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### homework5

Course: ECON 201, Fall 2009
School: Oregon
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Word Count: 841

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#5 Homework 1. The short-run: A. is a time period that varies across different industries. B. is a time period in which the firm is unable to adjust its variable inputs. C. is a time period in which the firm is unable to adjust its fixed inputs. D. both (A) and (B). E. both (A) and (C). 2. The long run: A. is a time period when all inputs are variable. B. is a time period that varies across industries. C. is an...

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#5 Homework 1. The short-run: A. is a time period that varies across different industries. B. is a time period in which the firm is unable to adjust its variable inputs. C. is a time period in which the firm is unable to adjust its fixed inputs. D. both (A) and (B). E. both (A) and (C). 2. The long run: A. is a time period when all inputs are variable. B. is a time period that varies across industries. C. is an abstract concept that cannot possibly exist in the real world. D. both (A) and (B). E. both (B) and (C). 3. The short-run production function determines the relationship between output and the inputs: A. as all inputs change. B. as the variable inputs change. C. as the fixed inputs change. D. none of the above. 4. The marginal product of labor is defined as: A. the change in output for a small change in labor. B. Q/L. C. the slope of the short-run production function. D. both (A) and (C). E. all of the above. 5. The point of diminishing returns occurs: A. at the maximum of the MPL. B. at the maximum of the APL. C. at the maximum of the short-run production function. D. when the MPL=0. E. when the MPL=APL. 6. The APL is increasing as long as: A. the MPL is increasing. C. the MPL is below the APL. B. the MPL>APL. D. the MPL>0. 7. The MPL reaches a maximum: A. at the inflection point of the short-run production function. B. when the MPL=APL. C. after the APL reaches a maximum. D. both (A) and (B). E. both (A) and (C). 1 8. If the APL is diminishing we know: A. the MPL is negative. C. the MPL is decreasing. E. both (B) and (C). B. the MPL is below the APL. D. the total product is diminishing. 9. Total Fixed Costs: A. vary with output. B. are measured by a vertical line at a given output. C. initially increases at a decreasing rate because of specialization. D. eventually increases at a increasing rate because of the law of diminishing marginal returns. E. none of the above. 10. Total Variable Costs: A. vary with output. B. initially increases at a decreasing rate because of specialization. C. eventually increases at a increasing rate because of the law of diminishing marginal returns. D. all of the above. 11. If total costs when no units of output are produced are \$500 and \$600 when 1 unit of output is produced, we can say: A. fixed costs are zero and marginal the cost of one unit produced is \$500. B. fixed costs are zero and the marginal cost of one unit produced is \$100. C. fixed costs are \$500 and the marginal costs of one unit is \$600. D. fixed costs are \$500 and the marginal costs of one unit is \$100. E. insufficient information to calculate the fixed and marginal costs. 12. When the MC is greater than the AVC but less than the ATC, we can say that: A. AFC is increasing. B. ATC is increasing. C. AVC is increasing. D. both (A) and (B). E. both (B) and (C). 13. The MC curve: A. intersects the AFC at its minimum. C. intersects the ATC at its minimum. E. both (B) and (C). B. intersects the AVC at its minimum. D. both (A) and (B). 14. The short-run MC curve is: A. positively related to the MPL. B. eventually has a positive slope because of diminishing marginal returns. C. eventually has a positive slope because of diminishing returns to scale. D. both (A) and (B). E. both (A) and (C). 2 15. The minimum of the ATC curve occurs to the right of the AVC curve because: A. the AFC initially falls at a faster rate than the AVC increases, which implies that their sum (i.e., the ATC) must decline. B. the MC curve crosses the AVC curve before the ATC curve because of fixed costs. C. both (A) and (B). D. neither (A) or (B). 16. Economies of scale: A. is a long-run concept. B. is a short-tun concept. C. first are in...

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