ECON 103 Study Guide - Midterm Guide: Marginal Revenue, Marginal Product, Perfect Competition

• School: Simon Fraser University
• Department: Economics
• Course: ECON 103
• Professor: All

Document Summary

Instructions: you have 2 hours to complete the exam. Write all your answers in the space provided; any work outside the space provided will be given zero credit. You can write in either pen or pencil. If you write in pencil your exam cannot be regraded. The exam has 6 pages and 2 sections: 10 questions, each question is worth 1 point. Circle only one answer that you think is the best: when rm hires 15 workers, on average each worker produces 3 units of output and marginal product of labor is 5. We can conclude that the price of the product is p = (a) 10 (b) 0. 5 (c) 5 (d) 20 (e) 50. The rms in the market have identical at c curves with the lowest point at 10 units of output and corresponding average total cost of 15 dollars.