Answers for Test 2 BA 315 Spring 07 May 3

Answers for Test 2 BA 315 Spring 07 May 3 - Name:_ BA 315:...

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Name:_________________ Favorite Movie:____________ BA 315: Test #2, Spring 07 Lundquist College of Business University of Oregon Ali Emami Please answer all questions and make sure to show your calculations for questions marked with (*). Correct answers without showing calculations do not receive any credit. You are allowed to use a calculator to help with the calculations on the test. Do not talk during the test or use someone else’s paper or calculator as assistance this can result in a zero and a failing grade in the class. 1. [One point] The change in total output that results from use of one additional unit of input is: A) The opportunity cost of the output. B) The average total cost. C) The marginal physical product of the input. D) The total product from the input. 2. [One point] The change in total revenue that results from selling one additional unit of product is always: A) Equal to the price of product B) Equal to the marginal cost of the product. C) The marginal revenue. D) The average revenue. 3. [One point] The change in total cost that results from producing one additional unit of product is always: A) Equal to the price of product B) Equal to the marginal cost of the product. C) The average total cost of product. D) The average variable cost of product. 4. [2 points]* Complete the following table. Q TFC TVC TC AVC MC ATC 0 20 0 20 0 --- ------ 1 20 25 45 25 25 45 2 20 40 60 20 15 30 3 20 60 80 20 20 80/3 4 20 100 120 25 40 30 5. [One point] Marginal cost eventually increases in the short run as more output is produced because: A) The demand curve is typically downward sloping.
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This test prep was uploaded on 04/22/2008 for the course ECON 315 taught by Professor Aliemami during the Spring '08 term at University of Oregon.

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Answers for Test 2 BA 315 Spring 07 May 3 - Name:_ BA 315:...

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