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ECON-1010-A-Introduction to Microeconomics

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If, as the firm increases the quantity of labour employed, the slope of the firm's total product curve increases, which of the following event occur?
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Which of the following timeframes defines the firm's short run?

The short run is the timeframe in which
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Which of the following events occurs when the marginal product of labour is less than the average product of labour?
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Table 10.4.2

The title of the table is A Firm's Production Function. The first column of the table is titled Labour in workers per day. The second, third, and fourth columns are titled Output in sweaters per day. The second column has output for plant size 1 knitting machine, the third column has output for plant size 2 knitting machines, and the fourth column has output for plant size 3 knitting machines..The rows display the data as follows:1; 5; 11; 142; 11; 16;193; 14; 19; 234; 16; 21; 255; 17; 22; 26

Refer to Table 10.4.2, which sets out a factory's production function. If the factory increases both the number of knitting machines and the number of workers employed from 2 to 3 per day, which of the following situations occurs?

The factory experiences
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Which of the following timeframes defines the firm's long run?

The long run is the timeframe in which
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How is a firm's economic depreciation calculated?
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Gerald is a freelance writer who would earn $25,000 a year if he worked for a media outlet, but instead runs his own business, which makes revenue of $40,000 a year. His only business expenses are $1,000 for writing materials and $12,000 for rent. What is Gerald's economic profit from working as a freelance writer? 
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Which of the following equations is correct?
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A graph plots output versus cost. The horizontal axis is labeled output (teapots per day), and the vertical axis is labeled cost (dollars). The horizontal axis ranges from 0 to 20 in increments of 5 units, and the vertical axis ranges from 0 to 150 in increments of 50 units. An upward curve labeled, C passes through points (6,150), (10,100), (14,100), (15, 100), and, (17, 100). An upward curve labeled, B passes through points (5,80), (10,80), (14,80), (15,80), and, (17,80). A downward curve labeled, A passes through points (5,80), (10,40), (14,30), (15,20), and (17,20). An upward curve is labeled as D. All the values are estimated.

Figure 10.3.2

Refer to Figure 10.3.2, which illustrates the short-run average and marginal cost curves. Which curve illustrates the firm's marginal cost?
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Which of the following events occurs when the firm experiences diseconomies of scale?
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