The document provides details of an assignment for an ECO 550 course. Students are asked to assume the role of a managing consultant advising a fictional company. The company uses 100 workers to produce 6,000 units per month at a total cost that exceeds total revenue. Students must analyze the company's financial performance and environmental factors to recommend whether it should continue or discontinue operations. They must also provide a plan to improve profitability if operations continue. The assignment requires calculations and at least three academic sources.
The document provides a quiz with 30 multiple choice questions about organizational structure and economics. It covers topics like organization charts, centralization of decision making, types of organizational structures, divisionalization, and transaction cost economics including concepts like asset specificity, uncertainty, and vertical integration. The questions assess understanding of these concepts and how they apply in different organizational and industry contexts.
This document contains 25 multiple choice questions from an economics quiz on topics related to perfect competition, monopoly, and price discrimination. The questions cover concepts like market structures, demand and supply curves, profit maximization, and price differentiation strategies. Sample questions ask about the impact of taxes on producers, conditions that define perfect competition, and factors that influence a monopolist's pricing decisions.
Este documento presenta una introducción al análisis dimensional y al teorema de Pi de Buckingham. Explica conceptos clave como la homogeneidad dimensional y describe el proceso de aplicar el teorema para establecer relaciones funcionales entre variables físicas mediante la formación de términos adimensionales. Como ejemplo, analiza la fuerza de retardo en un cilindro sometido a un flujo de fluido.
The document contains an observation instrument that assesses educational paradigms, approaches, and techniques used in a classroom. It includes Likert scale questions regarding humanism, behaviorism, constructivism, cognitivism, and more. It also has questions on adolescent development and second language acquisition. The final section examines different teaching methods and includes yes/no questions about techniques like using songs, worksheets, pictures and more. Responses are presented using graphic bars and a pie chart.
This document provides a quiz with 30 multiple choice questions related to economics topics like insurance, risk, asymmetric information, and organizational forms. The questions cover concepts such as moral hazard, adverse selection, signaling, warranties, and principal-agent relationships in insurance markets. Other questions address asset risk correlation, opportunism in corporations, institutional investors, and ways for corporations to raise initial capital like public stock offerings.
The document appears to be an observation instrument that assesses various educational paradigms, approaches, theories and techniques used in teaching English as a second language. It contains several sections with questions about constructivism, behaviorism, humanism, cognitivism, adolescent development theories of id, ego and superego, second language acquisition methods, and didactic techniques. Respondents are asked to rate their level of agreement with statements related to techniques observed in the English class.
The document appears to be a quiz for an economics course on organizational structure and transaction cost economics. It includes 29 multiple choice questions covering topics like organizational charts, centralization of decision making, types of organizational structures, transaction costs, asset specificity, uncertainty, and outsourcing. The questions assess understanding of key concepts in the economics of organization.
The document provides details of an assignment for an ECO 550 course. Students are asked to assume the role of a managing consultant advising a fictional company. The company uses 100 workers to produce 6,000 units per month at a total cost that exceeds total revenue. Students must analyze the company's financial performance and environmental factors to recommend whether it should continue or discontinue operations. They must also provide a plan to improve profitability if operations continue. The assignment requires calculations and at least three academic sources.
The document provides a quiz with 30 multiple choice questions about organizational structure and economics. It covers topics like organization charts, centralization of decision making, types of organizational structures, divisionalization, and transaction cost economics including concepts like asset specificity, uncertainty, and vertical integration. The questions assess understanding of these concepts and how they apply in different organizational and industry contexts.
This document contains 25 multiple choice questions from an economics quiz on topics related to perfect competition, monopoly, and price discrimination. The questions cover concepts like market structures, demand and supply curves, profit maximization, and price differentiation strategies. Sample questions ask about the impact of taxes on producers, conditions that define perfect competition, and factors that influence a monopolist's pricing decisions.
Este documento presenta una introducción al análisis dimensional y al teorema de Pi de Buckingham. Explica conceptos clave como la homogeneidad dimensional y describe el proceso de aplicar el teorema para establecer relaciones funcionales entre variables físicas mediante la formación de términos adimensionales. Como ejemplo, analiza la fuerza de retardo en un cilindro sometido a un flujo de fluido.
The document contains an observation instrument that assesses educational paradigms, approaches, and techniques used in a classroom. It includes Likert scale questions regarding humanism, behaviorism, constructivism, cognitivism, and more. It also has questions on adolescent development and second language acquisition. The final section examines different teaching methods and includes yes/no questions about techniques like using songs, worksheets, pictures and more. Responses are presented using graphic bars and a pie chart.
