Consider the Following Production and Cost Schedule for a Firm

question 46

Multiple Choice

Consider the following production and cost schedule for a firm.The first column shows the number of units of a variable factor of production employed by the firm. $$\begin{array} { | c | c | c | c | } \hline \begin{array} { c } \text { Total Number of } \\\text { Units of the } \\\text { Factor }\end{array} & \begin{array} { c } \text { Total Number of } \\\text { Units of Output }\end{array} & \begin{array} { c } \text { Price per Unit } \\\text { of Output }\end{array} & \begin{array} { c } \text { Total Cost } \\\text { of Production }\end{array} \\\hline 2 & 12 & \$ 10 & \$ 50 \\\hline 3 & 20 & \$ 9 & \$ 55 \\\hline 4 & 26 & \$ 8 & \$ 60 \\\hline 5 & 30 & \$ 7 & \$ 65 \\\hline 6 & 32 & \$ 6 & \$ 70 \\\hline 7 & 32 & \$ 5 & \$ 75 \\\hline\end{array}$$ TABLE 13- 3
-The demand for a factor will be less elastic

• A)if there is a high degree of substitutability between factors.
• B)if the demand for the good being produced is elastic.
• C)the larger the extent of diminishing returns for the factor.
• D)if marginal physical product decreases slowly as more of the factor is used.
• E)if the supply of the factor is elastic.

Know how to effectively navigate and utilize document referencing and research tools in Word.

Understand methods to efficiently locate and modify text attributes in a document.

Learn the process of managing footnotes and endnotes including their formatting.

Grasp the techniques for spelling correction and utilizing document proofing tools.

---

Definitions:

TV Stations

Broadcasting outlets that transmit television programs for public or cable viewing, often catering to specific demographics or interests.

Dissociative Reference Group

A group with which individuals do not want to associate, influencing their behavior by avoidance.

Rejection Reference Group

A social group whose norms, values, or behaviors are actively rejected or avoided by an individual.

Negative Externality

A cost that is suffered by a third party as a consequence of an economic transaction.