Chapter 13 MC Section 13The Costs of Production.docx
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Chapter 13 MC Section 13The Costs of Production.docx
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Chapter13MCSection13TheCostsofProduction
Chapter13
TheCostsofProduction
MultipleChoice
1.Accordingtothelawofsupply,
a.firms'productionlevelsarenotcorrelatedwiththepriceofagood.
b.thesupplycurvewillslopedownwardwhendemanddecreases.
c.firmsarewillingtoproduceagreaterquantityofagoodwhenthepriceofthegoodishigher.
d.thesupplycurveidentifiesthepointswherethefirmminimizesitsmarginalcosts.
2.Economistsnormallyassumethatthegoalofafirmisto
(i)makeprofitaslargeaspossibleevenifitmeansreducingoutput.
(ii)makeprofitaslargeaspossibleevenifitmeansincurringahighertotalcost.
(iii)makerevenueaslargeaspossible.
a.(i)and(ii)aretrue.
b.(i)and(iii)aretrue.
c.(ii)and(iii)aretrue.
d.(i),(ii),and(iii)aretrue.
3.Economicprofitisequalto
a.totalrevenueminustheexplicitcostofproducinggoodsandservices.
b.totalrevenueminustheopportunitycostofproducinggoodsandservices.
c.totalrevenueminustheaccountingcostofproducinggoodsandservices.
d.averagerevenueminustheaveragecostofproducingthelastunitofagoodorservice.
Scenario13-1
Tonyisawheatfarmer,buthealsospendspartofhisdayteachingguitarlessons.Duetothepopularityofhislocalcountrywesternband,FarmerTonyhasmorestudentsrequestinglessonsthanhehastimeforifheistoalsomaintainhisfarmingbusiness.FarmerTonycharges$25anhourforhisguitarlessons.Onespringday,hespends10hoursinhisfieldsplanting$130worthofseedsonhisfarm.Heexpectsthattheseedsheplantedwillyield$300worthofwheat.
4.RefertoScenario13-1.WhatisthetotalopportunitycostofthedaythatFarmerTonyincurredforhisspringdayinthefieldplantingwheat?
a.$130
b.$250
c.$300
d.$380
5.RefertoScenario13-1.Tony'saccountantwouldmostlikelyfigurethetotalcostofhiswheatplantingtoequal
a.$25
b.$130
c.$300
d.$380
6.RefertoScenario13-1.Tony'saccountingprofitequals
a.$-80
b.$130
c.$170
d.$260
7.RefertoScenario13-1.Tony'seconomicprofitequals
a.$-130
b.$-80
c.$130
d.$170
8.Thedifferencebetweenaccountingprofitandeconomicprofitrelatesto
a.themannerinwhichrevenuesaredefined.
b.howtotalrevenueiscalculated.
c.themannerinwhichcostsaredefined.
d.thepriceofthegoodinthemarket.
9.Whenaddinganotherunitoflaborleadstoanincreaseinoutputthatissmallerthantheincreasesinoutputthatresultedfromaddingpreviousunitsoflabor,wehavethepropertyof
a.diminishinglabor.
b.diminishingoutput.
c.diminishingmarginalproduct.
d.negativemarginalproduct.
10.Whichofthefollowingstatementsaboutaproductionfunctioniscorrectforafirmthatuseslabortoproduceoutput?
a.Theproductionfunctiondepictstherelationshipbetweenthequantityoflaborandthequantityofoutput.
b.Theslopeoftheproductionfunctionmeasuresmarginalcost.
c.Thequantityofoutputdeterminesthemaximumamountoflaborthefirmwillhire.
d.Alloftheabovearecorrect.
11.Forafirm,therelationshipbetweenthequantityofinputsandquantityofoutputiscalledthe
a.profitfunction.
b.productionfunction.
c.total-costfunction.
d.quantityfunction.
12.Supposeacertainfirmisabletoproduce165unitsofoutputperdaywhen15workersarehired.Thefirmisabletoproduce176unitsofoutputperdaywhen16workersarehired(holdingotherinputsfixed).Thenthemarginalproductofthe16thworkeris
a.10unitsofoutput.
b.11unitsofoutput.
c.16unitsofoutput.
d.176unitsofoutput.
Table13-1
NumberofWorkers
Output
0
0
1
50
2
110
3
180
4
260
5
330
13.RefertoTable13-1.Whatisthemarginalproductofthefourthworker?
a.65
b.70
c.75
d.80
14.RefertoTable13-1.Atwhichnumberofworkersdoesdiminishingmarginalproductbegin?
a.2
b.3
c.4
d.5
15.Whenthemarginalproductofaninputdeclinesasthequantityofthatinputincreases,theproductionfunctionexhibits
a.increasingreturnstoscale.
b.decreasingreturnstoscale.
c.diminishingtotalproduct.
d.diminishingmarginalproduct.
16.Thetotalcostcurvegetssteeperasoutputincreasesdueto
a.diseconomiesofscale.
b.economiesofscale.
c.diminishingmarginalproduct.
d.increasingreturnstoscale.
17.SupposeJanstartedupasmalllemonadestandbusinesslastmonth.VariablecostsforJan'slemonadestandnowincludethecostof
a.buildingthelemonadestand.
b.hiringanartisttodesignalogoforhersign.
c.lemonademix.
d.Alloftheabovearecorrect.
18.Theamountbywhichtotalcostriseswhenthefirmproducesoneadditionalunitofoutputiscalled
a.averagecost.
b.marginalcost.
c.fixedcost.
d.variablecost.
