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ECON-1010-A-Introduction to Microeconomics

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Which of the following items is the firms opportunity cost of production?

The firm's opportunity cost of production is the sum of the cost of using resources
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If, when a firm increases the quantity of labour employed from 5 to 6 workers, the firm's total output increases from 100 units to 400 units, what is the firm's marginal product of the sixth worker?
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Table 10.3.2

Short Description: A table shows Tania's Teapots' total cost schedule.Long Description: The column heading from left to right are labour (workers per day), output (teapots per day), T F C (dollars per day), T V C (dollars per day), and T C (dollars per day). The row entries are as follows. Row 1. 0, 0, 30, 0, 30. Row 2. 1, 3, 30, 20, blank. Row 3. 2, 8, 30, 40, blank. Row 4. 3, 12, 30, 60, blank. Row 5. 4, 14, 30, blank, 110. Row 6. 5, 15, 30, blank, 130.

Refer to Table 10.3.2, which gives Tania's Teapots' total cost schedule. What is the firm's average total cost of producing 14 teapots per day?
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A graph plots output versus average cost. The horizontal axis is labeled output (sweaters per day), and the vertical axis is labeled average cost (dollars per sweater). The horizontal axis ranges from 0 to 30 in increments of 5 units, and the vertical axis ranges from 0 to 12 in increments of 2 units. Four upward opening parabolic curves are labeled as ATC sub A, ATC sub B, ATC sub C, and ATC sub D, which intersects at points (10,17,22) of the horizontal axis.

Figure 10.4.2

Refer to Figure 10.4.2, which illustrates a firm's short-run average total cost curves for four different plant sizes. Which curve represents the firm's average total cost of production when it uses the largest of the four plant sizes?
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A graph plots labor versus output. In the graph, the horizontal axis is labeled labor (workers per day) and the vertical axis is labeled output (teapots per day). The horizontal axis ranges from 0 to 6 in increments of 1 unit, and the vertical axis ranges from 0 to 25 in increments of 5 units. Four upward curves are labeled Plant A, Plant B, Plant C, and Plant D.

Figure 10.4.1

Refer to Figure 10.4.1, which illustrates a firm's total product curves for four different plant sizes as it varies the quantities of capital and labour employed. Which curve shows the plant size which uses the largest quantity of capital?
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Which of the following items is the firm's implicit rental rate of a building the firm owns?

The firm's implicit rental rate equals
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If the firm's total product of four workers is 156 units, what is the average product of a worker?
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Which of the following calculations equals the firm's marginal cost of production?
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A graph plots output versus cost.In the graph, the horizontal axis is labeled output (teapots per day), and the vertical axis is labeled cost (dollars per day). The horizontal axis ranges from 0 to 20 in increments of 5 units, and the vertical axis ranges from 0 to 15 in increments of 5 units. A straight line labeled, A passes through points (4,3), (10,3), (14,3), (15,3), and (17,3). An upward curve labeled B passes through points (4,3), (10,4), (14,6), (15,7), and (17,8). An upward curve labeled C passes through points (10,8), (14,8), (15,9), and (17,12), respectively. All the values are estimated.​
Figure 10.3.1

Refer to Figure 10.3.1, which shows the firm's total cost curves. Which of the following statements is false?
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Which of the following quotes best illustrates the idea of the average product of labour?
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