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ECON-3030-A1/A2/B1/B2-Managerial Economics-Winter-2025

ECON-3030-A1/A2/B1/B2-Managerial Economics-Winter-2025

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A firm produces 8,000 units of output using 3,500

workers. Marginal cost is

$75, the wage rate is $160

, and total fixed cost is

$950,000.
Average variable cost is $ .

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A firm is currently producing 11

units of

output; marginal cost is

$24 and average total cost is $14

at this level of

output.

The average total cost at 10 units of output is .

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A firm is currently producing 15 units of output; marginal cost is $20 and average total cost is $6 at this level of output. The average total cost at 14 units of output is:

none of the above

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If a firm is producing a given level of output in an economically efficient manner, then it must be the case that

this is the lowest cost method of producing that output.

each input is producing its maximum marginal product.

this output level is the most that can be produced with the given level of inputs.

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A firm produces 2,000 units of output using 1000 workers. Marginal cost is $150, the wage rate is $80, and total fixed cost is $500,000. What is average variable cost?

none of the above

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Suppose you run a pizza shop and currently have two employees. If you hire a third employee, your output of pizzas per day rises from 55 to 65. If you hire a fourth employee, output rises to 80 per day. A fifth and sixth employee would cause output to rise to 100 and 115 per day, respectively. Pick the correct statement:

Diminishing returns set in with the hiring of the fourth worker.

Diminishing returns set in with the hiring of the fifth worker.

Diminishing returns set in with the hiring of the sixth worker.

Diminishing returns set have NOT yet set in because output is still increases.

none of the above

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A short-run production function assumes that

the level of output is fixed.

at least one input is a fixed input.

all inputs are fixed inputs.

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Short-run cost curves are eventually upward-sloping because of the effects of

the increasing price of variable inputs.

diminishing marginal product.

increasing fixed costs.

increasing marginal productivity of the variable inputs.

decreasing total product.

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When marginal cost exceeds average total cost, what do we know?

Average fixed cost must be rising.

Average total cost must be rising.

Average total cost must be falling.

Marginal cost must be falling.

None of the above.

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Which of the following equations explains the relationship among different cost functions?

Marginal cost = (Change in quantity of output) ÷ (Change in total cost)

Average total cost = Total cost ÷ Quantity of output

Total cost = Variable cost + Marginal cost

Average variable cost = Total cost – Average fixed cost

None of the above.

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