Econ no need

Marginal

8.6 curve 1 is outdoor equipments ____ cost curve.

Average variable

8.6 curve 2 is outdoor equipments ____ cost curve.

Average total

8.6 curve 3 is

When curve 1 and 3 intersect

8.6 outdoor average total costs are minimized at the output level

Average fixed

8.6 the vertical distance AB is outdoor ____ cost

1000

8.8 a soybean farmers profit maximizing level of output is ____ units of output.

$0

8.8 if farmer produces profit would be

700 bushels of soybeans

8.8 if the market price of soybeans falls to $8 then to maximize profits farmers should produce

3000

8.8 if this farmer is producing the profit maximizing level of output her profit is

10

The marginal products on the first, second, and thurs workers are 50,34, and 22, respectively. If four workers can produce 116 units of output, then the marginal product of the fourth worker is _____.

Move to point E

9.6 industry demand is initially D1 and industry supply is initially s1 in this increasing cost industry. If demand increases to d2 then in the long run the industry will

Points B to E

9.6 this increasing cost industry's long run supply curve would be found by drawing a line from

$370

8.2 5 pairs costs are

$50

8.2 One pair variables cost??

$40

8.2 if sherry produces two pairs of earrings, her marginal cost is

$100

8.2 if sherry produces zero earrings, her total fixed cost are

Four

8.2 market price is $60 to maximize profits should produce

5,600

8.8 if this farmer produces the profit maximin cgi level of soybeans when the market price is $8 per bushed total revenue would be

9000

8.8 what is the total cost of producing the profit maximizing level of output??

Operate but not expand

9.1 $17 and in the short run

Go out if business

9.1 $17 then in the long run

Operate and expand

9.1 if market price is $42 then in long run the firm will

Zero

9.1 if the market price is $10 then this firm will maximize profits by producing ____ units of output.

Six; $70

9.1 if the market price is $42 then this firm will maximize profits by producing _____ units of output and it's profits will be ____.

$15

9.1 shit down point price for this firm is

40000

7.1 Your accounting profit last year was

10000

7.1 Your economic profit last year was

90000

7.1 during the year your economic costs were Revenue $90000 Supplies $50000 Invested you pay $40000

4

7.2

5

7.2 the marginal cost of the second worker is ____ lawns mowed

Third

7.4 diminishing marginal returns begin when the ____ worker is hired.