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- Suppose the cost of machines increases to 55, while the cost of labor stays at 40. How would that affect the total cost of the three methods? Which method should the film choose now?Number Of Output Workers 1 50 110 300 4 450 590 665 700 8. 725 710 10 705 According to the above table, At what point does diminishing retums set in? O 4th labor 3rd labor O 1st labor O 2nd laborION 17 Marginal Cost Marginal Benefit Quantity of Shoes Refer to the diagram for athletic shoes. If the current output of shoes is Q1, then O D. society would consider additional units of shoes to be more valuable O A. resources are being O B. society would experience a net loss by producing more O C. society would consider additional units of shoes to be less valuable than allocated efficiently to the alternative uses of those resources than altemative uses of those production of shoes resources shoes Sa Click Save and Submit to save and submit. Click Save All Answers to save all answers. DELL Marginal Benefit and Marginal Cost (Dollers)
- 10. the olowing graph shows the marginal and average product curves for labor, the firm's only variable input. The monthly wage for labor is $2,000. Fixed cost is $120,000. + APMP 100 80 60 MP AP 20 40 60 80 100 120 140 10 Labor What is AVC at its minimum? Multiple Choice O $80 when AP is maximzed O $15 . O$25 .O$40 120000 . O$100 2,000 Ave rage ard m arginal prodictof laborProduction Possibilities Schedules Mountain Mack Big Lake Bob Fishing Lures Duck Decoys Fishing Lures Duck Decoys 8 4 8 12 16 20 30 18 32 115 65 0 a. If Mountain Mack splits his week evenly between carving fishing lures and duck decoys, what is the maximum number of fishing lures and duck decoys could he carve? O 50 fishing lures and 40 duck decoys O 140 fishing lures and 20 duck decoys O 25 fishing lures and 20 duck decoys O 20 fishing lures and 25 duck decoys b. If Big Lake Bob splits his week evenly between carving fishing lures and duck decoys, what is the maximum number of fishing lures and duck decoys could he carve? 70 fishing lures and 10 duck decoys 10 fishing lures and 70 duck decoys 20 fishing lures and 140 duck decoys 140 fishing lures and 20 duck decoys c Combined, how many fishing lures and duck decoys could Mountain Mack and Big Lake Bob carve if each one split his week between the two products? 020 fishing lures and 140 duck decoys O 30 fishing lures and 95 duck decoys…MC ATC AVC 10 20 30 40 50 60 70 80 90 100 Quantity (gallons of ice cream per hour) Based on the above figure, for which of the following amounts of output at Ike's lce Cream Kitchen does the average product of labor exceed the marginal product of labor? Select one: O a. at 10 gallons O b. at 40 gallons Oc. at 70 gallons O d. all of the above u.om/mod/quiz/attempt.php?attempt3D1467161&cmid%3D718241&page=D5 Cost (dollars per gallon)
- Que You have decided that you want to attend a renaissance fair as King Henry VIII. You estimate that it will cost $80 to assemble your costume. After spending $80 on the costume, you realize that the additional pieces you need will cost you $20 more. The marginal cost of completing the O $20 $80 O $60 O $100Next question The demand curve is also the O A. total benefit curve. B. total cost curve. O C. marginal deadweight cost curve. O D. marginal benefit curve. O E. marginal cost curve. O Time Remaining: 00:53:28 Next (ECON202 s2022 online) is based on Bade/Parkin: Foundations of Microeconomics, 9eElla owns a factory that produces kitchen knives. She has eight employees, with which her factory can produce 120 knives per day. If she hired a ninth employee, she'd be knives. able to produce 130 wheelbarrows per day. Therefore, the marginal product of the ninth employee is O 12 O 10 O 15 O 14 O 11
- QUI The figure below depicts the production function of grain for farmers under average growing conditions with the currently available Noi technology. Mar 9007 PF 800- 700- 600- 500- 400- 300- 200어 100- o Slope 732,000/ 1,600 = 458 04 400 800 1200 1600 2000 2400 2800 Number of farmers Select one or more: In a year with exceptionally good weather conditions, the production function curve will be higher and parallel to the curve O a. above. O b. A discovery of new high yielding crop seeds would tilt the production function curve higher anti-clockwise, pivoted at the origin. O C. In a year of bad drought the production curve can turn downwards for large numbers of farmers. O d. If there is an upper-limit on the amount of grain that can be produced, then the curve will end up horizontal for large number of farmers. S Type here to search 25 hp t4 15 16 eSC 5 6. 7. 00 %24 3. . ........ Kilogrammes of grain produced (thousands)Labor (workers) 0 1 2 3 4 O 18 O 20 O 40 TP (output) 0 O 22 18 40 60 72 TC $20 $44 Consider the above table. What is the marginal product of the 2nd worker? $60 $84 $104The question below is based on the table below, which shows the relationship between the number of workers and output of lumber (in tons per day). Number of Workers 0 1 2 3 4 5 O 44 O 19 Total Output of Lumber 22 O 75 0 25 44 60 The marginal physical product of the second worker is? O 25 70 75