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These questions ask about input, output, marginal product, e

These questions ask about input, output, marginal product, economic profit, total profit, average re… Show more These questions ask about input, output, marginal product, economic profit, total profit, average revenue,and perfect competition concepts. Please answer all and briefly explain 3,4,8,14,20,22, 1. the short run is the time period during which a. all of the firm’s costs are fixed. b. the value of the firm’s assert starts to decay c.the firm can adjust all input freely d. some of the firm’s input decisions are constrained by previous commitment. 2. in the long run, a. all of the firm’s input quantities are variable b. the firm can vary the quantities of some but not all inputs. c. managers become less efficient. d. the total cost of producing any given level of output is greater than or equal to the short-run total cost of producing that level of output. 3. in which case will the transition from short run to long run involve the shortest chronological time? a. a service that provides temporary secretaries to companies. b.an automobile factory c.a farm d. an electric utility 4.the total physical product of an input is the same thing as its a. total revenue product b. marginal physical product times output c. output d. total consumer’s surplus. 5. which of the following experiments will yield observations that would allow one to calculate the marginal physical product of labor? a. increase the number of lumberjacks with chain saws and observe the change in output of cut trees. b.increase the number of works on an assembly line and record the change in output c.both a and b are correct d. neither a nor b are correct 6. marginal physical product can tell a producer a. at what point to stop adding inputs to the production process b. how much profit will be made at each level of production c.how much the last input added to the total amount of revenue d. how much the last input added to the total amount of production. Table 7-1 Workers toys 1 5 2 12 3 22 4 30 5 35 7. in table 7-1, the marginal physical product of labor after the addition of the fourth worker is a 8 b 7 c 10 d 5 8. in table 7-1, the average physical product after five workers are hired is a 5 b 6 c 7 d 8 9. in table 7-1, the marginal physical product begins to diminish with addition of the a. second worker b third worker c fourth worker d marginal returns never diminish in table 7-1 10. the marginal physical product of an input is the a. addition to output from using one more unit of an input b extra amount of an input needed to produce one additional unit of output c change in average physical product, given a change in the quantity of an input d slope of the production indifference curve for output made using the input. 11. a firm can choose a quantity of output, and the price is then determined by a the government b the supply schedule c consumers’ demand d the average cost 12. management gets two numbers(price and quantity)from one decision because a the marginal utility of good is fixed b producers use both technical and financial information c the demand curve consists of price and quantity pairs d the average cost curve has only one low point 13.the goal of the business firm is maximization of ______, and the goal of the consumer is maximization of______. a total sales; income b total profit; utility c total output; utility d total sales; utility 14. Sally leaves her $14,000 secretarial position with a company and invests her savings of $15,000 (on which she was earning 6 percent interest) in her own Ready Secagency. After expenses, her net income was $18, 900. Her economic profit was a $4900 b $4000 c $18,900 d -$10,100 15. total profit a is the difference between sales revenue and costs. b maximization is always the goal of every firm. C is always defined the same by both economists and accountants D is maximized when sales are maximized 16. for any firm, price always equals, a. average revenue b marginal revenue c marginal cost d marginal profit 17.the demand curve facing a firm is also the firm’s a total utility curve b average revenue curve c average utility curve d total revenue curve 18 average revenue is equal to a TR/Q b (O*Q)/P c TR*Q d all of the above are correct 19. A firm can always increase its output by one unit at a marginal cost of $10. Its marginal cost curve is a a horizontal line b a vertical line c a ray with slope equal to 10 d exactly one-tenth as steep as its total cost curve 20. Whenever average cost exceeds marginal cost a average cost is rising b average cost is falling c marginal cost is rising d marginal cost is falling 21. to determine whether a market is perfectly competitive, economists examine the a number of firms in the market b similarities among the products of the different firm in the market c ease of entry and exit by firms in the market d all of the above are correct 22. the strength of the competition faced by a company can profoundly affect its a pricing b output decisions. C input decisions D all of the above are correct 23 which of the following is not a characteristic of perfect competition? A firms and consumers all have perfect information about the good and market B sellers can enter the market easily C all goods sold are identical D all consumers have identical individual demand curves 24 a perfectly competition firm is a price a giver b taker c maker d leader 25 which of the following is a characteristic of a perfectly competitive market? A s few large firms B firms producing specialized products in order to attract consumers C each individual firm having some control over the market price D a large number of small firms. Please briefly explain 3,4,8,14,20,22. • Show less

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