The average product is the A. maximum output attainable with fixed factors and one variable...
Question:
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.
The production process
The production process in economics is concerned with transforming a range of inputs into outputs that are required by the market. Generally, it involves the use of raw materials, machinery, and manpower to create a product.
Answer and Explanation:
Become a Study.com member to unlock this answer! Create your account
View this answerSee full answer below.
Ask a question
Our experts can answer your tough homework and study questions.
Ask a question Ask a questionSearch Answers
Learn more about this topic:

from
Chapter 3 / Lesson 22Learn how to calculate average product. Study examples of how to use the average product formula, and discover what average output is used for in businesses.
Related to this Question
- 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.
- 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 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.
- 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 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
- 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.
- 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
- 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
- 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
- Average total cost equals a. variable cost divided by the output level. b. the change in total cost divided by the change in the output level. c. fixed cost divided by the output level. d. total cost divided by the output level. e. none of the above.
- 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?
- Average total costs are A. the change in output divided by the change in total costs. B. total costs divided by total output. C. the change in total costs divided by the change in output. D. total output divided by total costs.
- 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
- 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.
- 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
- 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 t
- If total fixed cost is $10,000 and average variable cost is constant at $1.00 per unit over the relevant range of output, what will be the average total cost to produce 10,000 units? A. $0.20 B. $2.00 C. $5.00 D. $1.00
- If the output is 100 units, the average total cost is $60, and the total fixed cost is $4000, the average fixed cost is _____.
- At 100 units of output, the total cost is $12,000, the total variable cost is $7,000, and the total fixed cost is $5,000. Average total cost is: a. $50. b. $70. c. $100. d. $120.
- At 100 units of output, total cost is $12,000, total variable cost is $7,000, and total fixed cost is $5,000. Average total cost is: a) $50 b) $70 c) $100 d) $120
- 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.
- 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 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?
- Which of the following best describes total fixed cost? a. The change in total cost when one additional unit of output is produced b. Total cost divided by the quantity of output produced c. Total variable cost divided by the quantity of output produce
- A firm's marginal cost of production is the: i. change in average variable cost that results from producing each additional unit of output ii. change in average total cost that results from producing each additional unit of output iii. change in total fix
- 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?
- 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
- A firm's marginal cost of production is the: a. change in total variable cost that results from producing each additional unit of output. b. change in total cost that results from producing each additional unit of output. c. change in total fixed cost tha
- 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) usually
- 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?
- 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. $1
- A fixed cost is: a) the cost of producing each additional unit of output b) average total cost (or cost per unit) multiplied by the number of units produced c) any cost which does not change when th
- Average fixed cost: A) does not change as total output increases or decreases. B) varies directly with total output. C) rises as the output is expanded. D) falls continuously as total output expands.
- The marginal revenue product gives: a. the additions to total cost when an additional unit of a variable input is hired. b. the additional revenue obtained when an additional unit of a variable input is hired. c. the change in total product for an additio
- |Total Output |Total Cost |$ 0 |$100 |2| 196 |4 |212 |6 |310 |8 |430 |10| 570 In the table above, when total output is 8 units, the average variable cost is a. $3,440. b. AVC cannot be determ
- 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
- Average fixed cost: a. does not change as total output increases or decreases. b. varies directly with total output. c. falls continuously as total output expands. d. rises as the output is expanded.
- Marginal cost is A. all the costs of production of goods. B. all the costs of the fixed inputs. C. the change in the total cost resulting from a one-unit change in output. D. all the costs that vary with output.
- The change in output caused by a one-unit change in labor is referred to as the: a. compounded physical product of labor b. average product of labor c. marginal product of labor d. total product of labor
- If fixed costs are $46 and variable costs are $35 at 3 units of output, what is the average total cost? In other words, what are the total costs per unit at 3 units of output?
- 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
- A firm's marginal cost of production is the I. change in average variable cost that results from producing each additional unit of output II. change in average total cost that results from producing each additional unit of output III. change in total
- 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.
- ||Total Output ||Total Cost |0| $100 |2| 196 | 4 | 212 |6 | 310 |8 | 430 |10 |570 7. In the table above, when total output is 8 units, the average variable cost is a. $3,440. b. AVC cannot be
- 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
- 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's fixed costs for 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 (FC), Variable C
- 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
- 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
- A firm's fixed costs for 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,
- 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
- If a firm's fixed costs are $100, and its total costs are $200 to produce one unit and $310 to produce two units, then the average variable cost for each of the two units is: a) not possible to calculate b) $155 c) $110 d) $105 e) $100
- Total cost in a certain plant, at an output level of 1,000 units daily, is $4,900. If production were to be reduced by 1 unit to a total of 999 units), total cost would become $4,890. With the output range thus indicated: a) average cost (AC) would excee
- 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.
