Reference no: EM131167171
1. Which of the following statements is FALSE?
A) AC = TC/Q
B) A firm that produces 100 units at a total cost of $500 has an average cost of $5 per unit.
C) Firms will earn positive profits if price exceeds average cost.
D) When marginal cost is below average cost, average cost is rising.
2. When marginal cost is rising, the average total costs:
A) could be rising or falling.
B) must be rising.
C) must be falling.
D) must be constant.
3. Which statement about cost is correct?
A) Marginal cost is constant.
B) Marginal cost is always falling.
C) Average total cost is U-shaped.
D) Average total cost always declines.
4. When the level of production is relatively low, the average cost per unit of output would ________ if output increased.
A) increase
B) decrease
C) either increase or decrease depending on marginal cost
D) remain constant
|
Comparative advantage-absolute advantage in producing good
: Ricardian Model. Consider two countries: A and B. Labour is the only factor of production for goods X and Y. Consider the following matrix of unit labour requirements. X Y Labor Endowments Country A aLx = 15 aLy = 3 60 Country B aLx* = 6 aLy* = 2 60...
|
|
What is the fiduciary duty of loyalty
: What is the fiduciary duty of loyalty? Did Gaffney act ethically in this case? Did Gaffney and his partners breach their fiduciary duty of loyalty?
|
|
Specific factors model
: (Specific Factors Model) Canada can produce two goods (TV’s and Lumber) using labour which is mobile between the two sectors. In addition, capital is specific to producing TV’s and land is specific to producing Lumber. Draw a PPF for Canada. Put TV’s..
|
|
Price ratio was between the autarky price ratios
: In class we worked through the trade example where Home had a comparative advantage in cheese (alc /alw
|
|
When marginal cost is rising-the average total costs
: When marginal cost is rising, the average total costs: When the level of production is relatively low, the average cost per unit of output would ________ if output increased. Which statement about cost is correct?
|
|
Explain your rationale behind the design of your e-r diagram
: Explain your rationale behind the design of your E-R Diagram. Create database tables with appropriate field-naming conventions. Then, identify primary keys and foreign keys, and explain how referential integrity will be achieved.
|
|
Determine the probability
: What caused the crash of TWA Flight 800 in 1996?- Determine the probability that at least one plane in the last 47 years has been downed by a meteor.
|
|
Devise an algorithm for solving the longest path problem
: The longest path problem in a weighted directed graph with no simple circuits asks for a path in this graph such that the sum of its edge weights is a maximum. Devise an algorithm for solving the longest path problem.
|
|
Probability of at least 10 brain tumors have been observed
: what is the probability that at least 10 brain tumors would have been observed among Amoco workers during the decade 1982 through 1991?
|