This document provides a quiz with 30 multiple choice questions related to economics topics like insurance, risk, asymmetric information, and organizational forms. The questions cover concepts such as moral hazard, adverse selection, signaling, warranties, and principal-agent relationships in insurance markets. Other questions address asset risk correlation, opportunism in corporations, institutional investors, and ways for corporations to raise initial capital like public stock offerings.
The document appears to be an observation instrument that assesses various educational paradigms, approaches, theories and techniques used in teaching English as a second language. It contains several sections with questions about constructivism, behaviorism, humanism, cognitivism, adolescent development theories of id, ego and superego, second language acquisition methods, and didactic techniques. Respondents are asked to rate their level of agreement with statements related to techniques observed in the English class.
The document appears to be a quiz for an economics course on organizational structure and transaction cost economics. It includes 29 multiple choice questions covering topics like organizational charts, centralization of decision making, types of organizational structures, transaction costs, asset specificity, uncertainty, and outsourcing. The questions assess understanding of key concepts in the economics of organization.
La Universidad Los Ángeles De Chimbote (ULADECH) es una institución autónoma comprometida con la formación de capital humano. Sus principales factores de producción son la tierra, el trabajo y el capital. La ULADECH paga por el uso de la tierra a través de servicios como luz y agua. El trabajo incluye a los docentes y personal administrativo. El capital comprende los edificios, instalaciones, maquinaria y herramientas que la universidad utiliza para ofrecer educación a través de carreras profesionales en
This document provides a summary of an economics quiz containing 30 multiple choice questions related to concepts like monopoly, perfect competition, demand and supply. Some key details include:
- Questions cover topics such as competitive market structures, costs of production, demand curves faced by firms, and profit maximization strategies of monopolies.
- Multiple questions involve interpreting graphs showing demand, marginal revenue and marginal cost curves.
- The quiz questions assess understanding of how prices and quantities produced are determined under different market conditions.
The document provides sample questions and multiple choice answers for an economics quiz on topics related to contracts and transaction costs. Some key topics covered include remedies for breached contracts, examples of asset specificity, different types of legal fees for attorneys, and clauses that allow renegotiation of contract terms if market conditions change.
This document contains 24 multiple choice questions from an ECO 550 midterm quiz covering topics such as production sets, costs, market structures, game theory, and more. The questions assess understanding of concepts like isoquants, marginal costs, perfect competition, monopoly, oligopoly, and Nash equilibrium. Sample questions include the impact of a new software reducing marginal costs, identifying a supply curve, and calculating profit for a monopolist at a given marginal cost.
This document provides an overview of the coursework for ECO 550 at Strayer University. It includes discussion questions, chapter questions, and a quiz for weeks 1 and 2 of the course. The questions cover topics such as characteristics of transactions, the role of institutions, supply and demand, market structures, and costs.
The observation reflects on an English class for 1st grade secondary students in Mexico. The teacher relied heavily on grammar translation, speaking Spanish and translating everything into English. Students worked individually from a textbook and dictionary with no technology. They depended a lot on the teacher due to their basic English level. The 50-minute class lacked communicative activities and student engagement was interrupted by a backpack check. Overall, the observation critiques the traditional and non-communicative approach to teaching English.
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Storytelling is an incredibly valuable tool to share data and information. To get the most impact from stories there are a number of key ingredients. These are based on science and human nature. Using these elements in a story you can deliver information impactfully, ensure action and drive change.
IMPACT Silver is a pure silver zinc producer with over $260 million in revenue since 2008 and a large 100% owned 210km Mexico land package - 2024 catalysts includes new 14% grade zinc Plomosas mine and 20,000m of fully funded exploration drilling.
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This PowerPoint compilation offers a comprehensive overview of 20 leading innovation management frameworks and methodologies, selected for their broad applicability across various industries and organizational contexts. These frameworks are valuable resources for a wide range of users, including business professionals, educators, and consultants.
Each framework is presented with visually engaging diagrams and templates, ensuring the content is both informative and appealing. While this compilation is thorough, please note that the slides are intended as supplementary resources and may not be sufficient for standalone instructional purposes.
