30. (new question): Fred, from class, is a competitive firm that produce snerd e
ID: 1126281 • Letter: 3
Question
30. (new question): Fred, from class, is a competitive firm that produce snerd edibles.
Consider her marginal product of labor curve (hours of labor (Lucas's time) on the
horizontal axis and snerd edibles on the vertical axis). Consider also her marginal cost
curve for producing edibles, edibles on the horizontal axis and $ on the vertical axis. For
the purposes of this question assume Red Bull is free.
Which of the following statements describes the technology for producing edibles
consistent with how that technology was presented in lecture?
A) The marginal product of labor is positive and increasing, and shifts downward
every time Lucas drinks another can of Red Bull.
B) The marginal cost of producing edibles is positive and increasing, and the MC
curve shifts downward every time Lucas's consumption of Red Bull is increased.
C) The marginal product of labor is positive but declining, and shifts upward every
time Lucas drinks another can of Red Bull
D) Two, and only two, of the other statements/answers are correct.
46. Hilary had $10 left to send Bill and Chelsea on get-out-the-vote trips. It cost $1 to send
Chelsea on each trip but $2 a trip for Bill (they need to send a handler with him).
The following are the total number of votes Chelsea trips would have produced as as
function of how many trips she took (10, 16, 20, 22, and 22.
For Bill the total votes produced would have been 19, 29, 34, 39, and 41.
If Hilary had wanted to get the most votes for her $10, how many trips would Chelsea
and Bill have taken take? How many votes will they produce together?
A) Chelsea 2 trips, Bill 4 trips. 147 votes
B) Chelsea 4 trips, Bill 3 trips. 56 votes
C) Chelsea 4 trips, Bill 3 trips. 160 votes
D) Chelsea 2 trips, Bill 4 trips. 55 votes
54. (Viviana) If competitive market price is $60/unit, and a perfectly competitive firm is
maximizing its SR profit at an output level of 70, where TC = $6000 and TFC = $4000.
Then:
A) MC = 60.
B) SR profits are positive.
C) Both of the other answers are correct.
70.(new question) Is the following statement a technically correct and complete definition
of production function? A production function identifies output as a function of the
input levels.
A) Yes this statement is technically correct.
B) No this statement is not technically correct.
explain why please. thx
Explanation / Answer
30 The answer is option B, because as the labor increases the marginal product of labor goes down due to diminishing marginal returns. Thus the marginal cost increases .But the marginal cost decreases with consumption of Red Bull as it increases the productivity of labor.
46 The correct answer is D because the others are not feasible given the data.
54 The correct answer is A) because under perfect competition price = MC. Second is wrong because profit = TR-Tc = (4200 – 6000) <0.
70. Answer is A. because production function relates the input levels to output level.
30 The answer is option B, because as the labor increases the marginal product of labor goes down due to diminishing marginal returns. Thus the marginal cost increases .But the marginal cost decreases with consumption of Red Bull as it increases the productivity of labor.
46 The correct answer is D because the others are not feasible given the data.
54 The correct answer is A) because under perfect competition price = MC. Second is wrong because profit = TR-Tc = (4200 – 6000) <0.
70. Answer is A. because production function relates the input levels to output level.
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