Economics of Production and Output Article


Costs Of Creation Practice Queries

1 . The key difference between the short run plus the long run is that:

A)firms earn no profits in the end.

B)the long run usually refers to an occasion period of 12 months or for a longer time.

C)in the short run, one or more advices is set.

D)in the long run, just one variable could be fixed.

2 . On the level of outcome where minor cost means average varying cost:

A)average total cost is lessening.

B)average variable expense is decreasing.

C)marginal cost equals normal total price.

D)marginal cost is lowering.

Use the following to reply to question a few:

3. Consider the above desk. The total cost of five models of end result will be:

A)$290. B) $320. C) $420. D) $500.

4. In the event average variable cost is $74 and total fixed cost is $100 by 5 models of result, then average total cost at this output level is:

A)$91. B) $94. C) $97. D) $22.99.

five. If limited cost is greater than average adjustable cost, in that case:

A)average variable expense must be increasing.

B)average total price must be raising.

C)average fixed costs must be increasing.

D)marginal cost has to be decreasing.

6. At an output standard of 50 products per day a good has typical total costs of $60 and common variable costs of $35. Its total fixed costs are:

A)$925. B) $1, two hundred fifity. C) $1, 750. D) $3, 1000.

several. If long-run average total cost diminishes as output increases, it is because:

A)declining average set costs. C)economies of level.

B)the law of diminishing comes back. D)externalities.

8. In a output of 20, 1000 units per year, a business variable costs are $80, 000 and its particular average set costs will be $3. The overall costs per year for the firm happen to be:

A)$80, 000. B) $100, 000. C) $140, 000. D) $240, 000.

Use the following to answer questions 9-10:

Assume that the sole variable resource used to create output can be labor.

9. Refer...

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