19.Marginalcostequals
a.totalcostdividedbyquantityofoutputproduced.
b.totaloutputdividedbythechangeintotalcost.
c.theslopeofthetotalcostcurve.
d.theslopeofthelinedrawnfromtheorigintothetotalcostcurve.
20.Diminishingmarginalproductsuggeststhatthemarginal
a.costofanextraworkerisunchanged.
b.costofanextraworkerislessthanthepreviousworker'smarginalcost.
c.productofanextraworkerislessthanthepreviousworker'smarginalproduct.
d.productofanextraworkerisgreaterthanthepreviousworker'smarginalproduct.
21.Whenmarginalcostislessthanaveragetotalcost,
a.marginalcostmustbefalling.
b.averagevariablecostmustbefalling.
c.averagetotalcostisfalling.
d.averagetotalcostisrising.
22.Marginalcostisequaltoaveragetotalcostwhen
a.averagevariablecostisfalling.
b.averagefixedcostisrising.
c.marginalcostisatitsminimum.
d.averagetotalcostisatitsminimum.
Figure13-1
23.RefertoFigure13-1.Whichofthefollowingcanbeinferredfromthefigureabove?
(i)Marginalcostisincreasingatalllevelsofoutput.
(ii)Marginalproductisincreasingatlowlevelsofoutput.
(iii)Marginalproductisdecreasingathighlevelsofoutput.
a.(i)and(ii)
b.(ii)and(iii)
c.(i)and(iii)
d.(ii)only
24.Totalcostcanbedividedintotwotypesofcosts.Thosetwotypesare
a.fixedcostsandvariablecosts.
b.fixedcostsandmarginalcosts.
c.variablecostsandmarginalcosts.
d.averagecostsandmarginalcosts.
25.Averagetotalcost(ATC)iscalculatedasfollows:
a.ATC=(changeintotalcost)/(changeinquantityofoutput).
b.ATC=(changeintotalcost)/(changeinquantityofinput).
c.ATC=totalcost/quantityofoutput.
d.ATC=totalcost/quantityofinput.
26.Intheshortrun,afirmincursfixedcosts
a.onlyifitincursvariablecosts.
b.onlyifitproducesnooutput.
c.onlyifitproducesapositivequantityofoutput.
d.whetheritproducesoutputornot.
Figure13-2
27.RefertoFigure13-2.Whichofthefiguresrepresentsthetotalcostcurveforafirm?
a.Figure1
b.Figure2
c.Figure3
d.Figure4
28.RefertoFigure13-2.Whichofthefiguresrepresentsthemarginalcostcurveforafirm?
a.Figure1
b.Figure2
c.Figure3
d.Figure4
29.RefertoFigure13-2.Whichofthefiguresrepresentstheproductionfunctionforafirm?
a.Figure1
b.Figure2
c.Figure3
d.Figure4
30.Whichofthefollowingstatementsaboutcostsiscorrect?
a.Whenmarginalcostislessthanaveragetotalcost,averagetotalcostisrising.
b.ThetotalcostcurveisU-shaped.
c.Asthequantityofoutputincreases,marginalcosteventuallyrises.
d.Alloftheabovearecorrect.
31.Thefirm'sefficientscaleisthequantityofoutputthatminimizes
a.averagetotalcost.
b.averagefixedcost.
c.averagevariablecost.
d.marginalcost.
32.Atwhatlevelofoutputwillaveragevariablecostequalaveragetotalcost?
a.Whenmarginalcostequalsaveragetotalcost
b.Foralllevelsofoutputinwhichaveragevariablecostisfalling
c.Whenmarginalcostequalsaveragevariablecost
d.Thereisnolevelofoutputwherethisoccurs,aslongasfixedcostsarepositive.
33.Whenafirmisabletoputidleequipmenttousebyhiringanotherworker,
a.variablecostswillrise.
b.variablecostswillfall.
c.fixedcostswillfall.
d.fixedcostsandvariablecostswillrise.
34.Whenmarginalcostisrising,averagevariablecost
a.mustberising.
b.mustbefalling.
c.mustbeconstant.
d.couldberisingorfalling.
35.Supposethatforaparticularfirmtheonlyvariableinputintotheproductionprocessislaborandthatoutputequalszerowhennoworkersarehired.Inaddition,supposethatmarginalcostwhenthreeworkersarehiredis$40andtheaveragetotalcostwhenthreeworkersarehiredis$50.Whatisthetotalcostofproductionwhenthreeworkersarehired?
a.$50
b.$90
c.$120
d.$150
36.Whenmarginalcostisgreaterthanaveragecost,averagecostis
a.rising.
b.falling.
c.constant.
d.eitherrisingorfallingdependingontheeconomiesofscale.
37.Whichofthefollowingisnotapropertyofafirm'scostcurves?
a.Marginalcostmusteventuallyriseasaresultofdiminishingmarginalproduct.
b.AveragetotalcostisU-shaped.
c.Economiesofscalewillexistwhenaveragetotalcostfallsasoutputrises.
d.Averagetotalcostwillcrossmarginalcostattheminimumofmarginalcost.
38.MillerTechnologieshasaveragevariablecostsof$1andaveragetotalcostsof$3whenitproduces500unitsofoutput.Thefirm'stotalfixedcostsequal
a.$500
b.$1,000
c.$1,500
d.$2,000
39.Giventhecostcurvesshowninthediagrambelow,theefficientscaleofproductionoccursatpoint
a.A.
b.B.
c.C.
d.D.
40.Thelengthoftheshortrun
a.isdifferentfordiffe
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