Econ 528 final exam - Study guides, Class notes & Summaries

ECON528-850-ECON528-010- Started on Monday, 8 October 2018, 10:05 PM State Finished Completed on Monday, 8 October 2018, 10:51 PM Time taken 45 mins 58 secs Marks 15.00/20.00 Grade 7.50 out of 10.00 (75%) Question 1 Incorrect Mark 0.00 out of 1.00 Question 2 Incorrect Mark 0.00 out of 1.00 The law of diminishing marginal returns states that increases in the variable input reduce the total product. Select one: True False The...

D. None of the above - ANSWERSIf 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 . Increase output by hiring more labor, more capital, or both. b. Hold output constant, but hire more labor and less capital. c. Decrease output by reducing the quantity of capital, reducing the number of units of labor, or both. d. None of the above is correct. - ANSW...

The law of diminishing marginal returns states that increases in the variable input reduce the total product. Select one: True False The correct answer is 'False'. We should use relatively more labor if we learn that the marginal product per dollar of labor expenditures is less than a marginal product per dollar of capital expenditures. Select one: True False The correct answer is 'False'. ECON528-850-ECON528-010- Question 3 Correct Mark 1.00 out of 1.00 Question 4 Cor...

University of Louisiana, Lafayette - ECON 528 Final Exam

The best definition of economics is: A) how goods and services are produced. B) how choices are made under conditions of scarcity. C) how businesses maximize profits. D) how money is used. - ANSWERSB) how choices are made under conditions of scarcity Managerial economics is best defined as the economic study of: A) how businesses can decide on the best use of scarce resources. B) how businesses can make the most profits. C) how businesses can sell the most products. D) how businesses ...

ECON 528 / ECON528 Final Exam. Questions And Answers (100% Correct) A+ Graded

ECON 528: ECONOMICS / ECON 528 FINAL EXAM|ECON 528: ECONOMICS / ECON 528 FINAL EXAM

ECON 528 FINAL EXAM - QUESTIONS AND ANSWERS (100% CORRECT)

ECON 528 Final Exam With Questions And Answers. University of Louisiana, Lafayette. Question 1 Incorrect Mark 0.00 out of 1.00 Question 2 Incorrect Mark 0.00 out of 1.00 Started on Monday, 8 October 2018, 10:05 PM State Finished Completed on Monday, 8 October 2018, 10:51 PM Time taken 45 mins 58 secs Marks 15.00/20.00 Grade 7.50 out of 10.00 (75%) The law of diminishing marginal returns states that increases in the variable input reduce the total product. Select one: True Fals...

ECON528-850-ECON528-010- Started on Monday, 8 October 2018, 10:05 PM State Finished Completed on Monday, 8 October 2018, 10:51 PM Time taken 45 mins 58 secs Marks 15.00/20.00 Grade 7.50 out of 10.00 (75%) Question 1 Incorrect Mark 0.00 out of 1.00 Question 2 Incorrect Mark 0.00 out of 1.00 The law of diminishing marginal returns states that increases in the variable input reduce the total product. Select one: True False The...