exam 3 answers

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the marginal product for the second worker is____bagels

$10,000

What is the average total cost of 4 cakes?

$12

if the market price is 10, what is the firm's total profit?

$15

what is the variable cost of producing 12 floral arrangements?

$150

what is the marginal cost of the 12th floral arrangement?

$16.67

assume a perfectly competitive firm is producing 800 units of output, and it sells each unit for $6. its average total cost is $4. its profit is

$1600

what is the total cost of producing 12 floral arrangements?

$250

what is her total profit at the profit-maximizing quantity

$265

if the market price is $10, what is the firm's total cost?

$35

jane was a partner at a law firm...

$39,000

what is her total cost at the profit maximizing quantity

$395

each worker at the wooden chair factory costs $12 per hour . the cost of each machine is $20 per day regardless of the number of chairs produced. if the factory produces at a rate of 70 chairs per hour and operates 8 hours per day, what is the factory's cost of machines per day

$40

examine the table of birthday cakes. annie has a bakery that specializes in birthday cakes, and her variable costs of producing cakes are shown on this table. assume that her fixed costs are $10. What is the total cost of 4 cakes?

$48

assume a certain firm is producing Q=1,000 units of output. At Q= 1,000, the firms marginal cost equals $20 and its average total cost equals $25. the firm sells its output for $30 per unit. At Q= 1,000, the firm's profits equal

$5,000

if the market price is $10, what is the firm's total revenue

$50

the marginal cost of the 4th shoe is

$50

the firm will earn zero economic profit if the market price is

$6

what is the daily cost of producing at a rate of $70 chairs per hour I the factory operates 8 hours a day

$616

what is her total revenue at the profit-maximizing quantity

$660

for a firm operating in a competitive market, the marginal revenue is

$7

for a firm operating in a competitive market, the price is

$7

the marginal revenue of the 5th shoe is

$80

suppose that a firm operating in a perfectly competitive market sells 100 units of output. It total revenues from the sales are $500. which of the following statements is correct?

1,2,3

assume the wooden chair factory currently employs 2 workers. what is the marginal product of labor when the factory adds a 3rd worker

10 chairs per hour

assume the wooden chair factory currently employs 5 workers. what is the marginal product of labor when the factory adds a 6th worker

15 chairs per hour

what is the marginal product of the third worker?

3

what is the factory's cost of workers per day

576

sally will maximize her profits by selling

6 shoes

Curve C represents the

ATC curve

which of the following statements is NOT correct?

Average fixed costs are constant

which scenario best describes an oligopolistic industry

Coco-cola and pepsi

Curve b represents the

MC curve

figure 3 illustrates a perfectly competitive firm. curve A represents the

MR curve

which of the following four prices corresponds to a perfectly competitive firm earning positive economic profit

P1

which of the four prices corresponds to a perfectly competitive firm earning zero economic profits

P2

which of the four prices corresponds to a perfectly competitive firm earning negative economic profits but trying to remain open

P3

which of the four prices corresponds to a perfectly competitive firm earning negative economic profits and shutting down

P4

when the marginal product of an additional worker is less then the marginal product of the previous worker, there are ____ returns to labor

decreasing marginal

decreasing marginal returns means that

each additional unit of input used will increase output, but by smaller and smaller amounts

profit maximizing firms in a competitive market produce an output level where

marginal cost equals marginal revenue

An industry characterized by many firms, producing similar but differentiated products, in a market with easy entry and exit is called:

monopolistic competition

the market structure that is characterized by only a small number producers is referred to as an

oligopoly

which of the following is not a characteristic of a monopoly

one buyer

when the marginal cost is above average total cos, average total cost must be:

rising

the wooden chair factory experiences diminishing marginal product of labor with the addition of which worker

the sixth worker


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