# 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

Become a Study.com member to unlock this answer! Create your account

View this answer**The correct option is: D) Total product.**

Explanation:

The total product is described as one of the concepts of economics. It is described as an...

See full answer below.

#### Ask a question

Our experts can answer your tough homework and study questions.

Ask a question Ask a question#### Search Answers

#### Learn more about this topic:

from

Chapter 4 / Lesson 2In 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.
- 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
- 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
- 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
- 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.
- 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
- 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.
- Quantity of Workers Total Product Average Product Marginal Product 0 0 1 3 2 7 3 12 4 16 5 18 6 18 In the above table, the average product for 5 workers and the marginal product of the 5
- 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.
- 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, 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. 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, 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. 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
- Firm A is producing 40,000 units of output, incurring a total cost of $1,000,000 and total variable cost of $200,000. What is Firm A's average fixed cost?
- Average product in graph (b): a. rises when it is less than marginal product. b. is the change in total product divided by the change in the quantity of labor. c. can never exceed marginal product. d. falls whenever total product in graph (a) rises at a d
- Total product is the amount of output that a firm can produce: a. using a given amount of inputs. b. using a given amount of output. c. by ignoring production costs. d. by not considering a firm's technology.
- The marginal product of labor is the change in total product from a one-unit increase in A. the wage rate. B. both the quantity of labor and the quantity of capital employed. C. the quantity of labor employed, holding the quantity of capital constant. D.
- 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.
- 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.
- 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
- Average variable cost is equal to the: a. Change in total variable cost divided by the change in output levels b. Total revenue cost divided by the level of output c. Total variable cost divided by th
- 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.
- 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, 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.
- 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.
- If each extra worker produces an extra unit of output, how do the total product of labor, the average product of labor, and the marginal product of labor vary with the number of workers?
- 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
- 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?
- 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.
- 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.
- A firm's total cost of producing 50 units of output is $10,000. At this output level, average fixed costs are equal to $50. It follows that the firm's average variable costs are equal to how much?
- 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
- If the marginal product of an input is positive, but decreasing as more and more of the input is employed, then: a) the firm must be operating in the long run. b) average product must be declining. c) the firm should produce less output. d) total product
- A firm produces 1,000 units of output at an average variable cost of production of 50 cents. The firm's total fixed costs equal $700. The total cost of producing 1,000 units of output equals A. $500. B. $800. C. $1,000. D. $1,200. E. $700.
- A firm is currently producing 10 units of output; marginal cost is $24 and average total cost is $6 at this level of output. The average total cost at 9 units of output is: a) $4 b) $5 c) $6 d) $8 e) none of the above
- A firm is producing 10 units of output: marginal cost is $24 and average total cost is $6 at this level of output. The average total cost at 9 units of output is: (blank).
- The marginal product of labor is a. the average number of units produced by each worker. b. the additional output produced when another worker is hired. c. a worker's weekly production. d. the total number of units each worker is capable of producing.
- The average product of labor input is equal to: a. the change in output divided by the change in labor. b. total output divided by total labor input. c. total labor input divided by total output. d. the change in total labor input divided by the change in
- What is break-even output? (a) The output at which the total revenue just covers a firm's total fixed cost (b) The output at which the total revenue just covers a firm's total variable cost (c) The output at which the total revenue just covers a firm's fi
- If a firm produces 8 units of output with average fixed cost = $40 and average variable cost = $25, what is its total cost? a. $200. b. $1,000. c. $520. d. $320.
- A firm is operating with a total variable cost of R_s is 500 when 5 units of the given output are produced and the total fixed cost is R_s is 200. What will be the average total cost of producing
- For a firm, the relationship between the quantity of inputs and quantity of output is called the: a. Profit function, b. Production function, c. Total-cost function, d. Quantity function.
- If a firm produces 10 units of output and incurs $30 in average variable cost and $35 in average total cost, total fixed cost is: a) $3 b) $35 c) $50 d) $300
- Adding a variable input (labor) to a fixed input (capital) will result in an increase in output: A. Until the marginal product of labor is maximized. B. Until the marginal product of labor begins to d
- Suppose that the firm's only variable input is labor. When 50 workers are used, the average product of labor is 50 and the marginal product of labor is 75. The wage rate is $80 and the total cost of the fixed input is $500. What is average variable cost?
- A firm producing 30 units of output has average total cost equal to $12 and average variable cost equal to $8. This firm s total fixed costs are therefore equal to A) $4 B) $120 C) $240 D) $360
- If a firm is producing 100 units of output at an average variable cost of $5/unit and total fixed cost is $700 what is the average total cost?
- A firm's fixed costs for producing 0 units of output and its average total cost of producing different output levels are summarized in the tale below. Complete the table to find the fixed cost, variable cost, total cost, average fixed cost, average vari
