Question 1

Different scales of production
Exhibit 6-9 Cost curves
  
-In Exhibit 6-9,constant returns to scale only exist for output levels between:

Accepted Answer

A) 0 and 1000. 
B) 1000 and 2000. 
C) 2000 and 3000. 
D) 3000 and 4000. 
E) 4000 and infinity. 
A) 0 and 1000. 
B) 1000 and 2000. 
C) 2000 and 3000. 
D) 3000 and 4000. 
E) 4000 and infinity.

Question 2

A young chef is considering opening his own sushi bar.To do so,he would have to quit his current job,which pays $20 000 a year,and take over a store building that he owns and currently rents to his brother for $6000 a year.His expenses at the sushi bar would be $50 000,for food and $2000 for gas and electricity.What are his implicit costs?

Accepted Answer

A) $26 000. 
B) $66 000. 
C) $78 000. 
D) $52 000. 
E) $72 000. 
A) $26 000. 
B) $66 000. 
C) $78 000. 
D) $52 000. 
E) $72 000.

Question 3

In the long run,total fixed cost will:

Accepted Answer

A) remain constant. 
B) increase. 
C) decrease. 
D) not exist by definition. 
A) remain constant. 
B) increase. 
C) decrease. 
D) not exist by definition.

Different scales of production Exhibit 6-9 Cost curves -In Exhibit 6-9,constant returns to scale only exist for output levels between:

In the long run,total fixed cost will:

Thinking like an economist

Production possibilities and opportunity cost

Market demand and supply

Markets in action

Elasticity of demand and supply

Perfect competition

Monopoly

Monopolistic competition and oligopoly

Policy issues: resource taxes and climate change

Measuring the size of the economy

Business cycles and economic growth

Inflation and unemployment

A simple model of the macro economy

The monetary and financial system

Macroeconomic policy I: monetary policy

Macroeconomic policy II: fiscal policy

International trade and finance

Applying graphs to economics

Filters

Exam 6: Production costs

Different scales of production Exhibit 6-9 Cost curves -In Exhibit 6-9,constant returns to scale only exist for output levels between:

In the long run,total fixed cost will:

Thinking like an economist

Production possibilities and opportunity cost

Market demand and supply

Markets in action

Elasticity of demand and supply

Perfect competition

Monopoly

Monopolistic competition and oligopoly

Policy issues: resource taxes and climate change

Measuring the size of the economy

Business cycles and economic growth

Inflation and unemployment

A simple model of the macro economy

The monetary and financial system

Macroeconomic policy I: monetary policy

Macroeconomic policy II: fiscal policy

International trade and finance

Applying graphs to economics

Filters