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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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At Bert’s Bootery, the total cost of producing 57 pairs of boots is $650

.

The marginal cost of producing the 58^th pair of boots is $28

.

The average total cost of 58 pairs of boots is $ .

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A firm produces 16,000 units of output using 6,000

workers. Marginal cost is

$85, the wage rate is $40

, and total fixed cost is

$450,000.
Average variable cost is $ .

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A firm is currently producing 12

units of

output; marginal cost is

$26 and average total cost is $15

at this level of

output.

The average total cost at 11 units of output is .

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If an increase in output from 5 to 10 teapots increases total cost from $100 to $200, the marginal cost of one of those 5 teapots is

dependent upon the amount of extra labour used.

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Use the following expansion path illustrated below for the next question. The price of capital is $8.

The marginal rate of technical substitution at point B is

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A dry cleaner currently has 10 workers and 4 machines. The workers' wage rate is $300 per worker and the rental rate for a machine is $500. The last worker added 600 units to total output and the last machine also added 600 units to total output. If the dry cleaner uses 11 workers and 3 machines instead, then

cost will be unchanged and output will increase by 300 units.

cost will be unchanged and output will decrease by 200 units.

output will be unchanged and cost will decrease by $500.

output will be unchanged and cost will decrease by $200.

none of the above

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When do diseconomies of scale occur?

when average fixed costs are falling

when average fixed costs are constant

when long-run average costs rise as output increases

when long-run average costs fall as output increases

None of the above.

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A firm is using 50 units of labour and 100 units of capital to produce 2,000 units of output. The price of labour is $200 per unit and the price of capital is $100 per unit. At these input levels, another unit of labour adds 400 units to output and another unit of capital adds 600 units to output. The firm

is minimizing the cost of producing 2,000 units of output.

could produce 6 more units of output at the same cost by switching $1 from labour to capital.

could produce 4 more units of output at the same cost by switching $1 from labour to capital.

could keep output constant and reduce cost by using more capital and less labour.

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The long-run is defined as

the horizon in which the manager can adjust all factors of production.

the horizon in which there are only fixed factors of production.

the horizon in which there are both fixed and variable factors of production.

greater than one year.

None of the above.

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Suppose that when a firm increases its usage of all inputs by 100%, output increases by more than 100%. The firm's production function exhibits

increasing returns to scale.

diminishing marginal returns.

decreasing marginal rate of technical substitution.

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