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EQ #8 – AGEC 105 – October 14, 2013 (4pts)

EQ #8 – AGEC 105 – October 14, 2013 (4pts). MC. E. $. D. 50. ATC. AVC. C. 30. B. 16. 14. A. 32. 40. Q. 30. 25. (units). MC. E. $. D. 50. ATC. AVC. C. 30. B. 16. 14. A. 32. 40. Q. 30. 25. (units).

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EQ #8 – AGEC 105 – October 14, 2013 (4pts)

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  1. EQ #8 – AGEC 105 – October 14, 2013 (4pts) MC E $ D 50 ATC AVC C 30 B 16 14 A 32 40 Q 30 25 (units)

  2. MC E $ D 50 ATC AVC C 30 B 16 14 A 32 40 Q 30 25 (units) (1/2 pt) 2. The supply curve for the firm is line segment ABCDE. True or False. FALSE, BCDE (1/2 pt) 3. If a commodity sells for $30/unit and you determine that the MPP for the use of land in the production of this commodity to be 200 units/acre, what is the MVP of the land? MVP = P0 x MPP = ($30/unit)(200 units/acre) = $6,000/acre (1/2 pt) 4. What is the rule to determine the optimal level of input use? MVP = MIC

  3. Random Question What occupation in the public arena (not the private section) in the most states enjoys the highest salary? Football Coach

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