Micro exam 4

If the market is $6, what is the firms short run economic profit (Figure 14.2)

$0

Suppose Korie purchases the factory using $200,000 of her own money and $200,000 borrowed from a bank at an interest rate of 6 percent. What is Korie's annual opportunity cost of purchasing the factory?

$18,000

Suppose a firm in a competitive market earned $3,000 in total rev and had a marginal rev of $30 for the last unit produced and sold. What is the average rev per unit, and how many units were sold

$30 and 100 units

If the market price is $10 what is the firms total cost

$35

If the market price is $20, what is the firms total rev

$50

what is the average fixed cost of producing 450 units of output(refer to table 1)

.02

what is the average variable cost of producing 500 units of output(refer to table 1)

.16

what is the average total cost of of producing 500 units of output(refer to table 1)

.2097

What is the marginal product of the third worker (refer to table 1)

100

Assume that the wooden chair factory currently employs 5 workers. What is the marginal product of labor when the factory adds a sixth worker(Refer to table 4)

15

At which number of workers does diminishing marginal product begin(refer 13.2)

2

The firm should not produce an output level beyond (table 13)

5 units

In order to maximize profits the firm will produce(table 13)

5 units of output because marginal rev equals marginal marginal cost

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. What is the total daily cost of producing at a rate of 55 chairs per hour if the factory operates 8 hours per day? (Refer to table 4)

520

what is the total output of five workers(refer to table 1)

525

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

6

The Wooden Chair Factory experiences diminishing marginal product of labor with the addition of which worker?(Refer to table 4)

6th worker

Let L represent the number of workers hired by a firm, and let Q represent that firm's quantity of output. Assume two points on the firm's production function are (L = 12, Q = 122) and (L = 13, Q = 130). Then the marginal product of the 13th worker is

8 units of output

Which of the following represents a problem in measuring inequality

A normal life-cycle pattern causes inequality in the income distribution but may not reflect inequality in living standards

The figure above is for a firm operating in a competitive industry. If there were four identical firms in the industry, which of the following price-quantity combinations would be on the market supply curve? (Refer to figure 3)

A only

Zoeys brother owes $10,000(Scenario 3)

Earns $100,000

Zoeys friend Alfredo owes $0 in taxes(Scenario 3)

Earns $60,000

The government should choose policies deemed just as evaluated by impartial observer

Liberalism

think the government should not take from some individuals and give to other to achieve any particular distribution of income

Libertarianism

Comparing data from 2000 to 2017, which of the following statements is correct? (Refer to table 15)

Overall income inequality has worsened slightly, as shown by the simultaneous increase in the share of income held by the top quartile and the decrease in the share of income held by the bottom quintile

In the figure in the graph (a) reflects the long run equilibrium of profit maximizing firm in a competitive market, the figure in graph (b) most likely reflects (Refer to figure 14.6)

Perfectly elastic long-run market supply

One of Zoeys friends tells her she would have more money for the year if she quit and filed her tax return as $0. (Scenario 3)

Receive $15,000

Which of the following statements accurately characterizes effects of minimum wage laws?

The effects of minimum wage laws depend strongly on the elasticity of labor demand

The government should choose policies to maximize the Total utility of everyone in society

Utilitarianism

Tom produces commemorative t-shirts in a perfectly competitive market. if tom decides to decrease his output, this will

decrease his rev, since his output has decreased and the price remains the same

Between 1959 and 2017 the poverty rate has

decreased overall

Specialization of labor causes blank while coordination problems causes blank

economies of scale, diseconomies of scale

Which of the figure represents the total cost curve for a typical firm(figure 12)

figure 2

In 2017 the percentage of children under age 18 in poverty is (refer to figure 11)

higher than both the percentage of adults aged 18 to 64 and the percentage of elderly aged 65 years or older in poverty

Which I=of the three political philosophies discussed, view the total income of society as a shared resource that a social planner can freely redistribute to achieve some social goal

liberalism, libertarianism

The efficient scale of production occurs at which quantity (Refer to figure 16)

quantity C

Does Zoey owe or recover money from the government? (Scenario 3)

receive 10,000

Which of the following is consistent with the data reported in the figure (figure 7)

the female poverty rate is higher for all age groups than the male poverty rate