答案和详解如下： 1.If marginal cost is above the average cost, when you produce your next unit: A) average cost will decline. B) marginal cost will remain unchanged. C) average cost will increase. D) average cost will be flat. The correct answer was C) If marginal cost is above the average cost, when you produce your next unit, average cost will increase. Because marginal cost is the cost of producing the next unit, and because this cost is above the firm's average cost per unit, the average cost per unit must increase, if only slightly. Based on the information provided in the question, there is no way to know what will happen to the marginal cost of future units produced. 2.Which of the following most accurately describes the shape of the average fixed cost (AFC) curve? The AFC curve: A) is always below the average variable cost curve. B) has the same shape as the average total cost curve. C) intersects the marginal cost curve at the marginal cost curve’s minimum. D) becomes flatter as output increases. The correct answer was D) The AFC curve declines initially, but as output increases it flattens because a fixed cost is being averaged over more and more units of output. 3.Which of the following most accurately describes the shapes of the average variable cost (AVC) and average total cost (ATC) curves? A) The AVC and ATC curves are both U-shaped. B) The AVC and ATC curves both decrease initially, and then flatten. C) The AVC curve is U-shaped whereas the ATC curve declines initially then flattens. D) The AVC curve declines initially then flattens, whereas the ATC curve is U-shaped. The correct answer was A) The AVC curve is U-shaped, declining at first due to efficiency, but eventually increasing due to diminishing returns. The AFC curve decreases as output increases, and eventually flattens out. The ATC is U-shape because it is the sum of the decreasing-to-flat ATC curve plus the U-shaped AVC + AVC.+curve. ATC = AFC 4.Which of the following statements regarding marginal costs (MC) and average variable costs (AVC) is most accurate? A) MC = AVC when AVC is at its minimum. B) MC < AVC when AVC is at its minimum. C) MC = Average total cost when AVC is at its minimum. D) MC = AVC when average total cost is at its minimum. The correct answer was A) MC = AVC at minimum average variable cost. MC = ATC at minimum average total cost. 5.Which of the following most accurately describes the relationship between the average total cost (ATC) curve and the average variable cost (AVC) curve? The vertical distance between the ATC and AVC curves: A) decreases as output increases. B) increases as output increases. C) remains constant as output increases. D) increases and then decreases as output increases. The correct answer was A) The vertical distance between the ATC curve and AVC cost curve is average fixed cost, which decreases as output increases because more output is averaged over the same cost. 6.Which of the following most accurately describes the relationship between marginal cost (MC), average variable cost (AVC), marginal product (MP), and average product (AP)? A) When MP < AP, MC < AVC. B) When MP > AP, MC > AVC. C) When MP = AP, MC = AVC. D) When MP = AP, MC > AVC. The correct answer was C) At some output level Q and corresponding labor input L, MC = AVC and MP = AP. At Q and L, AVC is at its minimum and AP is at its maximum. Hint: draw the curves. 7.John Klement is a soybean farmer who harvests 125,000 bushels of soybeans annually. Klement’s fixed costs are $200,000 and his variable costs are $5 per bushel. Soybeans are currently priced at $5.35 per bushel. Based on his estimates, Klement sees soybean prices being relatively stable for the next two years, then increasing to $7.00 per bushel due to increased demand from Japan. What action should Klement take? Klement should: A) shut down for two years and then restart his business. B) cut his production by 50% for the next two years and then resume full production. C) continue operating his business as usual. D) shut down his business permanently. The correct answer was C) Since Klement is selling soybeans, a common commodity, he is a price taker and therefore can not adjust the price. He should continue operating his business as normal as he is currently covering variable costs and part of fixed costs. In two years from now, he will be able to cover both fixed and variable costs and be able to make a substantial profit. | 
发表于 2008-4-10 16:17
| 