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Book/movie review
22/08/2022
Question Score: 1 of 1 pt Test Score: 57.78% (8.67 of 15 pts)
Which of the following is true about the long-run average cost curve?
Question Score: 0.67 of 1 pt Test Score: 57.78% (8.67 of 15 pts)
At its current short-run level of production, a firm’s average variable costs equal $30.00 per unit and its average fixed costs equal $25.00 per unit. Its total costs at this production level equal $3,500.
Question Score: 1 of 1 pt Test Score: 57.78% (8.67 of 15 pts)
The wage rate divided by marginal product equals
Question Score: 1 of 1 pt Test Score: 57.78% (8.67 of 15 pts)
The short run is defined as
Question Score: 1 of 1 pt Test Score: 57.78% (8.67 of 15 pts)
|
|
|
|
Total Input |
Total Product |
|
(Labor) |
(Televisions) |
|
1 |
12 |
|
2 |
25 |
|
3 |
39 |
|
4 |
50 |
|
5 |
60 |
|
6 |
58 |
|
7 |
54 |
|
8 |
48 |
In the table above, diminishing returns begins with the addition of worker number.
In the table above, the marginal physical product becomes negative when the ___worker is added
Question Score: 0 of 1 pt Test Score: 57.78% (8.67 of 15 pts)
Using the 3-point curved line drawing tool, draw a possible long-run average cost curve for a firm that always experiences diseconomies of scale no matter what plant size it selects. Label this curve ‘ATC’.
Question Score: 1 of 1 pt Test Score: 57.78% (8.67 of 15 pts)
The law of diminishing marginal returns shows the relationship between
Question Score: 1 of 1 pt Test Score: 57.78% (8.67 of 15 pts)
The shape of the short-run cost curves are the result of
Question Score: 1 of 1 pt Test Score: 57.78% (8.67 of 15 pts)
If a firm hires an additional worker and discovers that its total physical output has fallen, then it must be true that
Question Score: 1 of 1 pt Test Score: 57.78% (8.67 of 15 pts)
In economics, the planning horizon is defined as
Question Score: 0 of 1 pt Test Score: 57.78% (8.67 of 15 pts)
Economies of scale in production
Question Score: 0 of 1 pt Test Score: 57.78% (8.67 of 15 pts)
Which of the graphs represents the correct relationship among the cost curves?
Question Score: 0 of 1 pt Test Score: 57.78% (8.67 of 15 pts)
In the long run there
Question Score: 0 of 1 pt Test Score: 57.78% (8.67 of 15 pts)
Consider the long-run average cost curve to the right.
Question Score: 0 of 1 pt Test Score: 57.78% (8.67 of 15 pts)
The firm’s minimum efficient scale occurs
The writer is very fast, professional and responded to the review request fast also. Thank you.
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