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# Micro

question
The following question is based on the table below. The average fixed cost of producing four units of output is equal to *
\$30
question
The graph below shows the cost curves for a competitive firm that produces 20 units of output. What are the total cost and the total fixed cost of producing 20 units of output? *
Total cost = \$120 and Fixed cost = \$20
question
The table below shows a competitive firm's total variable cost (TVC) and total fixed cost (TFC) at various units of output. When output is 3 units, which of the following is correct? *
The average variable cost is \$5 and the marginal cost is \$7
question
An increase in which of the following will cause a firm's marginal cost curve to shift upward? *
The price of a variable input
question
Assume that total fixed costs are \$46, that the average product of labor is 5 units when 10 units of output are produced, and that the wage rate is \$12. If labor is the only variable input, what is the average total cost of producing 10 units of output? *
\$7
question
Given the production schedule below, what is the maximum number of workers the firm can hire before the effects of diminishing marginal returns set in? *
2
question
The vertical distance CF represents the: *
average fixed cost of producing Q1 units of output
question
If a firm's production function exhibits diminishing marginal product of the variable input in the short run, which of the following about the firm's short-run marginal cost (MC) curve must be true? *
As output increases, the MC curve slopes upward.
question
Which of the following must be true if at the tenth unit of output, marginal cost ( MC ) is \$130 and average total cost ( ATC ) is \$150? *
ATC of producing the ninth unit is higher than \$150 .
question
Which of the following can cause a firm's Marginal Cost curve to shift downward? *
A decrease in the price of energy
question
Assume that labor is the only variable input. If a firm's short-run marginal cost is increasing as output rises, which of the following must be true? *
Marginal product of labor is decreasing.
question
A perfectly competitive firm operates with a fixed amount of capital that costs \$1,000 per day. Labor is the only variable input. The firm hires labor in a perfectly competitive labor market at \$100 per day per worker. The table below shows the firm's production function. What is the marginal product of the third worker? *
24
question
Assume the marginal product of labor first rises, reaches a maximum, and then falls. If the average product of labor is falling, which of the following is true? *
The marginal product of labor must be falling.
question
Which of the following is always true of the relationship between average and marginal costs? *
Average variable costs are increasing when marginal costs are higher than average variable costs.
question
Based on the graph below, at an output of Q1: *
MC is increasing, AVC is decreasing, AFC is decreasing, and ATC is decreasing
1 of 15
question
The following question is based on the table below. The average fixed cost of producing four units of output is equal to *
\$30
question
The graph below shows the cost curves for a competitive firm that produces 20 units of output. What are the total cost and the total fixed cost of producing 20 units of output? *
Total cost = \$120 and Fixed cost = \$20
question
The table below shows a competitive firm's total variable cost (TVC) and total fixed cost (TFC) at various units of output. When output is 3 units, which of the following is correct? *
The average variable cost is \$5 and the marginal cost is \$7
question
An increase in which of the following will cause a firm's marginal cost curve to shift upward? *
The price of a variable input
question
Assume that total fixed costs are \$46, that the average product of labor is 5 units when 10 units of output are produced, and that the wage rate is \$12. If labor is the only variable input, what is the average total cost of producing 10 units of output? *
\$7
question
Given the production schedule below, what is the maximum number of workers the firm can hire before the effects of diminishing marginal returns set in? *
2
question
The vertical distance CF represents the: *
average fixed cost of producing Q1 units of output
question
If a firm's production function exhibits diminishing marginal product of the variable input in the short run, which of the following about the firm's short-run marginal cost (MC) curve must be true? *
As output increases, the MC curve slopes upward.
question
Which of the following must be true if at the tenth unit of output, marginal cost ( MC ) is \$130 and average total cost ( ATC ) is \$150? *
ATC of producing the ninth unit is higher than \$150 .
question
Which of the following can cause a firm's Marginal Cost curve to shift downward? *
A decrease in the price of energy
question
Assume that labor is the only variable input. If a firm's short-run marginal cost is increasing as output rises, which of the following must be true? *
Marginal product of labor is decreasing.
question
A perfectly competitive firm operates with a fixed amount of capital that costs \$1,000 per day. Labor is the only variable input. The firm hires labor in a perfectly competitive labor market at \$100 per day per worker. The table below shows the firm's production function. What is the marginal product of the third worker? *
24
question
Assume the marginal product of labor first rises, reaches a maximum, and then falls. If the average product of labor is falling, which of the following is true? *
The marginal product of labor must be falling.
question
Which of the following is always true of the relationship between average and marginal costs? *
Average variable costs are increasing when marginal costs are higher than average variable costs.
question
Based on the graph below, at an output of Q1: *
MC is increasing, AVC is decreasing, AFC is decreasing, and ATC is decreasing

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