11. When PX = $60, MPx = 2 and MPy = 2, relative employment levels are optimal provided: a. Py = 16.7c. b . Py = $24. C . Py = $60. Py = $150. 12. When PX = $100, MPx = 20 and MRo = $5, the marginal revenue product of X equals: a. $100. b. $50. C . $10. $5. 3.If total product for each of five units of labor is 10, 16, 20, 30, and 34, respectively, the marginal product of the third unit is a) b) 10 C 4 d). 0 14. If P = $8 and MC = $5 + Q, the competitive firm's profit-maximizing level of output is: a) 3 b) 0.2 c) 8 d) 1515. If fixed cost at Q = 100 is $130, then a) fixed cost at Q = 0 is $0 b) fixed cost at Q = 0 is less than $130 c) fixed cost at Q = 200 is $260 d) fixed cost at Q = 200 is $130 16. If variable cost rises from $60 to $100 as output increases from 15 to 20 units, the marginal cost of the twentieth unit a) is $100 b) is $5 c) is $40 d) is $8 17. Suppose Guild produces 5,000 guitars per year. Its average total cost is $90, and its fixed cost is $250,000. What is its variable cost? a) $250,000 b) $450,000 C) $25,000 d) $200,000 18. If an increase in the price of a product from $1 to $2 per unit leads to a decrease in the quantity demanded from 100 to 80 units, then the value of price elasticity of demand is a) -1/3 b) -2 1/3 C) -1/4 d) -3 19. So long as P > AVC, the competitive firm's short-run supply curve is equal to: a) AVC b) MC C P d) none of these.20.At the profit maximizing level of output for a monopolist: a) P = AR and AR = AC b) P > MC and MR = MC c) P = MC and MR > MC d) P = MR and AC = MC