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Summary ECS2601 Assignment 4 Semester 2 (ANSWERS)
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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...

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  • October 10, 2023
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  • 2023/2024
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  • ecs2601 assignment 4 semester 2 answers

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,Question 1
Complete
Mark 0.00 out of 2.00

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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
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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
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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.

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