The amount of output a firm can produce with a given quantity of fixed and variable inputs is...
Question:
The amount of output a firm can produce with a given quantity of fixed and variable inputs is called:
A) Total fixed product.
B) Average variable product.
C) Marginal product.
D) Total product.
Product:
A product is described as a thing or object manufactured by the companies to produce profit by selling it into the marketplace to their target customers. It can be considered intangible or tangle. Products are distinguished by their brand name and category.
Answer and Explanation: 1
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View this answerThe correct option is: D) Total product.
Explanation:
The total product is described as one of the concepts of economics. It is described as an...
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Total Product, Average Product & Marginal Product in Economics
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Chapter 4 / Lesson 2
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In Economics, there are three factors involved in the theory of production: total product, average product, and marginal product. Explore this theory and learn how to maximize the efficiency of these production tools.
Related to this Question
- The amount of output produced with an additional unit of variable input is referred to as: A) marginal product. B) total product. C) average variable product. D) average fixed product.
- The change in the total output of a firm associated with using one more unit of an input is referred to as the: A. marginal product of the input. B. variable product of the input. C. average product of the input. D. total product.
- Average physical product is calculated by dividing total product by the: a. amount of variable and fixed inputs employed. b. quantity of the variable input. c. quantity of the fixed input. d. production function.
- Total cost divided by the quantity of output produced is: a. marginal cost. b. average total cost. c. average product. d. average fixed cost.
- If the marginal product is 50 and the average (total) product is 75, we can be sure that: a) marginal product is rising. b) average total product is rising. c) marginal product is falling. d) average total product is falling.
- Compute Total Output, Marginal Product of Variable Input, and Average Product of Variable Input according to the Quantity of Variable Input in the given table.
- A firm is using a single variable input, labor, with a given amount of a fixed input, capital. If the level of capital is decreased: a. the total product curve shifts downward. b. the average product curve of labor shifts downward. c. the marginal product
- The marginal product of labour is the increase in the total product that results from A) One-unit increase in both the quantity of variable and fixed inputs. B) One-unit increase in the quantity of fixed inputs employed, holding the quantity of the vari
- The addition to total output resulting from using one more unit of a productive resource is the a. average product. b. marginal input. c. total product. d. marginal product.
- Marginal product is the change in: a. total output minus the change in input. b. total output divided by the change in input. c. input divided by the change in total output. d. total output plus the change in input. e. total output times the change i
- If marginal product is zero: a. total product is also zero. b. average product is also zero. c. total output is maximized. d. average product is constant.
- The Marginal Product of an input is: 1) total product divided by the amount of the input used to produce this amount of output. 2) the addition to total output that adds nothing to total revenue. 3) the addition to total output that adds nothing to profi
- Marginal product is: a. the change in total product divided by the change in the quantity of labor b. total product divided by the quantity of labor c. always positive d. unrelated to total product
- Quantity of Output Fixed Cost Variable Cost Total Cost Average Fixed Cost Average Variable Cost Average Total Cost Marginal Cost 1 $23 $33 2 $38 3 $70 4 $64 5 $110 6 $118 7 $143 8 $185 Refer to Table
- The average product is the A. maximum output attainable with fixed factors and one variable factor. B. total product per unit of an input. C. change in the total product due to a one unit change in input. D. total product divided by the total cost.
- Marginal product of labour is the increase in total product that results from a: A) one-unit increase in the quantity of fixed inputs employed, holding the quantity of the variable inputs constant. B) 1 percent change in the quantity of labour and the q
- If marginal product is equal to average product: a) The total product will fall. b) The average product will not change. c) Average variable costs will fall. d) Total revenue will fall.
- The ratio of the change in total product to the change in total quantity of the variable input being used is: A. equal to marginal product. B. constant as employment levels of the input vary. C. equal to average product. D. equal to the marginal rate o
- Total product divided by the total quantity of labor employed equals the A. average product of labor. B. average total cost. C. marginal product of labor. D. average variable cost.
- Total cost divided by the quantity of output is a. average variable cost. b. average total cost. c. average fixed cost. d. marginal cost. e. total variable cost.
- A firm that has total fixed costs of $20,000 sells its output for $150 per unit and has an average variable cost of $200. If the firm's cost and revenue curves are linear, how much output must the firm produce to break even? a. 500 b. 400 c. 300 d. Th
- The marginal product of an input is A. total product divided by the amount of the input used to produce this amount of output. B. the addition to total output that adds nothing to total revenue. C. the addition to total output that adds nothing to profit.
- Total output is maximized when: A. average product is maximized B. marginal product equals zero C. marginal product is maximized D. average product equals zero
- From a firms short run production function, the marginal product of labor and the average product of labor may be determined. The marginal product of labor is the: A. total output divided by the numb
- Average total cost is $200 for a given output, total fixed cost is $100, and average variable cost is $140. What is the quantity being produced?
- The average total cost is $200 for a given output, the total fixed cost is 100 and the average variable cost is 140. What is the quantity being produced?
