10/17/22, 2:05 PM Quiz 8: Production and cost: Attempt review

Đã bắt đầu vào Thứ năm, 13 Tháng mười 2022, 11:07 PM

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Câu hỏi 1
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Điểm 1,00 của 1,00

The Carolina Christmas Tree Corporation grows and sells 500 Christmas trees. The average cost of production per tree is $50. Each tree sells for a price of
$65. The Carolina Christmas Tree Corporation's total revenues are

a. $67,500.
b. $25,000.
c. $7,500.
d. $32,500.

Câu hỏi 2
Hoàn thành

Điểm 1,00 của 1,00

Jamar used to work as an office manager, earning $40,000 per year. He gave up that job to start a life-coaching business. In calculating the economic profit of
his life-coaching business, the $40,000 income that he gave up is counted as part of the life-coaching business's

a. explicit costs.
b. total revenue.
c. marginal costs.
d. opportunity costs.

Câu hỏi 3
Hoàn thành

Điểm 0,00 của 1,00

Total revenue equals

a. price/quantity.
b. price x quantity.
c. output - input.
d. marginal revenue - marginal cost.

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10/17/22, 2:05 PM Quiz 8: Production and cost: Attempt review

Câu hỏi 4
Hoàn thành

Điểm 1,00 của 1,00

Tsintah weaves traditional Navaho rugs. She weaves and sells 50 rugs. Her average cost of production per rug is $50. She sells each rug for a price of $65.
Tsintah's total revenues are

a. $2,500.
b. $3,250.
c. $750.
d. $5,750.

Câu hỏi 5
Hoàn thành

Điểm 1,00 của 1,00

When marginal cost is less than average total cost,

a. average variable cost must be falling.

b. average total cost is rising.
c. average total cost is falling.
d. marginal cost must be falling.

Câu hỏi 6
Hoàn thành

Điểm 1,00 của 1,00

Figure 13-5

Refer to Figure 13-5. Curve D represents which type of cost curve?

a. average variable cost

b. average total cost
c. average fixed cost
d. marginal cost

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10/17/22, 2:05 PM Quiz 8: Production and cost: Attempt review

Câu hỏi 7
Hoàn thành

Điểm 1,00 của 1,00

Table 13-16

Average Average
Variable Marginal Average
Fixed Total
 Quantity Total Cost Fixed Cost Variable
Cost Cost
Cost Cost Cost

 0  $24
-- -- -- --
 1
$16

 2  $50

 3 $108

 4



$40

Refer to Table 13-16. What is the marginal cost of the 4th unit of output?

a. ​$52
b. $​40
c. ​$136
d. ​$68

Câu hỏi 8
Hoàn thành

Điểm 1,00 của 1,00

The marginal cost curve crosses the average total cost curve at

a. a point where the marginal cost curve is rising.

b. the minimum point on the average total cost curve.
c. All of the above are correct.
d. the efficient scale.

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10/17/22, 2:05 PM Quiz 8: Production and cost: Attempt review

Câu hỏi 9
Hoàn thành

Điểm 1,00 của 1,00

Table 13-4

Charles's Math Tutoring

Output (number

Number of

of students tutored per

Workers
week)

0 0

1 20

2 45

3 60

4 70

Refer to Table 13-4. What is the marginal product of the second worker?

a. 20 students
b. 25 students
c. 22.5 students
d. 15 students

Câu hỏi 10
Hoàn thành

Điểm 1,00 của 1,00

Table 13-6

Wooden Chair Factory

Output

Number
Number
(chairs
Marginal

of
of
produced
Product of
Cost of
Cost of
Total

Workers Machines per hour) Labor Workers Machines Cost

 1  2  5        
 2  2  10        
 3  2  20        
 4  2  35        
 5  2  55        
 6  2  70        
 7  2  80        

Refer to Table 13-6. Each worker at the Wooden Chair Factory costs $12 per hour. The cost of each machine is $20 per day regardless of the number of chairs
produced. If the factory produces at a rate of 70 chairs per hour and operates 8 hours per day, what is the factory's total labor cost per day?

a. $576
b. $616
c. $72
d. $112

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10/17/22, 2:05 PM Quiz 8: Production and cost: Attempt review

Câu hỏi 11
Hoàn thành

Điểm 1,00 của 1,00

Suppose that a "doggie day care" firm uses only two inputs: hourly workers (labor) and a building (capital). In the short run, the firm most likely considers

a. labor to be variable and capital to be fixed.

b. both labor and capital to be fixed.
c. capital to be variable and labor to be fixed.
d. both labor and capital to be variable.

Câu hỏi 12
Hoàn thành

Điểm 1,00 của 1,00

Table 13-1

Number of Workers Total Output Marginal Product

0 0 --

1   30

2   45

3   60

4   50

5   40

Refer to Table 13-1. What is total output when 5 workers are hired?

a. 90
b. 185
c. -10
d. 225

Câu hỏi 13
Hoàn thành

Điểm 1,00 của 1,00

Suppose that a firm's long-run average total costs of producing hand-crafted chairs is $300 when it produces 10,000 chairs and $325 when it produces 11,000
chairs. For this range of output, the firm is likely experiencing

a. coordination problems.
b. constant returns to scale.
c. economies of scale.
d. specialization.

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10/17/22, 2:05 PM Quiz 8: Production and cost: Attempt review

Câu hỏi 14
Hoàn thành

Điểm 0,00 của 1,00

When a firm is experiencing economies of scale, long-run

a. average total cost is minimized.

b. marginal cost is minimized.
c. average total cost is less than long-run marginal cost.
d. average total cost is greater than long-run marginal cost.

Câu hỏi 15
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Điểm 1,00 của 1,00

Figure 13-9

The figure below depicts average total cost functions for a firm that produces automobiles.

Refer to Figure 13-9. At levels of output between M and N, the firm experiences

a. constant returns to scale.

b. both the benefits of specialization and diminishing marginal productivity.
c. diseconomies of scale.
d. economies of scale.

Câu hỏi 16
Hoàn thành

Điểm 1,00 của 1,00

How long does it take a firm to go from the short run to the long run?

a. It depends on the nature of the firm.

b. one year
c. two years
d. six months

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10/17/22, 2:05 PM Quiz 8: Production and cost: Attempt review

Câu hỏi 17
Hoàn thành

Điểm 1,00 của 1,00

The fact that many inputs are fixed in the short run but variable in the long run has little impact on the firm's cost curves.

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Câu hỏi 18
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Table 13-20

Listed in the table are the long-run total costs for three different firms.

Quantity 1 2 3 4 5
Firm A 100 100 100 100 100
Firm B 100 200 300 400 500
Firm C 100 300 600 1,000 1,500

Refer to Table 13-20. Firm C is experiencing economies of scale.

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Câu hỏi 19
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Điểm 0,00 của 1,00

Table 13-20

Listed in the table are the long-run total costs for three different firms.

Quantity 1 2 3 4 5
Firm A 100 100 100 100 100
Firm B 100 200 300 400 500
Firm C 100 300 600 1,000 1,500

Refer to Table 13-20. Firm B is experiencing diseconomies of scale.

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10/17/22, 2:05 PM Quiz 8: Production and cost: Attempt review

Câu hỏi 20
Hoàn thành

Điểm 1,00 của 1,00

A firm produces 60 units of output with 5 workers, 65 units with 6 workers, and 68 units with 7 workers. The firm's production function exhibits diminishing
marginal productivity between 5 and 7 workers. 

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10/17/22, 2:05 PM Quiz 8: Production and cost: Attempt review

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