L11 Econ 1011 Lecture Notes - Lecture 6: Sudeshna, Marginal Cost, Fixed Cost

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tealalpaca212

22 Oct 2015

School

WUSTL

Department

University College - Economics

Course

L11 Econ 1011

Professor

Bandyopadhyay Sudeshna

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Document Summary

Dr. sudeshna c. bandyopadhyay: in general, if the price of a fixed factor of production increases, price falls, marginal costs are unchanged, marginal costs increase, average total costs remain unchanged, refer to the figure above. Fixed cost for this firm is: , , , , refer to the figure above. The firm earns a ___________ of __________ when it produces 120 units of output: loss; , profit; , loss; , profit; , refer to the figure above. What is the marginal cost of the 9th employee hour: , , , , a firm"s output price is and the firm is producing 77 units with a marginal cost of . The firm should: lower its price, decrease production, increase production, raise its price, refer to the figure above. When the demand is p1 = , what is the total revenue: $ 900, , , , refer to the figure above.

Related Questions

Use the figure below to answer the following questions. Price (dollars per unit) 25 20 ......... 0 50 100 150 200 250 Quantity (units) Figure 5.3.1 8) Refer to Figure 5.3.1. If the price is $15 a unit, A) marginal social benefit equals marginal social cost. B) deadweight loss is zero. C production is efficient. D) the sum of consumer surplus and producer surplus is maximized. E) all of the above.

Use the figure below to answer the following question. Price (dollars per unit) 0 50 100 150 200 250 Quantity (units) Figure 4 10) Refer to Figure 4. If the quantity produced is 100, A) marginal social cost exceeds marginal social benefit. B) marginal social benefit is minimized. C) production is efficient. D) marginal social benefit exceeds marginal social cost. E) deadweight loss is zero.

Units of labor	Units of Output	Average Product	Marginal Product	Fixed Cost	Variable Cost	Total Cost	Average Variable Cost	Average Total Cost	Marginal Cost	Profit	Producer Surplus
1	5
2	15
3	30
4	50
5	65
6	77
7	86
8	94
9	98
10	96

The firm has fixed costs of $50, labor costs the firm $10 per unit, and the firm faces a market-determined price of $2.00 per unit of output. Complete the above table.

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L11 Econ 1011 Lecture Notes - Lecture 6: Sudeshna, Marginal Cost, Fixed Cost

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