13) A profit maximizing firm is producing 40 unats of stuff using $3/unit and th

Question

13) A profit maximizing firm is producing 40 unats of stuff using $3/unit and the price of labor is $10. What is the average varia t0 units of Sabor he pice of sisi1 A) S3 B) $5 C) s10 D) $2.50 E) can't be determined with the information provided 14) For a firm in perfect competition, at the minimum of the average A) MR = MC B) is called the shut-down point C) MC- ATC D) losses are minimized E) profits are maximized 13A 15) The stage of production where the total proudut curve begins to deline correpinds to A) stage 1 B) stage 2 C) stage 3 D) stage 4 E) none of the above 16) The marginal rate of technical substitution is A) the slope of the isoquant curve B) the slope of the isocost curve C) the slope of the isoutility curve D) the slope of the total product curve E) none of the above

Explanation / Answer

13) Ans-A

Marginal revenue=change in TR/Change in Q=Price=3

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