ECO 102 Exam 3 Problems

ECO 102 Summer 2014 (online) Exam3 35questions worth 3 points each + 105 possible points (5 extra credit points built in)

  1. If a firm shuts down for a week, during that week:

A. total cost is zero.
B. total cost equals total fixed cost.
C. total cost equals total variable cost.
D. total variable cost exceeds total fixed cost.

2. Average fixed cost:
A. is constant and doesn’t vary with output.
B. increases as output increases.
C. decreases as output increases.
D. equals total cost divided by output.

3. A firm is producing 100 units of output at a total cost of 400. The firm’s average variable cost is 3 per unit. What is the firm’s total fixed cost?
A. 1
B. 50
C. 100
D. 300

4. Refer to the table shown. If the output of bicycles is 4 per week, the marginal cost of producing another bicycle per week is:
A. 110.
B. 120.
C. 130.
D. 140

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