Managerial Economics Quiz II

9/27/21, 3:27 PM Managerial Economics
Quiz II
Managerial Economics Quiz II
Quiz II
Points: 22/23
Use the information in the table below to determine the average cost of
producing 4 units of output.
20
5 
2.5
Use the information in the table below to determine the average variable cost
of producing 5 units of output.
https://forms.office.com/Pages/ResponsePage.aspx?id=_kiRj-04nU2Aa3vYnht575IQ3bA2WudEkA0iDdznigpUOVFUUUVIUjFBWkwyM1I5WVVXWk… 1/12
9/27/21, 3:27 PM Managerial Economics Quiz II
25
15
3 
Use the information in the table below to determine the average fixed cost of
producing 2 units of output.
(1/1 Point)
13
16.5
5 
Use the information in the table below to determine the marginal cost of
producing the sixth unit of output.
(1/1 Point)
6 
31
6/31
31/6
A firm's demand function is defined as Q = 30 – 2P. Use this function to

calculate total revenue when price is equal to 10 and when price is equal to 11.
What is marginal revenue equal to between P = 10 and P = 11?
(1/1 Point)
20
-12 
-15
2.5
Use the production relationship between total product (Q) and units of labor (L)
employed that is presented in the table below to calculate the average and
marginal product of labor when L = 5.
(1/1 Point)
5,3 
4,3
3,4
3,5
Use the total cost (TC) schedule that is presented in the table below to calculate
average fixed cost, and marginal cost when output (Q) is equal to 5.
(1/1 Point)
20,5
4,1
5,20
1,6 
Use the total cost (TC) schedule that is presented in the table below to
determine the optimal rate of production when the firm can sell all of the
output it produces at a price of $10 per unit. Also determine the level of profit
(or loss) that the firm will experience at this level of output.
(1/1 Point)
6,32 
5,30
7,38
4,14
Use the total cost (TC) schedule that is presented in the table below to
determine the optimal rate of production when the firm can sell all of the
output it produces at a price of $6 per unit. Also determine the level of profit
(or loss) that the firm will experience at this level of output.
(1/1 Point)
5,30 
4,0
5,0
4,24
10
Use the demand schedule that is presented in the table below to determine the
optimal rate of production and price when the firm has a constant marginal cost
of $10 per unit.
(1/1 Point)
5,34 
4,40
5,10
2,60
11
Use the demand schedule that is presented in the table below to determine the
optimal rate of production and price when the firm has the following marginal
cost function: MC = 1 + Q/2.
(1/1 Point)
7,25
6,29 
5,34
8,20
12

What is marginal revenue equal to between P = 3 and P = 4?
(1/1 Point)
20
6 
13
A firm's demand function is defined as Q = 40 – P. Use this function to calculate

total revenue when price is equal to 25 and when price is equal to 26. What is
marginal revenue equal to between P = 25 and P = 26?
(1/1 Point)
-13
-11 
11
-9
14

Choose the correct option
(1/1 Point)
500, 624
50,52
500, 480 
50,60
15
Use the production relationship between total product (Q) and units of labor (L)
employed that is presented in the table below to calculate the average and
marginal product of labor when Q = 4.
(1/1 Point)
4,6
4,5 
4,16
5,20
16
Isoquant is a production function which has

(1/1 Point)
A) All inputs as variable
B) Negative slope
C) Falling marginal rate of technical substitution as
D) All of the above 
17
Maruti’s production declined due to shortage of semiconductor chips. It

production shifted from IInd stage to
(-/1 Point)
A) IIIrd stage
B) Ist Stage
C) Make the marginal product of chips negative
D) None of these
18
The long run average cost curve of a company decreases due to

(1/1 Point)
A) Fixed factor getting better utilized
B) Economies of scale 
C) Diseconomies of scale
D) None of the above
19
Marginal cost curve always cuts the Average cost curve

(1/1 Point)
A) From below at the minimum point 
B) from above at the maximum point
C) from above at the minimum point
D) from below at the maximum point
20
A firm that has very large fixed investment and small price finds its break-even
point to be very large. It can lower the break-even point quantity by
(1/1 Point)
A) Lowering average cost
B) Lowering fixed cost
C) Increasing price
D) All of the above 
21
(1/1 Point)
A) Increasing returns to scale 
B) Decreasing returns to scale
C) Constant returns to scale
D) Law of diminishing marginal utility
22
In case of Ford Motors we saw that as the demand for cars went down the
losses increased because
(1/1 Point)
A) Lower production resulted in rising average cost 
B) Lower production resulted lower total cost
C) Lower production led to diseconomies of scale
D) None of the above
23
A firm faces a linear demand function defined as Q = 120 – 4P. If the price is 5,
what is the own price elasticity of demand?
(1/1 Point)
https://forms.office.com/Pages/ResponsePage.aspx?id=_kiRj-04nU2Aa3vYnht575IQ3bA2WudEkA0iDdznigpUOVFUUUVIUjFBWkwyM1I5WVVXW… 10/12
-0.2 
-1
-2
24
A firm faces a linear demand function defined as Q = 100 – 3P. If the price is 20,
what is the own price elasticity of demand?
(1/1 Point)
-0.5
-1.5 
-5
25
If a firms Total Fixed Cost = 1000 and Contribution Margin is 10, then the firm
will breakeven at a production level of
(1/1 Point)
10 units
100 units 
1000 units
none of the above
Go back to thank you page
This content is created by the owner of the form. The data you submit will be sent to the form owner. Microsoft is not
responsible for the privacy or security practices of its customers, including those of this form owner. Never give out your
password.
Powered by Microsoft Forms | Privacy and cookies | Terms of use
https://forms.office.com/Pages/ResponsePage.aspx?id=_kiRj-04nU2Aa3vYnht575IQ3bA2WudEkA0iDdznigpUOVFUUUVIUjFBWkwyM1I5WVVXW… 12/12

Managerial Economics Quiz II

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Managerial Economics Quiz II

Uploaded by

Copyright:

Available Formats

9/27/21, 3:27 PM Managerial Economics

Managerial Economics Quiz II

A firm's demand function is defined as Q = 30 – 2P. Use this function to

A firm's demand function is defined as Q = 20 – 2P. Use this function to

A firm's demand function is defined as Q = 40 – P. Use this function to calculate

A firm's demand function is defined as Q = 100 – 5P. Use this function to

Isoquant is a production function which has

A) All inputs as variable

C) Falling marginal rate of technical substitution as

D) All of the above 

Maruti’s production declined due to shortage of semiconductor chips. It

C) Make the marginal product of chips negative

The long run average cost curve of a company decreases due to

A) Fixed factor getting better utilized

D) None of the above

Marginal cost curve always cuts the Average cost curve

A) From below at the minimum point 

B) from above at the maximum point

C) from above at the minimum point

D) from below at the maximum point

A) Lowering average cost

B) Lowering fixed cost

D) All of the above 

A) Increasing returns to scale 

B) Decreasing returns to scale

C) Constant returns to scale

D) Law of diminishing marginal utility

A) Lower production resulted in rising average cost 

B) Lower production resulted lower total cost

C) Lower production led to diseconomies of scale

D) None of the above

none of the above

Go back to thank you page

Powered by Microsoft Forms | Privacy and cookies | Terms of use

You might also like