Economics and Figure
|1. |The total product curve: |
|B) |will become flatter as output increases, if there are diminishing returns to the variable input. |
Use the following to answer questions 2-3:
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|2. |(Table: Total Product and Marginal Product) The marginal product of the second worker is: |
|C) |20. |
|3. |(Table: Total Product and Marginal Product) The average product of the fourth worker is ________ units. |
|B) |22.5 |
Use the following to answer question 4:
Figure: Total Product
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|4. |(Figure: Total Product) As units of labor are hired between quantities L1 and L2, ________ is ________ and ________ is ________.|
|A) |total product; rising; marginal product; positive |
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|1. |(Table: Output and Costs) Using the information in the table, when quantity equals three, average total cost equals: |
|D) |17. |
|2. |Cindy operates Birds-R-Us, a small store manufacturing and selling 100 bird feeders per month. Cindy's monthly total fixed costs|
| |are $500, and her monthly total variable costs are $2,500. If for some reason Cindy's fixed cost fell to $400, then her: |
|B) |average total costs would decrease. |
|3. |Rebecca knows that Becca Furniture's marginal cost curve is above the
|B) |will become flatter as output increases, if there are diminishing returns to the variable input. |
Use the following to answer questions 2-3:
[pic]
|2. |(Table: Total Product and Marginal Product) The marginal product of the second worker is: |
|C) |20. |
|3. |(Table: Total Product and Marginal Product) The average product of the fourth worker is ________ units. |
|B) |22.5 |
Use the following to answer question 4:
Figure: Total Product
[pic]
|4. |(Figure: Total Product) As units of labor are hired between quantities L1 and L2, ________ is ________ and ________ is ________.|
|A) |total product; rising; marginal product; positive |
[pic]
|1. |(Table: Output and Costs) Using the information in the table, when quantity equals three, average total cost equals: |
|D) |17. |
|2. |Cindy operates Birds-R-Us, a small store manufacturing and selling 100 bird feeders per month. Cindy's monthly total fixed costs|
| |are $500, and her monthly total variable costs are $2,500. If for some reason Cindy's fixed cost fell to $400, then her: |
|B) |average total costs would decrease. |
|3. |Rebecca knows that Becca Furniture's marginal cost curve is above the