Eco practice 4 | Economics homework help

Practice 41. In the short run marginal product is diminishing because: A. barriers to entry prevent new firms from entering the industry.B. the firm does not have sufficient time to change the size of its plant.C. the firm does not have sufficient time to cut its rate of output to zero.D. a firm does not have sufficient time to change the amounts of any of the resources it employs.2. The law of diminishing marginal product indicates that: A. as extra units of a variable resource are added to a fixed resource, marginal product will decline beyond some point.B. because of economies and diseconomies of scale a competitive firm’s long-run average total cost curve will be U-shaped.C. the demand for goods produced by purely competitive industries is downsloping.D. beyond some point the extra utility derived from additional units of a product will yield the consumer smaller and smaller extra amounts of satisfaction.3. Fixed cost is: A. the cost of producing one more unit of capital, say, machinery.B. any cost which does not change when the firm changes its output.C. average cost multiplied by the firm’s output.D. usually zero in the short run.4. If you owned a small farm, which of the following would be a fixed cost? A. harvest laborB. hail insuranceC. fertilizerD. seed Answer the next question(s) on the basis of the following cost data. Notice that fixed cost is $24.   5. Refer to the above data. The variable cost of producing 5 units is: A. $61.B. $48.C. $37.D. $24. 6. Refer to the above data. The average total cost of producing 3 units of output is: A. $14.B. $12.C. $13.50.D. $16.7. Refer to the above data. The average fixed cost of producing 3 units of output is: A. $8.B. $7.40.C. $5.50.D. $6.8. Refer to the above data. The marginal cost of producing the sixth unit of output is: A. $24.B. $12.C. $16.D. $8.9. Refer to the above data. The profit-maximizing output for this firm: A. is 3.B. is 4.C. is 5.D. cannot be determined from the information given.    10. In the above diagram curves 1, 2, and 3 represent: A. average variable cost, marginal cost, and average fixed cost respectively.B.  variable cost, fixed cost, and total cost respectively.C.  fixed cost, variable cost, and total cost respectively.D. marginal product, average variable cost, and average total cost respectively. Answer the next question(s) on the basis of the following cost data:  11. Refer to the above data. Total fixed cost is: A. $6.25.B. $100.00.C. $150.00.D. $50.00.12. Refer to the above data. The average total cost of five units of output is: A. $69.B. $78.C. $3.D. $10.13. Refer to the above data. The total cost of four units of output is: A. $260.B. $77.50.C. $310.D. $215.14. Refer to the above data. If the firm shut down and produced zero units of output, its total cost would be: A. zero.B. $50.C. $150.D. $100. 15. Refer to the above data. The marginal cost of the fifth unit of output is: A. $3.B. $62.C. $80.D. $78. 16. Refer to the above data. The marginal cost curve would intersect the average variable cost curve at about: A. 2 units of output.B. 4 units of output.C. 6 units of output.D. 7 units of output.17. Refer to the above data. If the firm decided to increase its output from 6 to 7 units, its total costs would rise by: A. $87.14.B. $80.00.C. $6.67.D. $120.00.    18. Refer to the above diagram for a purely competitive producer. The lowest price at which the firm should produce (as opposed to shutting down) is: A. P1.B. P2.C. P3.D. P4. 19. Refer to the above diagram for a purely competitive producer. The firm will produce at a loss at all prices: A. above P1.B. above P3.C. above P4.D. between P2 and P3. 20. Refer to the above diagram for a purely competitive producer. If product price is P3: A. the firm will maximize profit at point d.B. the firm will earn an economic profit.C. economic profits will be zero.D. new firms will enter this industry. 21. Refer to the above diagram for a purely competitive producer. The firm’s short-run supply curve is: A. the abcd segment and above on the MC curve.B. the bcd segment and above on the MC curve.C. the cd segment and above on the MC curve.D. not shown.  22. The short-run supply curve of a purely competitive producer is based primarily on its: A. AVC curve.B. ATC curve.C. AFC curve.D. MC curve.

Order a unique copy of this paper
(550 words)

Approximate price: $22

Our Basic features
  • Free title page and bibliography
  • Plagiarism-free guarantee
  • Unlimited revisions
  • Money-back guarantee
  • 24/7 support
Our Options
  • Writer’s samples
  • Expert Proofreading
  • Overnight delivery
  • Part-by-part delivery
  • Copies of used sources
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

AcademicWritingCompany guarantees

Our customer is the center of what we do and thus we offer 100% original essays..
By ordering our essays, you are guaranteed the best quality through our qualified experts.All your information and everything that you do on our website is kept completely confidential.

Money-back guarantee

Academicwritingcompany.com always strives to give you the best of its services. As a custom essay writing service, we are 100% sure of our services. That is why we ensure that our guarantee of money-back stands, always

Read more

Zero-plagiarism tolerance guarantee

The paper that you order at academicwritingcompany.com is 100% original. We ensure that regardless of the position you are, be it with urgent deadlines or hard essays, we give you a paper that is free of plagiarism. We even check our orders with the most advanced anti-plagiarism software in the industry.

Read more

Free-revision guarantee

The Academicwritingcompany.com thrives on excellence and thus we help ensure the Customer’s total satisfaction with the completed Order.To do so, we provide a Free Revision policy as a courtesy service. To receive free revision the Academic writing Company requires that the you provide the request within Fifteen (14) days since the completion date and within a period of thirty (30) days for dissertations and research papers.

Read more

Privacy and Security policy

With Academicwritingcompan.com, your privacy is the most important aspect. First, the academic writing company will never resell your personal information, which include credit cards, to any third party. Not even your lecturer on institution will know that you bought an essay from our academic writing company.

Read more

Adherence to requirements guarantee

The academic writing company writers know that following essay instructions is the most important part of academic writing. The expert writers will, therefore, work extra hard to ensure that they cooperate with all the requirements without fail. We also count on you to help us provide a better academic paper.

Read more

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2020 at 10:52 AM
Total price:
$26
The price is based on these factors:
Customer Academic level
Number of pages required
Urgency of paper