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11-08-2011, 08:55 PM
 Location: Middleton, Wisconsin 4,229 posts, read 16,213,829 times Reputation: 2302

Hey folks,
I've got some economics homework that is killing me. Maybe you can help me out?

I'm going to post my questions if you could reply in the most simple manner I would greatly appreciate it! Please copy the questions your reply to. (copy and paste) with your selected answer and why?

1. Which cost does not vary with the level of production?
a) variable cost
b) total cost
c)fixed cost
d) average total cost

2) When labor is variable and capital is fixed, an increase in labor productivity causes the?
a)Variable costs to become constant
b) total physical product curve to shift upward
c) fixed cost curve to shift downward
d) average total cost curve to shift upward

3) In a perfectly competitive market, the difference between marginal revenue (MR) and average total cost (ATC) as the profit maximizing level of output (Q*) is called?
a) marginal cost
b) unit profit
c) fixed cost
d) marginal physical product

4) Suppose the marginal physical product (MPP) of the next worker hired is 4 units per hour. Suppose further the the products selling price is \$5 and that the wage rate is \$16 per hour. What should the maker of the product do?
a) Hire one more unit of labor
b)lower selling price to \$4 per unit
c)reduce the level of employment
d)raise wages and hire more workers

5) The profit-seeking business firm should continue to hire workers until
a) marginal revenue product (MRP) equals zero (0)
b)marginal revenue product (MRP) equals marginal physical product (MPP)
c)marginal revenue product (MRP) equals total physical product (TPP)
d) marginal revenue product (MRP) equals the market wage rate

6) Football coaches at big universities typically have higher salaries than university presidents,
Why?
b) Football coaches belong to trade unions and university presidents do not?
c) Football coaches have higher marginal revenue products than university presidents?

Again I appreciate any help with this. Economics is not my friend

11-08-2011, 11:14 PM
 Location: Vallejo 16,353 posts, read 18,316,117 times Reputation: 14520
1. Costs are either variable or fixed. Variable costs vary with production, fixed costs do not.
What kind of cost(s) is/are (a), (b), (c), and (d)?

2. Process of elimination. Graph each answer if necessary.

3. Graph. Hint: perfectly competive market. In the perfectly competitive market, MR is equal to what?

4. A Worker makes 4 widgets per hour. Widget sells for \$5. Should you hire that worker for \$16 an hour?

5. This is your #4 again. Review marginal revenue productivity of wages. MRP = MR*MP {Marginal Revenue*Marginal Product (of labor)}.
MRP = 4 widgets * \$5 per widget = \$20. If wages were \$16, what would you do?
MRP = 3 widgets \$5 per widget = \$15. If wagers were \$16, what would you do?

6. #4 again. MRP = MR*MP. Problem #5 is the answer to this question.

11-10-2011, 07:03 PM
 Location: El Paso, TX 3,365 posts, read 4,088,143 times Reputation: 2752
Quote:
 Originally Posted by JoshB Hey folks, I've got some economics homework that is killing me. Maybe you can help me out? I'm going to post my questions if you could reply in the most simple manner I would greatly appreciate it! Please copy the questions your reply to. (copy and paste) with your selected answer and why? 1. Which cost does not vary with the level of production? a) variable cost b) total cost c)fixed cost d) average total cost 2) When labor is variable and capital is fixed, an increase in labor productivity causes the? a)Variable costs to become constant b) total physical product curve to shift upward c) fixed cost curve to shift downward d) average total cost curve to shift upward 3) In a perfectly competitive market, the difference between marginal revenue (MR) and average total cost (ATC) as the profit maximizing level of output (Q*) is called? a) marginal cost b) unit profit c) fixed cost d) marginal physical product 4) Suppose the marginal physical product (MPP) of the next worker hired is 4 units per hour. Suppose further the the products selling price is \$5 and that the wage rate is \$16 per hour. What should the maker of the product do? a) Hire one more unit of labor b)lower selling price to \$4 per unit c)reduce the level of employment d)raise wages and hire more workers 5) The profit-seeking business firm should continue to hire workers until a) marginal revenue product (MRP) equals zero (0) b)marginal revenue product (MRP) equals marginal physical product (MPP) c)marginal revenue product (MRP) equals total physical product (TPP) d) marginal revenue product (MRP) equals the market wage rate 6) Football coaches at big universities typically have higher salaries than university presidents, Why? b) Football coaches belong to trade unions and university presidents do not? c) Football coaches have higher marginal revenue products than university presidents? Again I appreciate any help with this. Economics is not my friend
Bottom line, you actually asked others to do YOUR homework? Is this for rea or are you trying to find out what people do by you asking for this type of help?

11-11-2011, 06:47 AM
 Location: Portland, Oregon 7,090 posts, read 11,191,616 times Reputation: 4118
These are really simple and basic questions on the subject, even in the first month of 101 everyone should know what a fixed and variable cost is (more accounting, but depends on the program). It's just sad people just want the answer instead of actually understanding them by working with a study group or reviewing with a tutor. Do your own homework and actually learn the subject. It does take actual work, but then be rewarded by knowing it.

11-11-2011, 07:22 AM
 19,730 posts, read 59,692,792 times Reputation: 36666
I'm waiting for the grade-schooler who comes on and asks "Math is killing me. What is 4 plus 6?"

11-11-2011, 02:59 PM
 Location: El Dorado Hills, CA 3,724 posts, read 8,986,743 times Reputation: 3891
I agree these are very basic economics questions. If you can't answer these, you will never be able to pass a test. Unless of course, you do an e-course and get other people to do your test for you.

11-12-2011, 09:47 PM
 Location: Middleton, Wisconsin 4,229 posts, read 16,213,829 times Reputation: 2302
Just started the economics, but the first reply helped with the problems. Thanks

11-14-2011, 07:40 AM
 455 posts, read 1,157,524 times Reputation: 430
1)d
2)c
3)a
4)a
5)c
6)b

Good luck this semester!

11-14-2011, 09:35 AM
 Location: Here. 15,454 posts, read 14,082,611 times Reputation: 18082
Now if only you can find a way to stuff Malloric in your bookbag, you might have a chance of graduating.

11-14-2011, 01:50 PM
 Location: Vallejo 16,353 posts, read 18,316,117 times Reputation: 14520
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