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Exam 11: Behind the Supply Curve: Inputs and Costs

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Question 141

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Use the following to answer questions: -(Table: Tonya's Production Function for Apples) Look at the table Tonya's Production Function for Apples. Tonya's fixed:

A) input is land.
B) input is labor.
C) inputs are land and labor.
D) inputs are neither land nor labor.

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Question 142

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At quantities less than the long-run minimum cost per unit of output, the long-run average total cost curve is _____ of the corresponding short-run average total cost curve.

A) tangent to the minimum
B) tangent to the maximum
C) to the right of the minimum
D) to the left of the minimum

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Question 143

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The long run is a planning period:

Use the following to answer questions: -(Figure: Marginal Product of Labor) Look at the figure The Marginal Product of Labor. The total product for three workers is _____ bushels.

When a firm adds capital, in the short run variable costs for any level of output will:

Which of the following statements is FALSE?

Use the following to answer questions: -(Table: Production Function for Soybeans) Look at the table Production Function for Soybeans. Assume that the fixed input, capital, is 10 acres of land and a tractor, which have a combined cost of $150 per day. The cost of labor is $100 per worker per day. The variable cost of producing 25 bushels of soybeans is:

In economics, the short run is:

When Caroline's dress factory hires two workers, the total product is 50 dresses. When she hires three workers, total product is 48, and when she hires four workers, total product is 45. The marginal product of the third and fourth workers is:

Janet's poodle grooming salon has a total cost curve expressed by the equation TC = 100 + 3Q², where Q is the quantity of dogs groomed. Janet notices that as she grooms more dogs, her total cost curve:

Use the following to answer questions: Figure: Short-Run Costs II -(Figure: Short-Run Costs II) Look at the figure Short-Run Costs II. At 6 units of output, average total cost is approximately:

Economies and diseconomies of scale are associated with the:

A factor of production whose quantity can be changed during the SHORT run is a(n) _____ factor of production.

If the marginal cost of the first sports jersey is $21, the marginal cost of the second sports jersey is $40, and the marginal cost of the third jersey is $17, what is the total variable cost of producing three jerseys?

If average total cost is declining, marginal cost cannot be increasing.

The U shape of the long-run average total cost curve is primarily due to:

A factor of production whose quantity CANNOT be changed during the short run is a(n) _____ factor of production.

The larger the output, the more output over which fixed cost is distributed. Called the _____ effect, this leads to a ______ average _____ cost.

Use the following to answer questions: Figure: The Average Total Cost Curve -(Figure: The Average Total Cost Curve) Look at the figure The Average Total Cost Curve. The total cost of producing three pairs of boots is approximately:

Use the following to answer questions: -(Table: Workers and Output) Look at the table Workers and Output. After graduation you achieve your dream of opening an art shop that specializes in selling mud statues. You pay $10 per day on a loan from your uncle, and regardless of how much you produce, you pay $10 per day to each of the workers who make the mud statues. The fixed cost of producing 25 statues is: