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Questions 35 and 36 refer to the following. A perfectly competitive firm that produces gizmos has the following output and cost data. Assume that the firm incurs a fixed cost of $90. Suppose the market price of gizmos is $14. Determine the amount of output the firm will produce. Output Variable Cost 0 $0 1 20 2 36 3 49 4 60 5 73 6 88 7 106 8 129 9 159 10 199

Questions 23 to 25 refer to the following table, which represents the production of gizmos.   Labor   Output   Marginal product of labor  Average product  of labor 0 0 – – 1 10 10 10 2 30  ? 15 3 45 15  ? 4  ? 11  14 What is the marginal product of the second worker? What is the average product when the firm employs three workers?

For the previous question, what is the p-value of the hypothesis test?

The table below represents the quantity and total revenue of a firm in a competitive market. Quantity Total Revenue 0 $0 1 $5 2 $10 3 $15 4 $20 For this firm, the marginal revenue________and the price________.

The price received by the seller before the tax is ________ per compact disc, and the price received and kept by the seller after the tax is ________ per compact disc.

If the local housing authorities impose a rent ceiling of $500 per month, which of the following would occur?

The marginal product of labor becomes negative

When a unit tax is imposed on sellers, the supply curve shifts so that the vertical distance between the old and the new supply curve equals the

Questions 2 and 3 refer to the following. Suppose the graph depicts the market for rental apartments in Indianapolis.  If the local housing authorities impose a rent ceiling of $1,000 per month, the ceiling will

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