(solved) ECO111 Microeconomics

Added on - 13 Nov 2020

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ECO111 MicroeconomicsClass: IB1504Term:Handed out:Time allowed:Student InformationNAME:ĐỖ THỊ MAI HƯƠNGROLL NUMBER:HS150179ROOM NO:CLASS:IB1504FOR TEACHER ONLY1.Totalrevenueequalsa.totaloutputmultipliedbypriceperunitofoutput.b.totaloutputdividedbyprofit.c.(totaloutputmultipliedbysalesprice)-inventorysurplus.d.(totaloutputmultipliedbysalesprice)-inventoryshortage.MARKMARKED BY(NAME AND SIGNATURE)Signature of Proctor
2.Whenaddinganotherunitoflaborleadstoanincreaseinoutputthatissmallerthanincreasesinoutputthatresultedfromaddingpreviousunitsoflabor,wehavethepropertyofa.diminishinglabor.b.diminishingoutput.c.diminishing marginal product.d.negativemarginalproduct.3.Assumethatagivenfirmexperiencesdecreasingmarginalproductoflaborwiththeadditionofeachworkerregardlessofthecurrentoutputlevel:averagefixedcostwillbea.alwaysrising.b. always falling.c.U-shaped.d.constant.4.Economiesofscaleoccurwhena.long-runaveragetotalcostsriseasoutputincreases.b. long-run average total costs fall as output increases.c.averagefixedcostsarefalling.d.averagefixedcostsareconstant.5.Whenafirminacompetitivemarketreceives$500intotalrevenue,ithasamarginalrevenueof$10.Whatistheaveragerevenue,andhowmanyunitsweresold?a.$5and100b. $10 and 50c.$10and100d.Theanswercannotbedeterminedfromtheinformationgiven.6.Ifmarginalcostexceedsmarginalrevenue,thefirma.is most likely to be at a profit-maximizing level of output.b.shouldincreasethelevelofproductiontomaximizeitsprofit.c.mustbeexperiencinglosses.d.maystillbeearningaprofit.
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