The amount of output a firm can produce with a given quantity of fixed and varia
ID: 1153519 • Letter: T
Question
The amount of output a firm can produce with a given quantity of fixed and variable inputs is called:
total product.
average variable product.
marginal product.
total fixed product.
The following is a hypothetical short-run production function:
Hours of Total Marginal
Labor Product Product
0 ___ ___
1 100 100
2 ___ 80
3 240 ___
Refer to the table shown here. What is the total product when 2 hours of labor are employed?
Refer to the table shown here. What is the marginal product of the third hour of labor?
60
80
100
240
The following is a hypothetical short-run production function:
Hours of Total Marginal
Labor Product Product
0 ___ ___
1 100 100
2 ___ 80
3 240 ___
Refer to the table shown here. What is the average product of the first three hours of labor?
60
80
100
240
The following is a hypothetical short-run production function:
Hours of Total Marginal
Labor Product Product
0 ___ ___
1 100 100
2 ___ 80
3 240 ___
Refer to the table shown here. The production function illustrated in the table:
incurs diminishing marginal returns beyond the first unit of labor.
incurs diminishing marginal returns beyond the second unit of labor.
incurs diminishing marginal returns beyond the third unit of labor.
does not incur diminishing marginal returns because marginal product is positive for each unit of labor employed.
Which of the following statements concerning the relationships among the firm's total cost functions is false?
TC = TFC + TVC
TVC = TFC - TC
TFC = TC - TVC
TC = TFC when output = 0.
Explanation / Answer
Q1. Answer is Total product Q2. Total product of 2 hours Answer is 180 units Q3. Marginal product for 3rd hour is Answer is 60 units Q4. The Average product for first 3hours is Answer is 80 units Q5. Answer is Incurs the diminishing marginal returns beyond the first unit of labor Q6. Answer is TVC =TFC -TC
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