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- The production possibility curve shows all the following except O a. Economic growth O b. The law of demand O c. The supply curve of 2 goods O d. The law of increasing opportunity cost O e. Inefficiency in productionEconomies of scale in production and sale is one of the sources of possible... Select one: O a. Economic Constraints O b. None of the mentioned options c. Economies of scope O d. Exit barriersRefer to the table. Assume that Hoosier Mama Pie Company only produces apple pies and pecan pies on a given day Hoosier Mam faces. costs in the production of apple pies and pecan pies. Production choices for Hoosier Mama Quantity of Apple Pies Produced cpportunity Choice Quantity of Pecan Pies Produced A 48 B 36 15 24 30 D 12 45 60 A. increasing B. decreasing O C. constant D. negative OE. increasing then decreasing
- Quantity Total Cost Average Variable Cost Marginal Cost Fixed Variable Average Total Average Fixed Cost Cost Cost Cost $50 S50 SO 1 $150 F $120 M P $120 R. In the table above, what is the value of A? O $25 O $200 O $100 O $50.Idea generation is meaning the systematic search for new product ideas Agree Disagree O Developing strategies for growth and downsizing will a focus on businesses and .products in the future Agree O DisagreeOf the above table C. If the umber of IT graduated students rise to 400 in 2020 what will be the demand b What they show? Interpreter them. for computer? 10. Discuss in detail the short and long run laws of production. 11. What business strategies a manager of Micro and Small Enterprise should adope withstand the shock to his/her business due to COVID-19? 3
- What can result in firing people, exiting a business, or admitting wrong? O a. reaching breakeven point O b. making a decision O c. gathering information O d. identifying a problem31. Hannan's pizza shop currently produce 100 pizzas per day and sells them for a profit. She is considering expanding her pizza operation in order to make more pizza. Should shec.expand2 a Yes, because making pizzas is profitable. b. No, because she may not be able to sell the additional pizzas. © It depends on the marginal cost of producing more pizzas.and.the marginal tevenue she will eam from selling more pizzas. d. It depends on the average cost of producing more pizzas and the average revenue she will earn from selling more pizzas. MuWhat specific data must a firm examine to decide the quantity of product it should produce to make maximum profit? How will the firm know if it should produce at all? How will the firm know if it mak a an economic profit?
- What is the objective that the organization intends to achieve? a. optimize profit b. minimize cost O c. maximize returns O d. both and b O e. both a and c O f. both b and c g. a, b, and c Check12. Joe decided to go into business giving dance lessons. He kept poor records because he was so busy dancing but he thinks there is enough here to fill in the blanks. Fill in the blank cells in the table. Steve's K-Pop Dance Studio's costs VC FC TC MC AVC AFC ATC $10 n/a n/a n/a n/a $1 $ 3 $6 $10 1 $13 3 $16 4 $25 6. $21 $10 All of these costs are functions of q, the quantity of dance lessons, denote total cost by TC(2) meaning the total cost when q=2. What is AFC(5)? $. /lesson 13. (continued) What is VC(0)? $_Cost (dollars per bagel) 0 MC ATC AVC 5 10 15 20 25 30 35 40 45 50 Quantity (hundreds of bagels per day) Select one: O a. up to 500 bagels O b. up to 3500 bagels O c. up to 3000 bagels O d. up to 2000 bagels The above figure shows the costs at Barney's Bagel Bakery. Up to which level of output will increasing marginal returns in production be experienced at Barney's Bagel Bakery?