Fair Benefit

 Fair Benefit Essay

Exhibit one particular

1 . (Exhibit 1: Total Product) Among points A and M the marginal product of labor is: A) elevating.

B) zero.

C) slipping.

D) infinite.

Ans: C

Exhibit a couple of:

Total Merchandise and Marginal Product

Labor per Day| Total Products (units per period)

0| 0. 0

1| 1 . 0

2| 3. 0

3| several. 0

4| 9. zero

5| 12. 0

6| 10. 7

7| eleven. 0

8| 10. 5

2 . (Exhibit 2: Total Product and Marginal Product) The minor product in the second member of staff is: A) 1 . 0.

B) 1 . five.

C) 2 . 0.

D) 3. 0.

Ans: C

a few. Marginal product:

A) can never boost.

B) can only always be falling.

C) can be less than absolutely no.

D) never equates to average item.

Ans: C

Demonstrate 3

5. (Exhibit several: Short-Run Costs) Curve A is the _______ cost competition. A) average total

B) normal variable

C) marginal

D) total

Ans: C

Exhibit four

5. (Exhibit 4: A Firm's Price Curves) The curve labeled V symbolizes the firm's _______ curve. A) total cost

B) typical total expense

C) marginal expense

D) average varying cost

Exhibit five

|

6. | (Exhibit 5: Industry for Carrots) If require is D1, the price of celery will be _______ cents, the quantity demanded will be _______, and the quantity supplied will be _______. | A)| 20; 100; 90

B)| 20; 100; 100

C)| 30; 160; 160

D)| 30; 100; one hundred sixty

Ans: | N

Exhibit 6

|

7. | (Exhibit 6: Total Income and Cost) The most profitable level of result occurs for quantity: | A)| Farrenheit.

B)| K.

C)| M.

D)| M.

Ans: | D

Exhibit 7

|

almost 8. | (Exhibit 7: Total Revenue, Total Costs, and Economic Profit) Total revenue and total cost will be equal in approximately _______ pounds and $_______. | A)| a couple of, 000; you, 400

B)| your five, 000; you, 600

C)| twelve, 000; a couple of, 800

D)| 12-15, 000, two, 800

Ans: | C

|

being unfaithful. | (Exhibit 7: Total Revenue, Total Costs, and Economic Profit) Total revenue and total cost happen to be equal for approximately _______ pounds and $ _______. | A)| 0; three hundred

B)| 2, 500; 1, 200

C)| 4, five-hundred; 1, 300

D)| 8, three hundred; 2, 250

Ans: | C

|

10. | (Exhibit six: Total Revenue, Total Costs, and Economic Profit) Monetary profit could be the greatest the moment approximately _______ pounds are sold. | A)| 2, 500

B)| 4, 300

C)| 7, three hundred

D)| 8, 300

Ans: | Deb

|

11. | (Exhibit several: Total Revenue, Total Costs, and Monetary Profit) For approximately 4, 500 pounds of carrots: | A)| total economic profit is the greatest.

B)| total revenue is corresponding to total cost.

C)| marginal earnings is comparable to marginal price.

D)| marginal expense is at its maximum.

Ans: | B

Exhibit 8

|

12. | (Exhibit eight: Marginal Decision Rule) In the event P1 is the market price, and if this firm has chose to produce virtually any output, it will produce: | A)| where MR > MC.

B)| variety q2.

C)| quantity q1 where MR > MC.

D)| several greater than q1 but lower than q2.

Ans: | B

|

13. | (Exhibit 8: Minor Decision Rule) Given the market price P1, Curve M is the _______ curve. | A)| little revenue

B)| marginal cost

C)| marginal product

D)| common fixed expense

Ans: | A

|

14. | (Exhibit almost eight: Marginal Decision Rule) Economic profit: | A)| exists between q1 and q2.

B)| exists between your origin and q1.

C)| is out there as a maximum at q1.

D)| cannot be identified based on information provided. | Ans: | D

|

15. | (Exhibit 8: Marginal Decision Rule) To the left of Point C (e. g., at q1): | A)| monetary profit is the vertical length between Competition B and MC. | B)| the firm is not maximizing profits.

C)| the firm can be maximizing earnings.

D)| the company should create less.

Ans: | B

Demonstrate 9

Total Cost for any Perfectly Competitive Firm

Variety per period| Total Expense

0| $10

1| $16

2| $20

3| $22

4|...

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