NAME dliva, Noemi PRINT LAST NAME, FIRST NAME SECTION# \CO-012 COSTS, PROFIT, AND PRODUCTION Suppose ABC Corporation sold 2,000 units of output at a price of $2 per unit. If ABC Corporation's explicit cost to produce the 2,000 is $1,500 and its implicit cost to produce the 2,000 units is $2,000, then ABC Corp. has total revenue of accounting profit of 1. an and an economic profit of $1,500; $0; $1,000 $4,000; $1,000; $0 $4,000; $500; $2,500 a. b. C. d. $4,000; $2,500; $500 Firms encounter diminishing marginal product (diminishing returns) in the short run because: all inputs are fixed. at least one input is fixed. inputs can only be varied proportionally. at some point, firms must hire inferior labor to increase output. a. b. c. d. If total output is 40 units when 4 workers are employed and 48 units when 5 workers are employed, then: average product is 10 units when 4 workers are employed. the marginal product of the 5th worker is 8 units. average product must be falling because the marginal product of the 5th worker is lower than the average product for 4 workers. all of the above are true. a. b. C. Use the information in the table below to answer questions 4 and 5. Number of Workers 0. Output 0. 1 8 18 3 30 d. 2. 3.

NAME dliva, Noemi PRINT LAST NAME, FIRST NAME SECTION# \CO-012 COSTS, PROFIT, AND PRODUCTION Suppose ABC Corporation sold 2,000 units of output at a price of $2 per unit. If ABC Corporation's explicit cost to produce the 2,000 is $1,500 and its implicit cost to produce the 2,000 units is $2,000, then ABC Corp. has total revenue of accounting profit of 1. an and an economic profit of $1,500; $0; $1,000 $4,000; $1,000; $0 $4,000; $500; $2,500 a. b. C. d. $4,000; $2,500; $500 Firms encounter diminishing marginal product (diminishing returns) in the short run because: all inputs are fixed. at least one input is fixed. inputs can only be varied proportionally. at some point, firms must hire inferior labor to increase output. a. b. c. d. If total output is 40 units when 4 workers are employed and 48 units when 5 workers are employed, then: average product is 10 units when 4 workers are employed. the marginal product of the 5th worker is 8 units. average product must be falling because the marginal product of the 5th worker is lower than the average product for 4 workers. all of the above are true. a. b. C. Use the information in the table below to answer questions 4 and 5. Number of Workers 0. Output 0. 1 8 18 3 30 d. 2. 3.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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