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Average Total Cost

Question 54
Multiple Choice

Average total cost A)increases as output increases. B)decreases as output increases. C)increases if marginal cost is increasing. D)increases if marginal cost is greater than average total cost. E)both c and d

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Q 55
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
Q 56
Above is a firm's average product of labor and marginal product of labor curves.The price of labor is $60 per unit.Given this,diminishing returns set in with the A)3rd unit of labor. B)6th unit of labor. C)10th unit of labor. D)12th unit of labor. E)14th unit of labor.
Q 57
Above is a firm's average product of labor and marginal product of labor curves.The price of labor is $60 per unit.When the firm uses 6 units of labor,what is marginal cost? A)$0.25 B)$5 C)$6.67 D)$7.06 E)$10.25
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