1. In a the short product process a(an) _marginal product of labor explains why marginal cost is negative and decreases. 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
1. In a the short product process a(an) _marginal product of labor explains why marginal cost is negative and decreases. 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
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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![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 (1,000-1,800) – WRONG ANSWER
o (2,000-2,000)
o NONE OF THE ABOVE
4. Given the information that follows: Sales - 750,000, explicit costs 450,000, return you could
have earned by investing your money elsewhere = 50,000, wages that you and your family
members could have earned doing the same work for another firm 70,000. The
Accounting cost is equal to
30000 – WRONG ANS](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F25bbd156-c7cd-458e-87dd-42c8dc74e67b%2F0a777ba4-f825-4101-8479-cee3a33df8f9%2Favrd3e4_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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 (1,000-1,800) – WRONG ANSWER
o (2,000-2,000)
o NONE OF THE ABOVE
4. Given the information that follows: Sales - 750,000, explicit costs 450,000, return you could
have earned by investing your money elsewhere = 50,000, wages that you and your family
members could have earned doing the same work for another firm 70,000. The
Accounting cost is equal to
30000 – WRONG ANS
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