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Econ 528 Final 2 || VERIFIED 100% CORRECT!!
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  • Econ 528

Average variable cost and the cumulative number of units produced correct answers Learning curves represent the relationship between Select one: a. average variable cost and the cumulative number of units produced b. total cost and technology c. average variable cost and the rate of increase...

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  • August 18, 2024
  • 5
  • 2024/2025
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  • average variable cost and the cumulative number of

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  • Econ 528
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Econ 528 Final 2 || VERIFIED 100% CORRECT!!
Average variable cost and the cumulative number of units produced correct answers Learning
curves represent the relationship between

Select one:
a. average variable cost and the cumulative number of units produced
b. total cost and technology
c. average variable cost and the rate of increase in technology
d. average variable cost and the number of units produced per time period

None of the above is correct correct answers If the marginal product of labor is 2, the
marginal product of capital is 4, the wage rate is $3, the rental price of capital is $6, and the
price of output is $1.50, then the firm should

Select one:
a. Hold output constant, but hire more labor and less capital
b. Decrease output by reducing the quantity of capital, reducing the number of units of labor,
or both
c. None of the above is correct
d. Increase output by hiring more labor, more capital, or both

Of the law of diminishing marginal returns correct answers A firm's demand curve for labor
slopes downwards because

Select one:
a. of the law of diminishing marginal returns.
b. firms supply less labor as the wage rate rises.
c. workers supply less labor services as the wage rate falls.
d. of rising marginal product.

The price of a factor of production that is fixed in supply correct answers Economic rent is
defined as

Select one:
a. the surplus received by employing a factor of production in its highest valued use.
b. the revenue received by a factor of production with an upward sloping supply curve.
c. what you pay to rent your apartment or house.
d. the price of a factor of production that is fixed in supply.

As a firm expands its production, its profit margin per-unit of output increases correct
answers Economies of scale exist as a firm increases its size in the long run because of all of
the following except

Select one:
a. as a firm expands its production, its profit margin per-unit of output increases.
b. as a larger input buyer, the firm can purchase inputs at a lower per unit cost.
c. the firm can afford more sophisticated technology in production.
d. labor and management can specialize even further in their tasks.

, Economies of scale in farming correct answers Over the past twenty years, the number of
small family farms has fallen significantly and in their place there are fewer, but larger, farms
owned by corporations. Which of the following best explains this trend?

Select one:
a. economies of scale in farming
b. diminishing returns to labor in farming
c. diseconomies of scale in farming

As Toyota expanded its capacity, it experienced diseconomies of scale correct answers The
president of Toyota's Georgetown plant was quoted as saying, "Demand for high volumes
saps your energy. Over a period of time, it eroded our focus [and] thinned out the expertise
and knowledge we painstakingly built up over the years." This quote suggests that

Select one:
a. Toyota was focused on "churning" out cars for which it did not invest sufficiently in
training its workers.
b. as Toyota expanded its capacity, it experienced diseconomies of scale.
c. high demand for Toyota's cars prevented the company from focusing on its strength: auto
design.
d. Toyota was experiencing an excess demand for its automobiles which it had difficulty
keeping up with.

More capital should be used and less labor correct answers If the marginal product of capital
is six times as large as the marginal product of labor and the price of capital is three times as
large as the price of labor, for costs to be minimized:

Select one:
a. more capital should be used and less labor.
b. more labor should be used but the use of capital should remain constant.
c. more labor should be used and less capital.
d. the price of capital must fall.

All of the above are correct correct answers The marginal revenue product of labor for a firm

Select one:
a. is the firm's demand curve for labor.
b. will decrease if the firm hires more labor.
c. All of the above are correct.
d. will increase if the price of the firm's output increases.

Yes correct answers Would you expect economies of scope to occur in the following
situation; Producing two goods that use the same resource

Select one:
a. I cannot answer based on the available information
b. I do not know.
c. Yes
d. No

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