This compilation is ideal for anyone looking to enhance their understanding of innovation management and drive meaningful change within their organization. Whether you aim to improve product development processes, enhance customer experiences, or drive digital transformation, these frameworks offer valuable insights and tools to help you achieve your goals.
INCLUDED FRAMEWORKS/MODELS:
1. Stanford’s Design Thinking
2. IDEO’s Human-Centered Design
3. Strategyzer’s Business Model Innovation
4. Lean Startup Methodology
5. Agile Innovation Framework
6. Doblin’s Ten Types of Innovation
7. McKinsey’s Three Horizons of Growth
8. Customer Journey Map
9. Christensen’s Disruptive Innovation Theory
10. Blue Ocean Strategy
11. Strategyn’s Jobs-To-Be-Done (JTBD) Framework with Job Map
12. Design Sprint Framework
13. The Double Diamond
14. Lean Six Sigma DMAIC
15. TRIZ Problem-Solving Framework
16. Edward de Bono’s Six Thinking Hats
17. Stage-Gate Model
18. Toyota’s Six Steps of Kaizen
19. Microsoft’s Digital Transformation Framework
20. Design for Six Sigma (DFSS)
To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations
The Most Inspiring Entrepreneurs to Follow in 2024.pdfthesiliconleaders
In a world where the potential of youth innovation remains vastly untouched, there emerges a guiding light in the form of Norm Goldstein, the Founder and CEO of EduNetwork Partners. His dedication to this cause has earned him recognition as a Congressional Leadership Award recipient.
Best practices for project execution and deliveryCLIVE MINCHIN
A select set of project management best practices to keep your project on-track, on-cost and aligned to scope. Many firms have don't have the necessary skills, diligence, methods and oversight of their projects; this leads to slippage, higher costs and longer timeframes. Often firms have a history of projects that simply failed to move the needle. These best practices will help your firm avoid these pitfalls but they require fortitude to apply.
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How to Start Up a Company: A Step-by-Step Guide Starting a company is an exciting adventure that combines creativity, strategy, and hard work. It can seem overwhelming at first, but with the right guidance, anyone can transform a great idea into a successful business. Let's dive into how to start up a company, from the initial spark of an idea to securing funding and launching your startup.
Introduction
Have you ever dreamed of turning your innovative idea into a thriving business? Starting a company involves numerous steps and decisions, but don't worry—we're here to help. Whether you're exploring how to start a startup company or wondering how to start up a small business, this guide will walk you through the process, step by step.
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Explore the fascinating world of the Gemini Zodiac Sign. Discover the unique personality traits, key dates, and horoscope insights of Gemini individuals. Learn how their sociable, communicative nature and boundless curiosity make them the dynamic explorers of the zodiac. Dive into the duality of the Gemini sign and understand their intellectual and adventurous spirit.
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Starting a business is like embarking on an unpredictable adventure. It’s a journey filled with highs and lows, victories and defeats. But what if I told you that those setbacks and failures could be the very stepping stones that lead you to fortune? Let’s explore how resilience, adaptability, and strategic thinking can transform adversity into opportunity.
La Universidad Los Ángeles De Chimbote (ULADECH) es una institución autónoma comprometida con la formación de capital humano. Sus principales factores de producción son la tierra, el trabajo y el capital. La ULADECH paga por el uso de la tierra a través de servicios como luz y agua. El trabajo incluye a los docentes y personal administrativo. El capital comprende los edificios, instalaciones, maquinaria y herramientas que la universidad utiliza para ofrecer educación a través de carreras profesionales en
This document provides a summary of an economics quiz containing 30 multiple choice questions related to concepts like monopoly, perfect competition, demand and supply. Some key details include:
- Questions cover topics such as competitive market structures, costs of production, demand curves faced by firms, and profit maximization strategies of monopolies.
- Multiple questions involve interpreting graphs showing demand, marginal revenue and marginal cost curves.
- The quiz questions assess understanding of how prices and quantities produced are determined under different market conditions.
The document provides sample questions and multiple choice answers for an economics quiz on topics related to contracts and transaction costs. Some key topics covered include remedies for breached contracts, examples of asset specificity, different types of legal fees for attorneys, and clauses that allow renegotiation of contract terms if market conditions change.
This document contains 24 multiple choice questions from an ECO 550 midterm quiz covering topics such as production sets, costs, market structures, game theory, and more. The questions assess understanding of concepts like isoquants, marginal costs, perfect competition, monopoly, oligopoly, and Nash equilibrium. Sample questions include the impact of a new software reducing marginal costs, identifying a supply curve, and calculating profit for a monopolist at a given marginal cost.
