exam 2 Econ
A firm will generally experience diseconomies of scale at _____ levels of production, which is the part of the long-run average total cost curve that is _____. higher; falling Correct! higher; rising lower; rising lower; falling
b
Amy decides to open a bakery that will specialize in delicious gourmet brownies. Her explicit costs would include all of these EXCEPT the monthly lease payment on the building. business taxes paid on her earnings. health insurance premiums that she pays for her employees. Correct! interest earnings Amy forgoes from selling her savings bonds to finance her store.
d
If the total cost of producing five water heaters is $800 and the total cost of producing six water heaters is $900, the marginal cost of the sixth water heater is _____ and the average total cost of six water heaters is _____. Correct! $100; $150 $1,700; $283 $150; $100 $150; $150
a
The following shows the costs associated with the number of pets groomed by Janee's Mobile Pet Grooming Service. What is the value of X? Correct! 66 61 50 56
a
If a firm is producing in the downward-sloping portion of its total product curve, this means that the firm is experiencing _____ marginal returns. You Answered increasing constant diminishing Correct Answer negative
d