How much are the variable costs per unit of labor

Assignment Help Econometrics
Reference no: EM13208207

Labor Q TC VC ATC AVC MC
0 0 $100 0 - -
1 10 110 `0 11 1
2 25 120 20 4.8 0.8
3 35 130 30 3.71 0.85
4 40 140 40 3.5 1
5 42 150 50 3.57 1.19

13) The marginal product of the 3rd worker is:
a) 3
b) 10
c) 25
d) 35

14) How much are the variable costs per unit of labor?
a) 5
b) 10
c) 25
d) 100

15) Find the marginal costs to increase production from 25 to 35
a) $1.00
b) $1.50
c) $2.00
d) $5.00
16) For a given range of production, the extra product of each additional worker is less than the extra product of the worker hired just before. This statement describes _________ returns.
a) constant
b) negative
c) diminishing
d) increasing
e) average

17) A production function
a) relates inputs with output.
b) generates a curve that is upward sloping.
c) shows diminishing marginal product of an input, since it gets flatter as output rises.
d) only a and c. e) a, b, and c.

18) Honda's total cost of producing 4 cars is $225,000 and its total cost of producing 5 cars is $250,000. Pick the correct answer from the following:
a) Honda's AC of producing 5 cars is $50,000, and MC of producing the 5th. car is $25,000.
b) Honda's AC of producing 4 cars is $56,250, and MC of producing the 5th. car is $25,000.
c) Honda's AC is declining when increasing production from 4 cars to 5 cars, so the MC curve must lie below the AC curve when producing 4 cars or 5 cars.
d) all of the above.

19) If Boeing produces 9 jets per month, its long run total cost is $9.0 million per month. If it produces 10 jets per month, its long run total cost is $9.5 million per month. Pick the correct answer from below:
a) Boeing exhibits constant return to scale.
b) Boeing exhibits economies of scale.
c) Boeing exhibits diseconomies of scale.
d) need more information to answer.

Reference no: EM13208207

Questions Cloud

Compute the density of the unknown liquid : List the liquids in table 2 whose densities and boiling points most closely match those of the unknown liquid. List these liquids densities, boiling points, & solubilities.
What are two possible ways to achieve this goal : You need to relocate the existing user and computer objects in your company to different organizational units. What are two possible ways to achieve this goal? (Note: not the two "options" in the book.)
Explain in order to maximize topographic contrast in sem : In order to maximize topographic contrast in SEM, would you use backscattered or secondary electron detector? Explain.
What are some of the unique features that become available : What are some of the unique features that become available when either the forest or the domain is changed to the 2008 functional level? What about 2008 R2? What features are lost when moving to either of the 2008 functional levels?
How much are the variable costs per unit of labor : If Boeing produces 9 jets per month, its long run total cost is $9.0 million per month. If it produces 10 jets per month, its long run total cost is $9.5 million per month. Pick the correct answer from below: a) Boeing exhibits constant return to s..
Create an html5 document that contains an unordered list : Create an HTML5 document that contains an unordered list with links to the following examples headings, email, images as hyperlink these are from textbook, special characters, tables, HTML5 forms, and internal links to be included.
Compute the standard free energy change per mole : Calculate the standard free energy change per mole assocatiated with the formation of solid SrSO4. Use the solubility product. Remember G(standard) equals -RTln(K) when all surface effects are neglected.
What is the technique called : In the transport layer, data transmission is controlled to ensure data integrity and avoid data loss. What is the technique called?
Calculate the optimal production each of for four products : Calculate the volume of activity that the company will have to achieve in order to meet the targeted level of profit for each one of the four products.

Reviews

Write a Review

Econometrics Questions & Answers

  Design a simple econometric research project

Design a simple econometric research project

  Multiplicative decomposition method

Multiplicative decomposition method

  Market for cigarettes

The Australian government administers two programs that affect the market for cigarettes.

  Solve the forecast model

Solve the forecast model

  What are the marginal abatement cost functions

What are the marginal abatement cost functions for each of the two areas? Calculate the loss in the two areas due to over-control (for the rural area) and under-control (for the urban area).

  Write the t statistic for testing the null hypothesis

Explain why this model violates the assumption of no perfect collinearity.  Write the t statistic for testing the null hypothesis

  What is economics system

What is economics system? What are the types of economics system? Briefly explain each type of economics system by giving examples of nations that are close to each type

  Multiple choice questions related to market concentration

Determine when a competitively produced product generates negative externalities in production, the industry will,

  Calculating number of units produced by firm

Assume a company has the following production function: Q = 100 K.5 L1 . Currently, the company hires 1,000 workers and employs 100 units of capital.

  Question about mobile commerce

M-commerce also known as mobile commerce is being lumped in with several strategic internet plans. Explain some of the industries that are likely to use mobile commerce and how it is working for them.

  Calculating the average days past due and average flow time

Auto Data manufactures custom engineering testing machine. The following 5-orders are currently in the design department:

  Mechanism of an english auction and second price auction

Briefly discuss the difference between mechanism of an oral or English auction and a Vickrey or second price auction.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd