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tT
发表于 2011-3-6 16:03 | 只看该作者

Reading 17: Output and Costs-LOS b 习题精选

2011, following, describe, average, product
Session 4: Economics: Microeconomic Analysis
Reading 17: Output and Costs

LOS b: Describe and explain the relations among total product of labor, marginal product of labor, and average product of labor, and describe increasing and decreasing marginal returns.

 

 

Which of the following conditions is most likely to exist for a typical production process when average product is at its maximum?

A)
 Average variable cost is at a minimum.
B)
 Marginal product is increasing.
C)
 Marginal cost is at a minimum.

 

When average product is at a maximum, average variable cost is at a minimum. At the corresponding labor and output level, marginal product is decreasing and marginal cost is increasing.

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2#
发表于 2011-3-6 16:03 | 只看该作者

Assume that output increased from 1,550 to 1,850 units per day as a result of increasing labor from 200 to 210 workers. The marginal product of labor is closest to:

A)
 30 units per day per worker.
B)
 1.55 units per day per worker.
C)
 1.25 units per day per worker.

Marginal product is the additional output per additional unit of an input (labor). Since output changed by 300 units and labor changed by 10 workers, the marginal product is 300 / 10 = 30 units per day per worker.

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3#
发表于 2011-3-6 16:04 | 只看该作者

Which of the following most accurately describes the typical relationship between marginal product (MP) and average product (AP)? As the quantity of labor increases:

A)
 initially, AP < MP, then AP = MP, then AP > MP.
B)
 initially, AP > MP, then AP = MP, then AP < MP.
C)
 initially, AP = MP, then AP > MP.

MP intersects the AP minimum from above. MP is initially greater than average product, and then MP and AP intersect. Beyond this intersection, MP is less than AP. (Hint: sketch the curves.)

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4#
发表于 2011-3-6 16:04 | 只看该作者

Which of the following most accurately describes the condition that typically exists when marginal product is at a maximum?

A)
 Marginal cost is at a minimum.
B)
 Average variable cost is at a minimum.
C)
 Average product is at a minimum.

Marginal product is at a maximum when marginal cost is at a minimum. At the corresponding labor and output levels, average variable cost is decreasing and average product in increasing.

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5#
发表于 2011-3-6 16:04 | 只看该作者

If the last unit of input increases total product we know that the marginal product of that input is:

A)
 falling.
B)
 increasing.
C)
 positive.

As long as marginal product is positive, total product will increase. We would need more information to determine whether marginal product is falling or increasing.

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6#
发表于 2011-3-6 16:05 | 只看该作者

Typically, the short-run marginal product curve for an input used in production:

A)
 increases proportionately to output.
B)
 increases initially, reaches a peak, and then declines.
C)
 decreases proportionately to output.

The marginal product curve for an input typically increases initially, reaches a peak at some point, and then decreases (marginal cost increases) as additional units of the input are used, holding the quantities of other factors constant.

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luqian55

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7#
发表于 2011-9-29 16:30 | 只看该作者
thanks a lot

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