- Average fixed cost production function average product of labor average total cost short run average variable cost short-run marginal cost fixed input total cost total fixed cost law of dimi
- When the marginal product of labour is greater than the average product of labour, a) the firm is experiencing constant returns. b) the average product of labour is increasing. c) the firm is experiencing diminishing marginal returns. d) the total product
- The marginal product of labor is: a. the change in labor divided by the change in total product. b. the slope of the total product of labor curve. c. the change in average product divided by the change in the quantity of labor. d. none of the above.
- Marginal revenue: a. is always greater than the total revenue. b. is the change in total revenue associated with producing one more unit of output. c. is always equal to the price of the good. d. is the product of the price of a good and its quantity sold
- 1) Marginal cost is defined as: a) Total cost divided by total output b) The change in fixed cost from producing one more unit of output c) Total variable cost divided by total output d) The change in
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- Total output is maximized when: a. marginal product equals zero. b. average product equals zero. c. marginal product is maximized. d. average product is maximized.
- The change in total output resulting from a 1-unit increase in the quantity of a factor of production used, holding the quantities of all other factors of production constant, is: a) average cost. b) average product. c) marginal cost. d) marginal product.
- The total revenue of a perfectly competitive firm is calculated by: A. dividing price by quantity. B. multiplying price by quantity. C. multiplying quantity by average total cost. D. multiplying average revenue by price.
- If the marginal product is negative, then: A. average profit is rising. B. total product is rising. C. marginal cost is falling. D. total product is falling.
- When calculating the marginal product of capital: a. other inputs must be varied in the same proportion as capital. b. all other inputs remain constant. c. total output is held fixed by assumption. d. one must divide total output by the total number of un
- If the units of variable input in a production process are 1, 2, 3, 4, and 5 and the corresponding total outputs are 10, 22, 33, 42, and 48, respectively, the marginal product of the fourth unit is a. 2. b. 6. c. 9. d. 42.
- The units of variable input in a production process are 1, 2, 3, 4, and 5, and the corresponding total outputs are 30, 34, 37, 39, and 40, respectively. What is the marginal product of the fourth unit? a. 1 b. 2 c. 37 d. 39
- If the units of variable input in a production process are 1, 2, 3, 4, and 5 and the corresponding total outputs are 10, 22, 33, 42, and 48, respectively, what is the marginal product of the fourth unit? a. 2 b. 6 c. 9 d. 42
- The units of variable input in a production process are 1, 2, 3, 4, and 5, and the corresponding total outputs are 30, 34, 37, 39, and 40, respectively. What is the marginal product of the fourth unit? a. 2 b. 1 c. 37 d. 39
- The Marginal Product curve of input Y shows: A. how the quantity of output produced changes for each amount of input Y, whether or not all other inputs are held constant. B. how the quantity of output produced changes for each amount of input Y, holding a
- When the marginal product of an input declines as the quantity of the input increases, the production function exhibits: a) increasing marginal product. b) diminishing marginal product. c) diminishing total product. d) Both b and c are correct.
- Complete the missing portion of the production table below: Quantity of Labor Quantity of Capital Marginal Product of Labor Average Product of Labor Total Product of Labor 0 5 _____ _____ _____ 1 5 5
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- An economist estimated that the cost function of a single-product firm is C(Q) = 100 + 20Q + 15Q^2 + 10Q^3, where Q is the quantity. Calculate the average variable cost of producing 10 units of output.
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- If total variable cost at output 4 is $100 and if total variable cost at output 6 is $140, then the marginal cost is: a) $40 b) $25 c) $20 d) about 23
- When labor used is 12 units and output is 36, then a) the marginal product of labor is 3. b) the total product of labor is 1/3. c) the average product of labor is 3. d) None of the above.
- Marginal cost can be determined best by observing changes in: a. average total cost b. total variable cost c. total fixed cost d. total cost/marginal product
- Complete the following table. | Output | Fixed cost | Variable cost | Average total cost | Average fixed cost | Average variable cost | Total cost | Marginal Cost | 1 | 200 | 100 | | | | | | 2 | 200 | 180 | | | | | | 3 | 200 | 240 | | | | | | 4 | 200
- Marginal product equals 0 when: (a) total product equals average product. (b) average product reached its minimum value. (c) average product equals zero. (c) total product reaches its maximum value.
- 1. The change in total output resulting from a 1-unit increase in the quantity of a factor of production used, holding the quantities of all other factors of production constant, is? A) average cost. B) average product. C) marginal cost. D) marginal produ
- The long-run total cost function for a firm is TC = q^3 - 18q^2 + 60q + 50 where q is the produced quantity. (1) What is the fixed cost? (2) What is the variable cost? (3) Please find the average c
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- Total revenue equals: a. Marginal revenue - marginal cost, b. Price/quantity, c. Price x quantity, d. Output - input,
- An economist estimated that the cost function of a single-product firm is C(Q) = 100 + 20Q + 15Q^2 + 10Q^3, where Q is the quantity. Calculate the average total cost of producing 10 units of output.
