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ECON-1010-A-Introduction to Microeconomics

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If, when a woollen mill increases the number of workers from 2 to 3, the mill's output increases from 10 to 15 sweaters what is the mill's marginal product?
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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 1 to 2 per day, which of the following situations occurs?

The factory experiences
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Table 10.2.2

Short Description: A table shows Rob's Repair Shop's total product schedule. Long Description: The column headings from left to right are labour (workers per day) and output (repairs per day). The row entries are as follows. Row 1. 0, 0. Row 2. 1, 2. Row 3. 2, 8. Row 4. 3, 12. Row 5. 4, 15. Row 6. 5, 16.

Refer to Table 10.2.2 which gives Rob's Repair Shop's total product schedule. When Rob's employs four workers, what is Rob's Repair Shop's average product?
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Which of the following statements describes the firm's total product curve?

The total product curve shows the
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Which of the following defines the firm's production function?
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Which of the following situations is one source of diseconomies of scale?

Diseconomies of scale can arise because as the firm's output becomes larger and larger
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Which of the following statements about the firm's average variable cost curve is correct?

The minimum of the firm's average variable cost curve occurs at
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Which of the following situations defines the firm's short run?

The short run refers to a time period in which
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When Coffee 'n' Cream in Victoria, British Columbia hires two students, the restaurant can serve 64 customers in one hour, but when the restaurant hires the third student, 80 customers are served in one hour. What is the marginal product of the third student?
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Table 10.2.1

The two columns of the table are titled Labour in workers per day and Output in teapots per day. The rows display the data as follows:0; 01; 32; 123; 194; 235; 25

Refer to Table 10.2.1 which gives Tania's Teapots' total product schedule. At which worker does the average product of labour reach its maximum?
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