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Question
The following questions are based on the following production function:| Number of person-hours | Quantity of oysters harvested (in bushels) |
| 0 | 0 |
| 1 | 4 |
| 2 | 7 |
| 3 | 9 |
| 4 | 10 |
| 5 | 10.5 |
Person-hours of labor would be considered a(n) ________ input.
a. fixed
b. variable
c. average
d. break-even
e. diminishing
Answer
This answer is hidden. It contains 1 characters.
Related questions
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One problem with using historical data to estimate demand is the
a. fact that people do not always buy what they need.
b. large number of interviews that must be conducted to gather information on buyers' intentions.
c. many variations in price necessary to measure changes in demand.
d. likelihood that the demand curve has shifted over the time period covered by the data.
e. need to have both price and quantity data to estimate demand.
Q:
The idea behind the direct market experiment to measure demand is to
a. see the effects on the quantity demanded of actual variations in the price of a product.
b. use statistical methods to estimate demand curves from historical data.
c. measure demand by interviewing consumers about their buying habits and intentions.
d. measure the effect of changes in variables, such as income or taste, on price.
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Q:
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a. the quantity of food demanded does not vary much with the price of food because food is a necessity.
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Q:
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a. income
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Q:
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Q:
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Q:
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Q:
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$46 3 $20 4 $18 5
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Q:
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b. of the effect of the law of diminishing returns.
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The following questions are based on the following graph: In the previous question, if marginal cost for the 101st unit is $0.70, average variable cost must be
a. rising.
b. falling.
c. remaining the same.
d. equal to average total cost.
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Q:
The following questions are based on the following graph: If average total cost is $0.75 when output is 100 units and total fixed cost is $10, average variable cost is
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c. $10.75.
d. $65.
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Q:
The following questions are based on the following graph: At 50 units of output per day, total fixed cost is
a. $1,000.
b. $1,500.
c. $2,500.
d. $3,500.
e. $4,500.
Q:
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b. total cost minus total variable cost.
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Q:
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Q:
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b. one.
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Q:
A consumer is in equilibrium when
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b. the marginal utility for each commodity consumed is equal.
c. all of his or her income has been spent on goods and services.
d. any other allocation of his or her income among the commodities consumed leads only to a reduction in total utility.
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Q:
The decline in additional satisfaction received as more and more units of a commodity are consumed (the consumption of other commodities held constant) is known as the law of
a. consumer demand.
b. nature.
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Q:
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c. a person's satisfaction rises indefinitely as additional units of a commodity are consumed.
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e. as a person's income rises, consumption of all commodities falls.
Q:
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a. lay off reporters.
b. reduce the number of pages in its paper.
c. tailor its editions to target specific regions.
d. more cheaply purchase the paper on which to print its newspaper.
e. raise the price at the newsstand without reducing sales.
Q:
Under diminishing marginal returns, as the amount of a variable input is reduced, the marginal product of a dollar's worth of the input will
a. exceed total product.
b. exceed average cost.
c. rise.
d. fall.
e. remain the same, but total input cost will rise.
Q:
Costs are clearly minimized for a given level of output as long as the firm
a. uses inputs that do not exhibit declining productivity.
b. pays the same price for all of its inputs.
c. is not able to increase output by substituting a dollar's worth of input A for a dollar's worth of input B, or vice versa.
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Q:
The law of diminishing marginal returns means that as you increase the number of units of a variable input, after some point ________ will fall.
a. total output
b. costs of production
c. demand
d. marginal output
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Q:
The following questions are based on the following information:
A firm uses inputs of labor, fertilizer, and land to produce strawberries (which are sold to wholesalers and processors). The quantity of land used is fixed at eight acres per season and the production function implies the relationships in the following table: Number of units of labor
Bushels of strawberries produced per year 0
0 1
3,000 2
8,000 3
12,000 4
14,000 5
15,500 It can be said that this firm experiences diminishing returns beyond the employment of the ________ unit of labor.
a. first
b. second
c. third
d. fourth
e. fifth
Q:
The following questions are based on the following diagram illustrating the weekly average and marginal products for salespersons in the appliance department of a large department store: Diminishing marginal returns set in when adding the ________ salesperson.
a. first
b. second
c. third
d. fourth
e. fifth
Q:
If the average product of labor falls from 5 to 4.5 when a sixth unit of labor is added, the marginal product of this sixth person is
a. 27.
b. 9.5.
c. 4.5.
d. 2.
e. 0.5.