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Jennifer Hood Microeconomics Test 10/21/14 Pg. 1

1. A table shows the relationship between hours fished and fish caught, with marginal product decreasing after 3 hours. 2. A table shows the relationship between workers and output, with marginal product decreasing after 5 workers. 3. Multiple tables show cost and revenue data for a firm, including total, average, and marginal costs at different production levels.

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27 views4 pages

Jennifer Hood Microeconomics Test 10/21/14 Pg. 1

1. A table shows the relationship between hours fished and fish caught, with marginal product decreasing after 3 hours. 2. A table shows the relationship between workers and output, with marginal product decreasing after 5 workers. 3. Multiple tables show cost and revenue data for a firm, including total, average, and marginal costs at different production levels.

Uploaded by

energizerabby
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Jennifer Hood

Microeconomics Test
10/21/14
pg. 1

1.
Hours
0
1
2
3
4
5

Fish
Caught
0
10
18
24
28
30

2.
workers output
0
0
1
20
2
50
3
90
4
120
5
140
6
150
7
155
3.

Quantity VC FC
0
0 200
1
10 200
2
20 200
3
40 200
4
80 200
5
160 200
6
320 200
7
640 200

Marginal
Product
-10
8
6
4
2

marginal
product
-20
30
40
30
20
10
5
TC
200
210
220
240
280
360
520
840

total
cost
200
300
400
500
600
700
800
900
AFC
--200
100
66.7
50
40
33.3
28.6

average
total cost
-15.00
8.00
5.56
5.00
5.00
5.33
5.81

marginal
cost
-5.00
3.33
2.50
3.33
5.00
10.00
20.00

AVC
--10
10
13.3
20
32
53.3
91.4

ATC
200
210
110
80
70
72
86.7
120

Jennifer Hood
Microeconomics Test
10/21/14
pg. 2

4.
Explicit costs:

Implicit costs:

12000 helper

4000 interest

5000 rent

15000 salary

20000 materials
37000

3000 entreprenuership
22000

revenue
minus explicit
costs
Accounting
Profit =
minus implicit
costs
Economic
Profit=

5. Average price will fall


6.

Per Unit
avc
afc
total cost per unit

20
10
30

7.
Total Costs
minus fixed
TVC:
Divided by units
AVC

8. $20

5000000
2000000
3000000
10000
300

total cost
2500
divided by unit cost
30
output
83.3
Total Variable costs 1666.67
total Fixed Costs
833.33

72000
37000
35000
22000
13000

Jennifer Hood
Microeconomics Test
10/21/14
pg. 3

9.
1000 workers
1000000 units per month
2000000 tvc
a- average variable costs
b-Average Product of labor
c- monthly wage per
worker

2 total variable costs/output


1000 total product/labor
total variable
2000 costs/workers

10.
input of
labor

output of flash
drives

average
product

25

25

60

30

85

28.33

105

26.25

115

23.00

120

20.00

marginal
product
0
25
35
25
20
10
5

marginal product diminishes at the addition of a third worker

Jennifer Hood
Microeconomics Test
10/21/14
pg. 4

11.
input of
labor
0
1
2
3
4
5
6
7
8
9
10

output of flash
drives
0
8
18
30
43
55
65
73
79
82
80

marginal
product
0
8.00
10.00
12.00
13.00
12.00
10.00
8.00
6.00
3.00
-2.00

12
q
0
1
2
3
4
5
6
7
8
9

tfc
50
50
50
50
50
50
50
50
50
50

tvc
0
20
35
45
50
60
80
115
165
225

tc
50
70
85
95
100
110
130
165
215
275

mc
0
20
15
10
5
10
20
35
50
60

afc

avc

50
25
16.667
12.5
10
8.3333
7.1429
6.25
5.5556

20
17.5
15
12.5
12
13.33
16.43
20.63
25

atc
50
70
42.5
31.67
25
22
21.67
23.57
26.88
30.56

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