Econ 1580 Graded Quiz 1 Questions and Correct Answers/ Latest Update / Already Graded

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Econ 1580 Graded Quiz 1 Questions and
Correct Answers/ Latest Update / Already
Graded
At 36 units of labor, a firm finds that both average product of labor and
marginal product of labor equal 42. We can conclude that the average
product curve at 36 units of labor is:

Ans: horizontal


Diminishing marginal returns for the first four units of a variable input
is exhibited by the marginal product sequence:

Ans: 50, 40, 30, 20


Fixed costs include:

Ans: op management salaries


If the slope of the total product curve is decreasing, the slope of the
total variable cost curve is:

Ans: increasing


The marginal cost curve intersects the total variable cost curve at:



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Ans: no point; the curves don't intersect


Average total cost is the ratio of:

Ans: total cost to the quantity of output


If marginal cost is equal to average total cost, then:

Ans: average total cost is at its minimum


(Graph) In this exhibit (A Firm's Cost Curves) the curve labeled W
represents the firm's _______ curve.

Ans: average total cost


When an increase in the firm's output reduces its long-run average
cost, it experiences:

Ans: economies of scale


The slope of a long-run average cost curve exhibiting diseconomies of
scale is:

Ans: positive




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