Microeconomics: QUIZ #7 Behind the Supply Curve: INPUTS & COSTS

(Figure and Table: Variable, Fixed, and Total Costs) Look at the figure and table Variable, Fixed, and Total Costs. When 51 bushels of wheat is produced, the average fixed cost is _____, average variable cost is _____, and average total cost is _____.

$7.84; $11.76; $19.60

(Table: Total Cost Data) Look at the table Total Cost Data. What is the total variable cost for this bicycle firm when the firm produces 5 bicycles?

190

(Table: Labor and Output) Look at the table Labor and Output. The marginal product of the fourth worker is:

6

(Figure: Marginal Product of Labor) Look at the figure The Marginal Product of Labor. The total product of labor for eight workers is _____ bushels.

96

(Figure: Short-Run Costs) Look at the figure Short-Run Costs. The vertical difference between curve B and curve C at any quantity of output is _____ cost.

AVERAGE FIXED

In the long run: A. all factors are variable. B. production choices are more limited than in the short run. C. production is always greater than zero. D. all factors are fixed.

A) all factors are variable.

(Figure: A Firm's Cost Curves) Look at the figure A Firm's Cost Curves. The curve labeled W represents the firm's _____ cost curve.

AVERAGE TOTAL

An input whose quantity CANNOT be changed in the short run is:

FIXED INPUT

(Figure: Short-Run Costs) Look at the figure Short-Run Costs. A is the _____ cost curve.

MARGINAL

The change in total cost resulting from a one-unit change in quantity is _____ cost.

MARGINAL