Quantity (output) 0 10 20 30 40 50

Total Cost 240 340 420 540 700 920

Refer to the above table.Is thetable above a short run or long run cost table?The cost information displayedis a:

Group of answer choices

long run table as there are no fixed costs for the firm

long run table as costs increase and decrease with changes in output

display of both short run and long run production costs.

short run able because there are $240 of fixed costs.

Refer to the above table.The total variable cost (TVC) of producing 40 units is:

Group of answer choices

$240

$300

$460

$180

Refer to the table above.The average fixed cost (AFC) of producing 30 of output is:

Group of answer choices

$12.00

$4.00

$6.00

$8.00

Refer to the above table.The average total cost (ATC) of producing 20 units of output is:

Group of answer choices

$21.00

$14.00

$10.50

$12.00

Refer to the table above.The marginal cost of producing in the 40 to 50 unit output range is:

Group of answer choices

$22.00

$220.00

$160.00

$16.00

Fixed resources will not change when a firm produces a larger or smaller output of products.

Group of answer choices

True

False

A firm encounters diminishing returns when marginal output of the variable resource (input) starts to fall.

Group of answer choices

True

False

Marginal Cost will increase after the firm encounters the Law of Diminishing (Marginal) Returns.

Group of answer choices

True

False

If a firm reduces the output of good it produces, the Average Fixed Cost (AFC) will decrease

Group of answer choices

True

False

When the Total Product (TP) is falling as additional workers are hired, the:

Group of answer choices

.marginal product of labor is zero

the averave product of labor must be negative.

the average product of labor is increasing.

marginal product of labor is negative.

Average product (AP) is the:

Group of answer choices

level of output at which total product decreases.

level of output at which the total product increases

total output divided by the units of a variable resource.

maximun level of ouput with one variable resource and other fixed resources.

If average variable cost (AVC) is $42.00 and total fixed cost (TFC) is $80.00 at 20 units of output, then the average total cost at this output level is:

Group of answer choices

$122.00

$38.00

$46.00

$40.00

If you know that total fixed cost (TFC) is $400.00, total variable cost (TVC) is $700.00 and the quantity produced is 20 units then:

Group of answer choices

average variable cost (AVC) is $35.00

average total cost (ATC) is $300.00.

marginal cost (MC) is $110.00.

average fixed cost (AFC) is $40.00

The average fixed cost curve

Group of answer choices

always rises with increased levels of output.

declines as long as it is above marginal cost.

declines as long as it is below marginal cost.

always declines with increased levels of output.