The Table Below Shows Output,marginal Cost,and Average Variable Cost for the Production

question 98

Multiple Choice

The table below shows output,marginal cost,and average variable cost for the production of pairs of shoes.All costs are in dollars.
TABLE 7-6
-Refer to Table 7-6.Suppose this firm is producing 210 pairs of shoes per time period and that the variable factor of production is labour.Which of the following statements best describes this firm's production?

• A)Additional units of labour employed will increase the average variable cost of producing shoes.
• B)Marginal cost is higher than average variable cost,so average product must be rising.
• C)Marginal cost is higher than average variable cost,so marginal product must be rising.
• D)Each additional unit of labour employed reduces the average variable cost of the pairs of shoes.
• E)The firm is producing below its capacity.

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Definitions:

Work Centre

A specified location where work is performed, containing the necessary tools, equipment, and labor skills.

Jobs

Positions of employment within companies or organizations where individuals are hired to perform specific duties in exchange for compensation.

Processing Centres

Facilities or locations where raw materials or inputs are transformed into finished goods or services through various processes.

Small Lot Sizes

Production or ordering in limited quantities, which can enhance flexibility and reduce inventory costs.