This document provides an overview of the coursework for ECO 550 at Strayer University. It includes discussion questions, chapter questions, and a quiz for weeks 1 and 2 of the course. The questions cover topics such as characteristics of transactions, the role of institutions, supply and demand, market structures, and costs.
The observation reflects on an English class for 1st grade secondary students in Mexico. The teacher relied heavily on grammar translation, speaking Spanish and translating everything into English. Students worked individually from a textbook and dictionary with no technology. They depended a lot on the teacher due to their basic English level. The 50-minute class lacked communicative activities and student engagement was interrupted by a backpack check. Overall, the observation critiques the traditional and non-communicative approach to teaching English.
Navigating the world of forex trading can be challenging, especially for beginners. To help you make an informed decision, we have comprehensively compared the best forex brokers in India for 2024. This article, reviewed by Top Forex Brokers Review, will cover featured award winners, the best forex brokers, featured offers, the best copy trading platforms, the best forex brokers for beginners, the best MetaTrader brokers, and recently updated reviews. We will focus on FP Markets, Black Bull, EightCap, IC Markets, and Octa.
Storytelling is an incredibly valuable tool to share data and information. To get the most impact from stories there are a number of key ingredients. These are based on science and human nature. Using these elements in a story you can deliver information impactfully, ensure action and drive change.
IMPACT Silver is a pure silver zinc producer with over $260 million in revenue since 2008 and a large 100% owned 210km Mexico land package - 2024 catalysts includes new 14% grade zinc Plomosas mine and 20,000m of fully funded exploration drilling.
[To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
This PowerPoint compilation offers a comprehensive overview of 20 leading innovation management frameworks and methodologies, selected for their broad applicability across various industries and organizational contexts. These frameworks are valuable resources for a wide range of users, including business professionals, educators, and consultants.
Each framework is presented with visually engaging diagrams and templates, ensuring the content is both informative and appealing. While this compilation is thorough, please note that the slides are intended as supplementary resources and may not be sufficient for standalone instructional purposes.
This compilation is ideal for anyone looking to enhance their understanding of innovation management and drive meaningful change within their organization. Whether you aim to improve product development processes, enhance customer experiences, or drive digital transformation, these frameworks offer valuable insights and tools to help you achieve your goals.
INCLUDED FRAMEWORKS/MODELS:
1. Stanford’s Design Thinking
2. IDEO’s Human-Centered Design
3. Strategyzer’s Business Model Innovation
4. Lean Startup Methodology
5. Agile Innovation Framework
6. Doblin’s Ten Types of Innovation
7. McKinsey’s Three Horizons of Growth
8. Customer Journey Map
9. Christensen’s Disruptive Innovation Theory
10. Blue Ocean Strategy
11. Strategyn’s Jobs-To-Be-Done (JTBD) Framework with Job Map
12. Design Sprint Framework
13. The Double Diamond
14. Lean Six Sigma DMAIC
15. TRIZ Problem-Solving Framework
16. Edward de Bono’s Six Thinking Hats
17. Stage-Gate Model
18. Toyota’s Six Steps of Kaizen
19. Microsoft’s Digital Transformation Framework
20. Design for Six Sigma (DFSS)
To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations
The Most Inspiring Entrepreneurs to Follow in 2024.pdfthesiliconleaders
In a world where the potential of youth innovation remains vastly untouched, there emerges a guiding light in the form of Norm Goldstein, the Founder and CEO of EduNetwork Partners. His dedication to this cause has earned him recognition as a Congressional Leadership Award recipient.
Best practices for project execution and deliveryCLIVE MINCHIN
A select set of project management best practices to keep your project on-track, on-cost and aligned to scope. Many firms have don't have the necessary skills, diligence, methods and oversight of their projects; this leads to slippage, higher costs and longer timeframes. Often firms have a history of projects that simply failed to move the needle. These best practices will help your firm avoid these pitfalls but they require fortitude to apply.
HOW TO START UP A COMPANY A STEP-BY-STEP GUIDE.pdf46adnanshahzad
How to Start Up a Company: A Step-by-Step Guide Starting a company is an exciting adventure that combines creativity, strategy, and hard work. It can seem overwhelming at first, but with the right guidance, anyone can transform a great idea into a successful business. Let's dive into how to start up a company, from the initial spark of an idea to securing funding and launching your startup.
