Reference no: EM1311712
1. Joan is deciding where to spend her spring break. If she goes to Cancun, Mexico, the trip will give her 9,000 utils of satisfaction and will cost her $300. If, instead, she travels to Florida, the trip will give her 5,000 utils of pleasure and will cost her only $200. Joan will most likely do best:
a. going to Mexico because her total cost will be lowest.
b. going to Florida because her total cost will be lowest.
c. going to Mexico because her pleasure per dollar will be greatest.
d. going to Florida because her pleasure per dollar will be greatest.
2. In choosing between two products, a rational consumer will choose that product that giver her:
a. the greatest total utility per dollar.
b. the least marginal utility per dollar.
c. the least total utility per dollar.
d. the greatest marginal utility per dollar.
3. In the long run:
a. inputs can no longer be increased.
b. output is at its maximum attainable level.
c. the firm can vary all of its inputs.
d. no diminishing returns are experienced.
4. If fixed costs are $460 and variable costs are $980 at output level 12, average total costs would be:
a. $80.
b. $100.
c. $120.
d. $200.
5. Which of the following provides the best evidence that economies of scale exist?
a. The per-unit costs on Excel Publishing Company's manuals fell following a large order from the government.
b. Alpha Beta Inc. raised its price 10% following a 5% increase in production costs.
c. Widget Manufacturing doubled its production by opening a new plant that was identical to its old plant.
d. The XYZ Co. increased production 25% following a 30% increase in all inputs.
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: Joan is deciding where to spend her spring break. If she goes to Cancun, Mexico, the trip will give her 9,000 utils of satisfaction and will cost her $300. If, instead, she travels to Florida, the trip will give her 5,000 utils of pleasure and w..
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