03 Jun Question Topics 14 through 19 This is a printable version of Homewo
Question
Topics 14 through 19
This is a printable version of Homework 3. Answers must be submitted through Blackboard (the
Submittable Homework button) by 11:59PM on Tuesday, November 5.
1. Marginal revenue is:
a. the change in total revenue divided by total output
b. total revenue divided by total output
c. total revenue minus total cost then divided by total output
d. the change in total revenue divided by the change in price of output
e. the change in total revenue divided by the change in total output
2. W hich of the following will always equal zero when the firm’s output level is zero?
a. fixed costs
b. implicit costs
c. variable costs d. opportunity costs
3. The change in cost to the firm from producing one additional unit of ou tput is:
a. average total cost
b. total variable cost
c. average variable cost
d. marginal cost
e. total cost
4. As a firm increases its output in the short run, average fixed cost:
a. rises steadily
b. falls and then rises
c. falls steadily
d. rises and then falls
e. remains unchanged
5. W hich of the following is true about the relationships among various cost curves?
a. when MC exceeds ATC, ATC must be rising
b. when MC exceeds ATC, ATC could be rising or falling
c. when ATC is falling, MC must exceed ATC
d. when TC is rising, MC must exceed TC
e. TC falls when AFC falls
6. Assume that a firm has a wage rate of $300. If the firm’s AVC is $2, its APL is:
a. 0
b. 2
c. 150
d. 300
e. 600
7. If Carol’s Crayon Factory’s price exceeds its average total cost in the short run, then:
a. it should shut down
b. it is earning a positive economic profit
c. profits are being maximized
d. it should increase output
e. it should decrease output
Use the following table for questions 8 through 14.
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