Microeconomics
21st Edition
ISBN: 9781259915727
Author: Campbell R. McConnell, Stanley L. Brue, Sean Masaki Flynn Dr.
Publisher: McGraw-Hill Education
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Question
Chapter 9, Problem 6RQ
To determine
Calculate different costs.
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The table shows three short-run cost schedules for three plants of different sizes that a firm might build in the long run.
Plant 1
Plant 2
Plant 3
Output
ATC
Output
ATC
Output
ATC
10
$ 10
10
$ 15
10
$ 20
20
9
20
10
20
15
30
8
30
7
30
10
40
9
40
10
40
8
50
10
50
14
50
9
What is the long-run average cost of producing 20 units of output?
Multiple Choice
$15
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$10
○ $34
О
$9
The production function for a widget-manufacturing firm is given by q = 9K0.5L0.5, where q is the number of widgets produced each
hour, K is the number of specialized staplers (which is fixed at 4 in the short run), and L is the number of employees. What is the
average product of labor at L = 36?
O 18
O
9
1.5
3
O none of the above
Consider the following production schedule:
Output per hour
Total Cost
0
$
1
$
$
$
$
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7.00
8.00
12.50
17.20
$
22.00
$
29.00
In the above table, the firm's total fixed cost of production is
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Chapter 9 Solutions
Microeconomics
Ch. 9.2 - Prob. 1QQCh. 9.2 - Prob. 2QQCh. 9.2 - Prob. 3QQCh. 9.2 - Prob. 4QQCh. 9.5 - Prob. 1QQCh. 9.5 - Prob. 2QQCh. 9.5 - Prob. 3QQCh. 9.5 - Prob. 4QQCh. 9.8 - Prob. 1QQCh. 9.8 - Prob. 2QQ
Ch. 9.8 - Prob. 3QQCh. 9.8 - Prob. 4QQCh. 9 - Prob. 1DQCh. 9 - Prob. 2DQCh. 9 - Prob. 3DQCh. 9 - Prob. 4DQCh. 9 - Prob. 5DQCh. 9 - Prob. 6DQCh. 9 - Prob. 7DQCh. 9 - Prob. 8DQCh. 9 - Prob. 1RQCh. 9 - Which of the following are short-run and which are...Ch. 9 - Prob. 3RQCh. 9 - Indicate how each of the following would shift the...Ch. 9 - Prob. 5RQCh. 9 - Prob. 6RQCh. 9 - Prob. 1PCh. 9 - Prob. 2PCh. 9 - Prob. 3PCh. 9 - Prob. 4P
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