Costs and Correct Answer

uestion 7

1 out of 1 points Answer the question on the basis of the following output data for a firm. Assume that the amounts of all non-labor resources are fixed.Refer to the above data. Diminishing marginal returns become evident with the addition of the:Answer
Selected Answer: third worker.
Correct Answer: third worker.

Question 8

1 out of 1 points Answer the question on the basis of the following output data for a firm. Assume that the amounts of all non-labor resources are fixed.Refer to the above data. The marginal product of the sixth worker is:Answer
Selected Answer: 15 units of output.
Correct Answer: 15 units of output.

Question 9

1 out of 1 points In the above diagram curves 1, 2, and 3 represent the:Answer
Selected Answer: marginal, average, and total product curves respectively.
Correct Answer: marginal, average, and total product curves respectively.

Question 10

1 out of 1 points Refer to the above diagram. At output level Q total variable cost is:Answer
Selected Answer: 0BEQ.
Correct Answer: 0BEQ.

Question 11

1 out of 1 points Answer the question on the basis of the following cost data:Refer to the above data. The total variable cost of producing 5 units is:Answer
Selected Answer: $37.
Correct Answer: $37.

Question 12

1 out of 1 points Answer the question on the basis of the following cost data:Refer to the above data. The average total cost of producing 3 units of output is:Answer
Selected Answer: $16.
Correct Answer: $16.

Question 13

1 out of 1 points Answer the question on the basis of the following cost data:Refer to the above data. The marginal cost of producing the sixth unit of output is:Answer
Selected Answer: $8.
Correct Answer: $8.

Question 14

1 out of 1 points In the above figure, curves 1, 2, 3, and 4 represent the: Answer
Selected Answer: MC, ATC,