Introduction
Have you ever dreamed of turning your innovative idea into a thriving business? Starting a company involves numerous steps and decisions, but don't worry—we're here to help. Whether you're exploring how to start a startup company or wondering how to start up a small business, this guide will walk you through the process, step by step.
The Steadfast and Reliable Bull: Taurus Zodiac Signmy Pandit
Explore the steadfast and reliable nature of the Taurus Zodiac Sign. Discover the personality traits, key dates, and horoscope insights that define the determined and practical Taurus, and learn how their grounded nature makes them the anchor of the zodiac.
Unveiling the Dynamic Personalities, Key Dates, and Horoscope Insights: Gemin...my Pandit
Explore the fascinating world of the Gemini Zodiac Sign. Discover the unique personality traits, key dates, and horoscope insights of Gemini individuals. Learn how their sociable, communicative nature and boundless curiosity make them the dynamic explorers of the zodiac. Dive into the duality of the Gemini sign and understand their intellectual and adventurous spirit.
The Genesis of BriansClub.cm Famous Dark WEb PlatformSabaaSudozai
BriansClub.cm, a famous platform on the dark web, has become one of the most infamous carding marketplaces, specializing in the sale of stolen credit card data.
Starting a business is like embarking on an unpredictable adventure. It’s a journey filled with highs and lows, victories and defeats. But what if I told you that those setbacks and failures could be the very stepping stones that lead you to fortune? Let’s explore how resilience, adaptability, and strategic thinking can transform adversity into opportunity.
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Eco 550 week 3 quiz 2
1. ECO 550 Week 3 Quiz 2
Click this link to get the tutorial:
http://homeworkfox.com/tutorials/economics/4264/eco-550-
week-3-quiz-2/
1. For an inferior good:
the income elasticity is positive.
the income elasticity if negative.
the income elasticity is zero.
the income elasticity is unity.
Question 2
1. If cheese spreads and butter are substitutes, an increase in the price of butter will:
shift the demand curve for cheese spreads upward.
shift the demand curve for cheese spreads downward.
shift the demand curve for butter upwards.
shift the demand curve for butter downward.
Question 3
1. As observed in China’s steel appliance market, the rise in the price of refrigerators resulted:
solely from an increase in the demand for refrigerators.
from an increase in the demand for steel from all appliance industries.
from a shortage of steel in the world markets.
from an increase in the price of steel that was the result of increased demand for refrigerators.
Question 4
1. Bankers supported the Federal Reserve Board’s Regulation Q because:
2. it allowed them to charge lower interest rates on loans.
it protected them from money market volatilities.
it increased the demand for loanable funds in the market.
it allowed them to borrow at a low rate of interest and lend out at a high rate of interest.
Question 5
1. The own-price elasticity of demand is defined as:
the ratio of a change in quantity demanded and the change in price.
the ratio of the percentage change in quantity demanded to the percentage change in price.
the ratio of the percentage change in quantity demanded to the percentage change in input prices.
the ratio of a change in output and the change in input usage.
Question 6
1. A tradesman who purchases diamonds in a country where the price is low and sells them in
another country where the price is high, can be said to be practicing:
arbitrage.
speculation.
derivatives trading.
forecasting.
Question 7
1. An affordable housing law will affect a city’s housing prices only if:
the demand for houses in the city is downward sloping.
the demand for houses in the city is almost horizontal.
the demand for houses in the city is almost vertical.
the demand for houses in the city is backward bending.
Question 8
3. 1. The area above the supply curve and below the market price represents:
the consumer surplus
the producer surplus.
the deadweight loss of the producer.
the deadweight loss of the consumer.
Question 9
1. A perfectly elastic demand curve will:
be a vertical straight line.
be a downward sloping straight line.
be a horizontal straight line.
be an upward sloping straight line.
Question 10
1. The contact points where the terms of forward contracts are set are known as:
the underlying markets.
the derivative markets.
the over-the-counter markets.
the futures exchange.
Question 11
1. Suppose a commodity market is initially in equilibrium. An increase in the nation’s skilled
labor force then lowers the marginal cost of producing each unit of output. Which of the
following changes will be observed?
The demand curve will shift upward
The supply curve will shift downward
The demand curve will shift downward
4. The supply curve will shift upward
Question 12
1. An increase in the price of sodium carbonate, a chemical compound used in detergents, will:
increase the quantity of detergents demanded.
decrease the quantity of detergents demanded.
decrease the demand for detergents.
increase the demand for detergents.
