variable costs eventually rise if a company's output increases enough? O Diminishing marginal product occurs, causing average variable costs to rise. The diminishing marginal revenue triggers increased use of resources. O The reduction in average fixed costs must be offset by increasing variable costs. O The price paid for each unit of input keeps rising.The total product curve in the figure demontrates: Output 144- TP O A. Increasing marginal returns 120- O B. Constant marginal returns OC. Diminishing marginal returns 96 96- Which of the following demonstrates constant marginal returns? 84 7270 O A. Hiring more labor decreases the productivity of each additional worker 52 B. A firm makes better use of its labor as it produces more 48- C. Total costs decreases as labor increases 31 **** 24- O D. One worker produces 20 units of output per hour 16 *****. 3 4 5 6 7 8 0- 10 12 14 16 Labor
- May I know the Correct Answer: 1. In a the short product process a(an) marginal cost is negative and decreases marginal product of labor explains why Select the correct response: o None of the above o Increasing; does not change o Diminishing; decreases o Diminishing, rises - WRONG ANSWER o Zero; falls o Constant; rises 2. Tom borrowed Php500,000 from her parents to open a spa. He pays her parents a 5% yearly return on the money they lent her. Her other yearly fixed costs equal Php150,000 and his variable costs equal Php200,000. In her first year, Tom had a total of 2,000 customers at a price of Php300/customer. Tom's total fixed cost is 675000 - WRONG ANS 3. A firm uses labor and capital to produce an output. The hourly cost of labor is 10 and the hourly cost of capital is 50. Which of the following combinations of labor and capital hours of use represent points on the firm's 100,000 isocost line? Select the correct response: O (1,000-2,000) o (2,000-1,000) o (1,000-1,000) o…69 O Completed 17 out of 20 Question 7 of 20 Because P> MR, which equation applies to the value of a firm's marginal product? O VMPL = MRPL O VMPL > MRPL O MRPL = VMPL O VMPL < MRPL LAPTOP LOGIN acer r USERNAME: student PASSWORD: Broward1 TravelMate B F8 F10 F11 95In economics, how long is the long run? O 5 years or more More than 12 months O 24 months or longer Whatever time it takes a firm to vary all inruts.
- The production function for a widget-manufacturing firm is given by q = 9K0.5L0.5, where q is the number of widgets produced each hour, K is the number of specialized staplers (which is fixed at 4 in the short run), and L is the number of employees. What is the average product of labor at L = 36? O 18 O 9 1.5 3 O none of the aboveSuppose you have a pizza shop. Your rent is $800 and you've spent $1950 on labor and materials to make 550 pizzas in one month. What are your total FIXED costs? O $800 O $1950 O $2750 Cannot be determined6:20 PM | 0.4KB/s D O 3. Suppose that the production function is Q- L07%K©25, a) What is the average product of labor holding capital K fixed. b) What is marginal product of labor? c) What is marginal product of capital? d) What is MRTS? VX
- Let's assume that a firm produces 60 products. Its total weekly cost (TC) at this output is $2,100. This includes TVC and TFC. We also know that the firm employs 3 part- time workers at a wage cost of $600 per worker per week. This is the firm's only variable cost (TVC). What is the firm's average fixed cost (AFC) at this output? O $2.50. O $2. O $5. O $100. O $10. Let's assume that a firm's total weekly costs are as follows: 1. Salaries of hired workers $5,000. 2. Supplies = $1,000. 3. Rent = $600, 4. The owners have invested a certain amount of their own money into the business. This could have earned them interest of $200 per week if they had chosen to put it into a bank instead of investing it into their business. 5. The value of the owner's time is estimated to be $800 per week. What are the firm's total economic costs? O $6.000 O $7.600. O $900. $7.500. O $6.700.32. Assuming labor is the only cost for production, a firm hires labor up to the point at which the wage equals (i) the value of the marginal product of labor, (ii) the marginal cost of an additional unit of output, (iii) output price multiplied by the marginal product of labor, for maximum profit. O (i) and (iii) only O (i) and (ii) only (ii) and (iii) only O (i), (ii), and (iii)Suppose a firm builds a larger plant and increases its output. Which of the following statements is correct? O a. It will be able to achieve its MES output only if it also achieves economic capacity. O b. Its short-run average cost curve for the original plant will have shifted down. O c. Its MES output must increase. O d. Its long-run average costs must have increased. Oe. Its MES output will decrease.