- Total product is the amount of output that a firm of can produce: a) using a given amount of inputs b) using a given amount of outputs c) by ignoring production costs d) by not considering a firm's technology
- 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 fixed cost of producing 10 units of output.
- For the production function fill in the following table and state how much the firm should produce so that: (a) Average product is maximized (b) Marginal product is maximized (c) Total product is maximized (d) Average product is zero
- If a firm has the cost function TC = 25,000 - 25q , and the total quantity produced is 100 units, what is the firm's Average Variable Cost? a) 25000 b) 2500 c) 250 d) 25 Show work.
- The average product of labor is A. the inverse of the average product of capital. B. total product divided by the total quantity of labor employed. C. the slope of the curve showing the total product of labor. D. the slope of the curve showing the margina
- If the total available amount of money in the economy is $200, and production equals 5 products, then the average equilibrium price of each product is _____.
- The marginal revenue product of labor is the A. addition to total revenue when the firm produces and sells an extra unit of output. B. amount produced per worker per time period. C. change in total output that is produced when one extra worker is employed
- A fixed cost is: a) the cost of producing each additional unit of output b) average total cost (or cost per unit) multiplied by the number of units produced c) any cost which does not change when the firm changes the amount of output it produces d) usuall
- If a firm used $200 worth of variable inputs to produce 100 units of output, what is the average variable cost of the output?
- Labor productivity is calculated as: A. output minus net exports B. the average product of labor minus the marginal product of labor C. total factor productivity divided by the amount of capital D. output divided by hours worked
- The law of diminishing returns is expressed in terms of an eventual decline in the: a) returns to scale of an input b) broadest general productivity measures only c) total product of an input d) marginal product of an input e) average product of an input
- Your firm must produce a specified output level. The firm uses capital and labor as inputs. If the price of capital is $40, the price of labor is $100, the marginal product of capital is 20, and the marginal product of labor is 40, then: - the firm is mi
- Question 9 Quantity of Labor Total Output 0 0 1 12 2 22 3 30 4 36 5 40 6 43 7 44 Referring to the table, the marginal product of the 5th worker is: a) 3 b) 4 c) 8 d) 40 Quantity of Gadgets Produ
- When labor is the only input a firm uses, the marginal cost of a unit of output can be defined as: a. Wage divided by number of workers, b. Marginal product of labor multiplied by wage, c. Wage divided by marginal product of labor, d. Marginal product of
- The marginal revenue product gives: a. the additions to total cost when an additional unit of a variable input is hired. b. the additional revenue obtained when an additional unit of a variable input is hired. c. the change in total product for an additio
- When the marginal product of labor exceeds the average product of labor, A. the average product of labor is increasing. B. the average product of labor is decreasing. C. the firm is experiencing decreasing returns to scale. D. the total product curve is n
- A negative value for the marginal physical product would indicate that: a. the company has not yet reached the point of saturation. b. total output increased by a significant amount. c. total output decreased when the extra unit of the variable input w
- A firm's average total cost is $100, its average variable cost is $90, and its total fixed cost is $1,000. Its output is A. between 70 and 120 units. B. less than 70 units. C. more than 170 units. D. between 120 and 170 units.
- If the average total cost is $50 and the average fixed cost is $15 when output is 20 units, what is the firm's total variable cost at that level of output?
- A firm produces an output with a fixed proportion production given by: f(x_1, x_2) = min(x_1, x_2). Assume that w_1 = 2 and w_2 = 4. A) Find an expression for the firm's total cost function in the lon
- 1. Marginal cost is defined as: a. the change in total costs from producing one more unit of output b. the change in fixed cost from producing one more unit of output. c. total cost divided by total o
- The value marginal product (VMP) of an input is: - the additional output produced by a firm when it increases the level of that input by an additional unit. - the cost of that input. - the total output produced by that input. - the additional revenue
- Suppose that a firm is currently employing 10 workers, the only variable input, at a wage of $100. The average physical product of labor is 25, the last worker added 10 units to the total output, and the total fixed cost is $5,000. What is the marginal co
- A firm uses two inputs in production: capital and labor. In the short run, the firm cannot adjust the amount of capital it is using, but it can adjust the size of its workforce. What happens to the firm's average total cost curve, the average variable cos
- If we know the average total cost and the amount of output, then we can always calculate total cost by A. adding average total cost and the amount of output. B. subtracting the amount of output from average total cost. C. multiplying average total cost by
- The marginal product of labor can be defined as the change in a) output divided by the change in labor. b) labor divided by the change in total cost. c) labor divided by the change in output. d) profit divided by the change in labor.
- The marginal product of labor (MPL) is: a) total output divided by the number of workers employed b) the change in total output attributed to employing an additional worker c) the change in total output attributed to producing an extra unit of a good d) t
- Let Y denote output K is capital stock and L is labor input. A denotes total factor productivity. The production function is the following: Y = AF(K, L) = A(K + L). a. Calculate output and the marginal product of capital (MPK) when A=3, K=1 and L = 1. b
- An economist estimated that the cost function of a single-product firm is C(Q) = 50 + 25Q + 30Q^2 + 5Q^3. Determine the average total cost of producing 10 units of output.
- A firm uses two inputs, X and Y and its production function is Q = radical(xy), where here we are using x and y to represent the quantities of the two inputs. (a) Calculate the marginal products of X
- A firm's fixed costs for producing 0 units of output and its average total cost of producing different output levels are summarized in the table below. Complete the table to find the fixed cost, variable cost, total cost, average fixed cost, the average v
- The law of diminishing marginal productivity states: a. that in the presence of a fixed factor, at some point average product of labor starts to fall as more and more variable inputs are added. b. that average total costs of production initially fall and