Question 13
1. Which of the following commodities can be considered as an inferior good?
Dwelling in a small apartment located in a suburb
Washing clothes in a washer at home
Eating out at an upscale restaurant
Spending vacations at exotic locations
Question 14
1. A demand curve is said to be inelastic if:
ED = 1
ED = 0
ED> 1
ED< 1
Question 15
1. An increase in the supply of oranges in a town drives down its price by 5 percent. Which of
the following changes will be observed in the market?
The demand for oranges will decrease.
The demand for oranges will increase.
5. The quantity of oranges demanded will increase.
The quantity of oranges demanded will decrease.
Question 16
2. Refer to Figure 4-2. The area EFGH is:
Figure 4-2
The following figure shows the cost curves of a firm producing good X.
Answer
the loss incurred by the firm when market price is $3.5.
the profit earned by the firm when the market price is $3.5.
the loss incurred by the firm when the market price is $5.
the revenue earned by the firm when the market price is $5.
Question 17
2. The greater the curvature of the isoquant:
the greater the degree of substitutability between the inputs.
the lower the possibility of substitution between inputs.
the higher the impact of a change in relative prices of inputs.
the lower the prices of inputs.
Question 18
2. Investments with _____ risk usually carry a _____ return.
higher; lower
lower; higher
zero; high
6. higher; higher
2 points
Question 19
2. The introduction of new technology and changes in organization are:
likely to shift the LRAC curve.
unlikely to help in the short-run.
likely to shift the SRAC upward.
unlikely to affect a firm’s cost curves in the long-run.
Question 20
2. You decide that it is time to buy a big family car. The opportunity cost you consider is:
the cost of the car.
the increase in comfort for your family while traveling.
the return this money would have earned if it was invested otherwise.
the inconvenience you and your family are bearing on account of your old car.
Question 21
2. Let the marginal product of capital (MPK ) be 6; the marginal product of labor (MPL) be 2;
the price of labor is given by $10. What will be the price of capital such that the isocost and the
isoquant are tangent to each other?
$30
$3
$60
$6
Question 22
2. _____ is the locus of the minimum points of various short-run average cost curves depicting
different plant sizes.
7. Long-run marginal cost
Expansion path
Long-run average cost
Isocost
Question 23
2. A manufacturer of towels finds that his returns to scale are constant. Which of the following
conclusions can be drawn?
The long-run total cost curve is horizontal.
The long-run average cost curve is horizontal.
The long-run total cost curve is downward sloping.
The long-run average cost curve is downward sloping.
Question 24
2. The production function shows:
the total cost incurred to produce a certain level of output.
the changes in cost incurred as output level varies.
the relationship between inputs used and output produced.
the impact of a change in production on the firm’s revenues.
Question 25
2. A firm uses two inputs, labor (L) and capital (K) in the production of umbrellas. It can invest
$50,000 in the purchase of the two inputs annually. The firm hires 5 units of capital at $1,000 per
unit. If the going annual wage rate is $4,500, calculate the number of workers employed by the
firm. (Assume that the firm spends the entire budget on K and L.)
10
5
15
8. 9
Question 26
2. An isocost line depicts:
the minimum cost required to produce a certain level of output, given input prices.
the input combination to produce a certain level of output.
the input combinations that satisfy a budget constraint, given input prices.
the maximum output that can be produced by a firm given its budget constraint.
2 points
Question 27
2. The gap between average total cost and average variable cost:
is constant at all ranges of output.
is high at high levels of production.
declines as output expands.
depends on the production technology.
Question 28
2. Jeff owns a garage and has 3 mechanics to help him. With the tools used being fixed in the
short run, his production function is given by 5 + , where L is the number of mechanics and Y is
the number of cars they can fix. If Jeff hires a fourth mechanic, what will be the marginal
product of the new mechanic hired?
11
13
2
7
Question 29
2. At outputs less than the minimum of average variable cost:
9. marginal cost is greater than average variable cost.
marginal cost is less than average variable cost.
marginal cost is equal to average variable cost.
marginal cost is parallel to average variable cost.
Question 30
2. In an industry characterized by a natural monopoly, which of the following characteristics
will be observed?
The long-run average cost curve will be upward sloping.
The market price of the product will be very low.
Competition is both impossible and inefficient.
Number of producers operating in this market will be low.