Which of the following statements is TRUE? O A. If marginal cost is greater than average total cost, then the average total cost is most likely decreasing O B. If marginal cost is increasing, then average total cost is increasing O C. The marginal cost curve always decreases at first and then exponentially increases as quantity increases O D. Marginal cost equals average total cost at the minimum cost output level Reset Selection

Which of the following statements is TRUE? O A. If marginal cost is greater than average total cost, then the average total cost is most likely decreasing O B. If marginal cost is increasing, then average total cost is increasing O C. The marginal cost curve always decreases at first and then exponentially increases as quantity increases O D. Marginal cost equals average total cost at the minimum cost output level Reset Selection

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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In economics, the term O A. optimal O B. marginal O C. allocative O D. equity means "additional" or "extra."
Suppose there are fixed costs and the marginal costs are constant. Then we know that Select one: a. average variable costs decrease continuously as output increases and lie above the marginal cost curve. cross out O O b. average total costs decrease continuously as output increases but always lie above the average variable cost curve which is constant. cross out c. average total costs are constant. X d. average total costs decrease continuously as output increases and lies above the average variable cost curve which is also decreasing continuously as output increases. cross out cross out
QUESTION 18 The law of diminishing returns indicates that O A. the demand for goods O C. as extra units of a variable O D. beyond some point, the extra utility O B. because of economies and diseconomies of scale, a competitive resource are added to a fixed resource, marginal product will decline beyond some point derived from additional units of a produced by purely competitive industries is downwarde sloping product will yield the consumer firm's long-run average total cost curve will be U-shaped smaller and smaller extra amounts of satisfaction
How does a lump sum tax affect the fixed costs and variable costs of a producer? Select one: a. A lump sum tax does not affect fixed costs but it does increase variable costs. O b. A lump sum tax decreases both fixed costs and variable costs. O c. A lump sum tax increases fixed costs but it does not affect variable costs. O d. A lump sum tax increases both fixed costs and variable costs.
Suppose you have a pizza shop. Your rent is $800 and you've spent $1950 on labor and materials to make 550 pizzas in one month. What are your total FIXED costs? O $800 O $1950 O $2750 Cannot be determined
Calculate the Average Total Cost for points A & B. Input (Labor) Output TFC TVC TC MC ATC AVC 4. 50 $125 $15 85 $125 $30 O A-S35 -525.83 O 4:52.80 B-5182 OA-S0.36 B-50.s OAS250 BS147 Question 4 Calculate the Average Variable Cost for points A &B Input (Labor) Output TFC TVC TC MC ATC AVC 4. 50 $125 $15 85 $125 $30 OA52.50 -4147 OAS030 -5035
69 O Completed 17 out of 20 Question 7 of 20 Because P> MR, which equation applies to the value of a firm's marginal product? O VMPL = MRPL O VMPL > MRPL O MRPL = VMPL O VMPL < MRPL LAPTOP LOGIN acer r USERNAME: student PASSWORD: Broward1 TravelMate B F8 F10 F11 95
PPF is based on Select one: a. Indirect cost O b. Opportunity cost c. Variable cost O d. Fixed cost
Solve this economic it early. Not copy paste
The following statements are about the relationship between typical total product (TP), averageproduct (AP), and marginal product (MP) curves. Which statement is correct?O If TP is at a maximum, MP must be zero.O If TP is at a maximum, AP must be zeroO If TP is at a maximum, MP must be at a maximumO If TP is at a maximum, AP must be at a maximumO If TP is at a maximum, both AP and MP must be at a maximum.
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The figure at right illustrates short-run cost curves for a firm. Based on this figure, which of the following is true? O A. A is the total cost curve, B is the marginal cost curve, and C is the total fixed cost curve. O B. A is the average variable cost curve, B is the total fixed cost curve, and C is the average total cost curve. O C. A is the total cost curve, B is the total variable cost curve, and C is the total fixed cost curve. O D. A is the total cost curve, B is the total variable cost curve, and C is the marginal cost curve. O E. A is the average variable cost curve, B is the average total cost curve, and C is the marginal cost curve. Quantity с