Exam 14: Production and Cost

Totantity of Labor (workers) 0 1 2 3 4 5 6 Totact (units per hour) 0 2 5 9 15 18 17 -The table above shows the total product schedule for The X Firm.Increasing marginal returns occur until the ________ worker because ________.

If a firm does not produce any output,its

Economic depreciation is the

If 25 workers can pick 100 flats of strawberries per hour,then average product is

Quantity of labor (workers) Total product (hair stylings per day) 0 0 1 10 2 25 3 45 4 60 5 70 -The above table shows the total product schedule for Hair Today,a hair styling salon.Based on the table,the marginal product for Hair Today

As output increases,economies of scale occur when the

If the average product of labor curve is rising, i.the average variable cost curve is falling. ii.the marginal cost curve is definitely falling. iii.the marginal product curve has reached its maximum.

In the long run,

The long-run average cost curve

What does the average product of labor equal?

The total product curve shows the relationship between total product and

If 9 workers can produce 1,550 units of output and 10 workers can produce 1,700 units of output,then the marginal product of the 10th worker is

Economic profit equals total revenue minus total

-In the above figure,curve A is the ________ curve and curve C is the ________ curve.

When the marginal product is increasing as the quantity increases,then as the quantity increases the

The short run is a time period during which

April quit her job as an accountant at Ernst and Young,where she was paid $45,000 per year.She started her own landscaping business.She rents machines and tools for $50,000 and pays $10,000 as wages to her help.These are her only costs.April earned total revenue of $100,000.

Increasing marginal returns occur when the

The difference between a firm's total revenue and its total cost is its ________ profit.

Labor (workers) Output 0 0 1 20 2 50 3 70 4 80 5 85 -The table above shows a total product schedule.Suppose that labor costs $20 per worker and fixed costs are $60.The average total cost of producing 80 units equals ________ per unit.