题目内容

On a 200-acre farm, a farmer is able to produce 2,000 bushels of wheat when he hires 2 workers. He is able to produce 2,800 bushels of wheat when he hires 3 workers. Which of the following possibilities is consistent with the property of diminishing marginal product?

A. The farmer is able to produce 3,360 bushels of wheat when he hires 4 workers.
B. The farmer is able to produce 3,600 bushels of wheat when he hires 4 workers.
C. The farmer is able to produce 3,800 bushels of wheat when he hires 4 workers.
D. The farmer is able to produce 4,000 bushels of wheat when he hires 4 workers.

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

A. Total cost
B. Fixed cost
C. Opportunity cost
D. Variable cost

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For a large firm that produces and sells automobiles, which of the following costs would be a variable cost?

A. The $20 million payment that the firm pays each year for accounting services
B. The cost of the steel that is used in producing automobiles
C. The rent that the firm pays for office space in a suburb of St. Louis
D. The cost of internet advertising incurred each year

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Ren's Tent Company has total fixed costs of $300,000 per year. The firm's average variable cost is $120 for 10,000 tents. At that level of output, the firm's average total costs equal

A. $120
B. $130
C. $140
D. $150

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Suppose that for a particular firm the only variable input into the production process is labor and that output equals zero when no workers are hired. In addition, suppose that the average total cost when 5 units of output are produced is $80, and the marginal cost of the sixth unit of output is $160. What is the average total cost when six units are produced?

A. $80.00
B. $83.33
C. $88.33
D. $93.33

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