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Thedirectdeadweightlossis$50million.Itisimpossibletodeterminehowmuchofthelossisbornebybicycleriderswithoutmoreinformation.Forexample,someofthedeadweightlossmaybeattributabletowalkersorpeoplewhoswitchedtopublictransportation.

8.UseTableAtocompleteTableB.

TABLEA

OnTaxableIncome

TheTaxRateIs

Upto$27,050

15.0%

From$27,051to$65,550

27.5%

From$65,551to$136,750

30.5%

From$136,751to$297,350

35.5%

Over$297,350

39.1%

TABLEB

Taxpayer

Income

TaxAmount

AverageTaxRate

John

$52,700

Todd

$132,500

Glen

$237,000

Jake

$315,250

$11,111.25

21%

$35,064.75

26%

$71,949.75

30%

$100,372.90

32%

9.Whateffect,ifany,doesdiminishingmarginalproducthaveontheshapeofthemarginalcostcurve?

Diminishingmarginalproductcausesthemarginalcostcurvetorise.

10.BobEdwardsownsabagelshop.Bobhiresaneconomistwhoassessestheshapeofthebagelshop'

saveragetotalcost（ATC）curveasafunctionofthenumberofbagelsproduced.TheresultsindicateaU-shapedaveragetotalcostcurve.Bob'

seconomistexplainsthatATCisU-shapedfortworeasons.Thefirstistheexistenceofdiminishingmarginalproduct,whichcausesittorise.Whatwouldbethesecondreason?

Assumethatthemarginalcostcurveislinear.（Hint:

Thesecondreasonrelatestoaveragefixedcost）

Averagefixedcostalwaysdeclinesasoutputrisesbecausefixedcostisbeingspreadoveralargernumberofunits,thuscausingtheaveragetotalcostcurvetofall.

11.Iftheaveragetotalcostcurveisfalling,whatisnecessarilytrueofthemarginalcostcurve?

Iftheaveragetotalcostcurveisrising,whatisnecessarilytrueofthemarginalcostcurve?

Whenaveragetotalcostcurveisfalling,marginalcostisbelowATC.Iftheaveragetotalcostcurveisrising,marginalcostisaboveATC.

12.Johnhasdecidedtostarthisownlawn-mowingbusiness.Topurchasethemowersandthetrailertotransportthemowers,Johnwithdrew$1,000fromhissavingsaccount,whichwasearning3%interest,andborrowedanadditional$2,000fromthebankataninterestrateof7%.WhatisJohn'

sannualopportunitycostofthefinancialcapitalthathasbeeninvestedinthebusiness?

170

Table13-2

NumberofWorkers

Output

FixedCost

VariableCost

TotalCost

$50

$0

1

90

$20

$70

2

170

$40

$90

3

230

$60

$110

4

240

$80

$130

13.RefertoTable13-2.Themarginalproductofthesecondworkeris…?

80units

14.RefertoTable13-2.Atwhichnumberofworkersdoesdiminishingmarginalproductbegin?

2DIF:

1REF:

13-2NAT:

Analytic

LOC:

CostsofproductionTOP:

Marginalproduct

MSC:

Analytical

15.RefertoTable13-2.Ifthefirmcansellitsoutputfor$1perunit,whatistheprofit-maximizinglevelofoutput?

230units

Figure13-3

16.RefertoFigure13-3.Thegraphillustratesatypicaltotalcostcurve.Basedonitsshape,whatdoesthecorrespondingproductionfunctionlooklike?

a.

anupward-slopingcurvethatincreasesatanincreasingrate

b.

anupward-slopingcurvethatincreasesatadecreasingrate

c.

adownward-slopingcurve

d.

ahorizontalstraightline

B

17.RefertoFigure13-3.Whichofthefollowingistrueoftheproductionfunction（notpictured）thatunderliesthistotalcostfunction?

（i）

Totaloutputincreasesasthequantityofinputsincreasesbutatadecreasingrate.

（ii）

Marginalproductisdiminishingforalllevelsofinputusage.

（iii）

Theslopeoftheproductionfunctiondecreasesasthequantityofinputsincreases.

（i）,（ii）,and（iii）

18.RefertoFigure13-3.Whichofthefollowingstatementsbestcapturesthenatureoftheunderlyingproductionfunction?

Outputincreasesatadecreasingratewithadditionalunitsofinput.

Outputincreasesatanincreasingratewithadditionalunitsofinput.

Outputdecreasesatadecreasingratewithadditionalunitsofinput.

Outputdecreasesatanincreasingratewithadditionalunitsofinput.

A

19.RefertoFigure13-3.Assumingthatthefirmdepictedproducescookies,whichofthestatementsbelowismostconsistentwiththeshapeofthetotalcostcurve?

Producinganadditionalcookieisalwaysmorecostlythanproducingthepreviouscookie.

Totalproductionofcookiesdecreaseswithadditionalunitsofinput.

Producingadditionalcookiesisequallycostly,regardlessofhowmanycookiesarealreadybeingproduced.

Producingadditionalcookiesbecomesincreasinglycostlyonlywhenthenumberofcookiesalreadybeingproducedislarge.

A

Table13-5

TheFlyingElvisCopterRides

Quantity

MarginalCost

AverageFixedCost

AverageVariableCost

AverageTotalCost

--

$150

A

B

C

D

E

F

G

H

I

$120

J

K

L

M

N

O

P

Q

R

20.RefertoTable13-5.WhatisthevalueofA?

50

21.RefertoTable13-5.WhatisthevalueofB?

$100

22.RefertoTable13-5.WhatisthevalueofC?

$100

23.RefertoTable13-5.WhatisthevalueofG?

$270

24.RefertoTable13-5.WhatisthevalueofL?

$135

25.RefertoTable13-5.WhatisthevalueofO?

$360

Figure13-4

26.RefertoFigure13-4.CurveArepresentswhichtypeofcostcurve?

averagefixedcost

27.RefertoFigure13-4.Whichofthecurvesismostlikelytorepresentaveragefixedcost?

28.RefertoFigure13-4.CurveCrepresentswhichtypeofcostcurve?

averagetotalcost

29.RefertoFigure13-4.Whichcurveismostlikelytorepresentaveragetotalcost?

C

30.RefertoFigure13-4.CurveDrepresentswhichtypeofcostcurve?

marginalcost

144.