Exam 13: The Costs of Production

If the average total cost curve is falling, what is necessarily true of the marginal cost curve? If the average total cost curve is rising, what is necessarily true of the marginal cost curve?

​​​Table 13-7 -Refer to Table 13-7. What is total output when 5 workers are hired?​

At Bert's Bootery, the total cost of producing twenty pairs of boots is $400. The marginal cost of producing the twenty-first pair of boots is $83. We can conclude that the

Table 13-14 -Refer to Table 13-14. What is the average variable cost of producing 6 units of output?

Consider a small family wheat farm. List some examples of explicit costs of farming.

The shape of the total-cost curve is unrelated to the shape of the production function.

The cost of producing an additional unit of a good is not the same as the average cost of the good.

Consider a small family wheat farm. List some examples of implicit costs of farming.

Table 13-3 -Refer to Table 13-3. At which number of workers does diminishing marginal product begin?

If Franco's Pizza Parlor knows that the marginal cost of the 500^th pizza is $3.50 and that the average total cost of making 499 pizzas is $3.30, then

Table 13-15 -Refer to Table 13-15. What is the total fixed cost for this firm?

If a firm produces nothing, which of the following costs will be zero?

When a firm experiences diseconomies of scale,

Figure 13-5 -Refer to Figure 13-5. Curve D is increasing because

Which of the following costs do not vary with the amount of output a firm produces?

Which of the following costs of publishing a book is a fixed cost?

If a firm produces nothing, it still incurs its fixed costs.

If the production function exhibits diminishing marginal product, the total cost function gets steeper as the quantity of output increases. ​

Accounting profit is greater than or equal to economic profit.

Table 13-19 -Refer to Table 13-19. What is the total output of five workers?