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- If the average total cost is $280/unit, the quantity produced is 20 units, and the total fixed cost is $2500, what is the total variable cost for the output of 20 units?
- A firm produces 400 units of output at a total cost of $1,200. If total variable costs are $1,000, a. average fixed cost is 50 cents, b. average variable cost is $2, c. average total cost is $2.50, d. average total cost is 50 cents.
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- If total fixed cost is zero and average variable cost is constant at $1.00 per unit over the relevant range of output, what is marginal cost when 1 unit is produced? A. $2 B. $1 C. $0.50 D. $0
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- If the price that a firm charges is higher than its ______ cost of production for that quantity produced, then the firm will earn profits. a. fixed b. variable c. average d. marginal
- A firm, producing six units of output, has an average total cost of R200 and has to pay R300 to its fixed factors of production. The average variable cost is: 1. R50. 2. R150. 3. R200. 4. R300.
- A firm has a fixed production cost of $10,000 and a constant marginal cost of $1000 per unit. A. Calculate the firm's average variable cost, average fixed cost and average total cost curves. B. If the firm wishes to minimize the average total cost of prod
- An economist estimated that the cost function of single-product firm is C(Q) = 100 + 20Q + 15Q^2 + 10Q^3, where Q is the quantity of output. Calculate the variable cost of producing 10 units of output.
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- An economist estimated that the cost function of single-product firm is C(Q) = 100 + 20Q + 15Q^2 + 10Q^3, where Q is the quantity of output. Calculate the total cost of producing 10 units of output.
- 1. ___ The sum of total fixed and total variable costs. 2. ___ Fixed cost per unit of output (i.e., the total fixed cost divided by output). 3. ___ Variable cost per unit of output (i.e., the total variable cost divided by output). 4. ___ Total cost pe
- A firm's cost curve is TC(q) = 250 + 10q + 2q^2, q is the quantity produced. What is the firm's marginal cost (MC), average variable cost (AVC), and average total cost (ATC)?
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- When a total product is rising, ________. (a) the variable cost must be declining (b) the marginal cost must be positive (c) the marginal product must be negative (d) the fixed cost must be rising.
- A firm's average variable cost is $60, its total fixed cost is $3,000, and its output is 600 units. Its average total cost is A. more than $64. B. between $58 and $62. C. between $62 and $64. D. less than $58.
- A firm's shutdown point is the quantity and price at which the firm's total revenue just equals its: a) Total cost b) Total variable cost c) Total fixed cost d) Marginal cost
- Total cost is $20 at 4 units of output and $36 at 6 units of output. Between 4 and 6 units of output, marginal cost: A) is equal to average total cost. B) is equal to average variable cost. C) is greater than average total cost. D) is less than average to
- At the end of a process of entry and exit, for the marginal firm: a. Price is equal to the average total cost, b. Total revenue is equal to the total cost, c. Economic profit is zero, d. All of the above are correct.
- A competitive firm currently produces and sells 500 units of output. Its total revenue is $3,500; the marginal cost of producing the 500th unit of output is $5.75; and the average total cost of produc
- Total cost is a. the sum of variable cost and fixed cost. b. average variable cost times quantity. c. the sum of average fixed cost and marginal cost. d. the sum of fixed cost and average variable cost.
- The average product of labor is given by the equation APL = 600 + 200L - L2. a. What is the equation for the total product of labor (TPL)? b. What is the equation for the marginal product of labor (MPL)? c. At what level of labor usage is APL = MPL?
- Average variable cost equals all of the following except: A. variable cost times output. B. average total cost minus average fixed cost. C. variable cost divided by output. D. (total cost minus fixed cost) divided by output.
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- An economist estimated that the cost function of single-product firm is C(Q) = 100 + 20Q + 15Q^2 + 10Q^3, where Q is the quantity of output. Calculate the average fixed cost of producing 10 units of output.
- Total variable cost is the sum of all A. implicit costs. B. costs of the firm's fixed inputs. C. costs that rise as output increases. D. costs associated with the production of goods.
- The total cost of production equals ___. a. average total cost + average variable cost b. average total cost + average fixed cost c. average variable cost + average fixed cost d. total fixed cost + total variable cost e. marginal cost + total variable
- The average product-marginal product relationship indicates that: a. if the marginal product is less than the average product, the average product is falling. b. if the marginal product is greater than the average product, the average product is falling.
- Average total cost equals: a. (fixed costs + variable costs)/quantity produced. b. (fixed costs + variable costs)/change in quantity produced. c. change total costs/quantity produced. d. change in total costs/change in quantity produced.
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- A firm is producing 100 units of output at a total cost of $400. The firm's average variable cost is $3 per unit. What is the firm's fixed cost? a. $150 b. $100 c. $300 d. $1
- Economic profit is defined as: a. price minus the sum of average fixed and marginal cost b. total revenue minus total implicit cost c. total revenue minus the average total cost d. total revenue minus the sum of implicit and explicit costs
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