- If average fixed costs are 9.7 and average variable costs are 9.6 at 3 units of output, what are average total costs? In other words, what are average total costs per unit at 3 units of output?
- In the table above, if for an output of 11 units the average variable cost is $52: a. the total variable cost is $576. b. the total variable cost is $622. c. the total cost of 11 units of output will be $652. d. the marginal cost of the 11th unit is $102.
- 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, varia
- If the 15^{th} unit of output has a marginal cost of $29.50 and the average total cost of producing 14 units of output is $30.23, what will happen to the average total cost of production if the 15^{th} unit is produced? A. The average total cost will not
- If the total cost function for a product is given by: TC = 1500 + 5 Q - 10 Q^2 + Q^3. And if the output level is 100 unit, derive and find the value of: a. The fixed cost (FC), b. The variable cost (VC), c. The average cost (AC), d. The average fixe
- If the total cost is R1000, and the average fixed cost is R16 when 25 units of output are produced, then the average variable cost at that level of output is: 1. R16. 2. R24. 3. R40. 4. Impossible to determine.
- 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.
- 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).
- 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
- 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.
- 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.
- 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.
- 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
- Suppose that your factory faces a total product and average variable cost curve. Total Product Variable Costs 1 $18 2 30 3 39 4 45 5 54 6 69 7 90 8 120 If labor costs $3 per unit, and you have fix
- 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
- Total Output Total Cost $100 196 212 310 430 570 In the table above, when total output is 6 units, the average variable cost is $1,860 AVC cannot be determined from the information given $35 $51
- A firm has total cost of $1,000 at 0 output and $2,600 at 4 units of output. The total fixed cost is A. 0 B. 1,600 C. 1,000 D. 650
- If total costs are 50000 when 1000 units are produced and total costs are 50 100 when 1001 units are produced we can conclude that A average variable costs are 100 B average total costs are 100 C aver
- 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.
- 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.
- 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 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 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 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.
- A firm is currently producing 40 units of output. At this level of output produced, its average total cost is 130 (ATC = 130), the price per unit of output is 150, MR = 30, and MC = 50. A. Is this fi
- At the current usage level of a single variable input (used in conjunction with fixed quantities of other inputs), a firm finds that the average productivity of the variable input is 4 units of output per unit of input. The price of the variable input is
- At the current usage level of a single variable input (used in conjunction with fixed quantities of other inputs), the firm finds that the average productivity of the variable input is 4 units of output per unit of input. The price of the variable input i
- A firm is currently producing 100 units of output. At this level of output produced: Its average total cost is 110(ATC=110) The price per unit of output is 120 MR=50 MC=20 a. Is this firm making prof
- 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.
- Given the total cost function TC = 2,000 + 2Q, when output is 1,000 units, average total cost is and total fixed cost is. a. $2; $2 b. $4; $2 c. $4; $2,000 d. $4,000; $2,000
- With a given plant size, an increase in output will not result in an increase in ______. (a) average variable cost (b) total cost (c) total fixed cost (d) average fixed cost.
- If the average variable cost (AVC) is $74 and the total fixed cost (FC) is $100 at 5 units of output, then the average total cost (ATC) at 5 units of output is: a. $91. b. $94. c. $97. d. $100.
- Total revenue is a firm's: a. ratio of revenue to quantity. b. total output times the price at which it sells that output. c. difference between revenue and cost. d. change in revenue resulting from a unit change in output.
- Your firm is considering increasing production by 1,000 units. This change will make your price fall to $3 a unit. These additional units will cost the firm $2,800 in variable cost (total) but can be produced in the existing factory because you are below
- 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.
- If a production process undergoes a technological improvement then A) a given amount of inputs will yield more output B) the short run production function (or total product curve) will rotate upward C) total variable cost and average variable cost will be
- 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
- A firm has this cost function: [{MathJax fullWidth=?false? C=1000 + 6Q }]. The firm is currently producing 9 units of its product. Calculating these: A) average total cost B) Total fixed 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
- 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.
- Which of the following is true with respect to marginal cost? a. cost that varies with the output level b. total fixed cost per unit of output c. change in the total cost on account of an additional unit of output d. cost of all inputs e. total variable c
- Suppose the total cost of production in the short run is $500,000 when 2,000,000 units are produced. Then, average total cost (ATC) is A) 25 cents per unit and average fixed cost (AFC) is 15 cents per unit. B) $4 per unit, and average fixed cost (AFC) is
- 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