100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
Summary ECS2601 Assignment 4 Semester 2 (ANSWERS) $2.84   Add to cart
Quickly navigate to
Preview
  2.  
  3. University Of Johannesburg (UJ)
  4.  
  5. ECS2601 (ECS2601)

Summary

Summary ECS2601 Assignment 4 Semester 2 (ANSWERS)
 99 views  3 purchases
  • Course
  • ECS2601 (ECS2601)
  • Institution
  • University Of Johannesburg (UJ)

ECS2601 Assignment 4 Semester 2 (ANSWERS) Question 1 Complete Mark 0.00 out of 2.00 Flag question Question text When a profit-maximising firm is at its short run optimum, a. none of the options will be true. b. the average cost of the product is at its lowest possible point, whether a p...

[Show more]

Preview 2 out of 7  pages

Document information

  • October 10, 2023
  • 7
  • 2023/2024
  • Summary

Subjects

  • ecs2601 assignment 4 semester 2 answers

Written for

  • University of Johannesburg (UJ)
  • ECS2601 (ECS2601)
All documents for this subject (1)

Seller

avatar-seller
itsbesttutors

Reviews received

Content preview

,Question 1
Complete
Mark 0.00 out of 2.00

Flag question

Question text
When a profit-maximising firm is at its short run optimum,


a.
none of the options will be true.


b.
the average cost of the product is at its lowest possible point, whether a profit is being made or not.


c.
the profit per unit of output will be at its maximum possible level.


d.
the firm will be shut down if its price is less than the average fixed cost.

Question 2
Complete
Mark 2.00 out of 2.00

Flag question

Question text
Implicit costs are the best alternative return of all of an agent’s input such as money or time.
Select one:
True
False

Question 3
Complete
Mark 2.00 out of 2.00

Flag question

Question text
Which of the following statements about economies of scale is FALSE?


a.
A firm may have economies of scale, even if it does not have increasing returns to scale.


b.
An industry may have a number of small firms where the economies of scale are exhausted at an output level that is
relatively low in comparison to the industry’s output level.


c.
A firm’s long-rung marginal cost curve (LMC) will slope downwards, throughout the output range where it enjoys
economies of scale.


d.
A firm may have diseconomies of scale at a later stage even though it initially had economies of scale.

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller itsbesttutors. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $2.84. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

73918 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$2.84  3x  sold
  • (0)
  Add to cart