{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

econ - problem set 6_ProblemSet

# econ - problem set 6_ProblemSet - Review Assessment Problem...

This preview shows pages 1–4. Sign up to view the full content.

Review Assessment: Problem Set 6 Name: Problem Set 6 Status: Completed Score: 80 out of 100 point(s) Instructions: Question 1 Multiple Choice 5 of 5 point(s) A production function is a relationship between Your Answer: inputs and quantity of output. Correct Answer: inputs and quantity of output. Feedback: inputs and quantity of output. Question 2 Multiple Choice 0 of 5 point(s) Refer to the figures below to answer the following questions. Figure 13-6 Refer to Figure 13-6. Which of the figures represents the total cost curve for a firm? Your Answer: Figure 1 Correct Answer: Figure 2 Feedback: Figure 2 Question 3 Multiple Choice 0 of 5 point(s) In the long run, a firm that produces and sells computers gets to choose Your Answer: the size of its factories. Correct Answer: All of the above are correct. Feedback: All of the above are correct. Question 4 Multiple Choice 0 of 5 point(s)

This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document
Tom owns a factory in which he has produced TVs for five years. He has kept track of his average total cost as his level of production varies. This information is summarized below: Output Average Total Cost 10 \$500 20 \$400 30 \$300 40 \$400 50 \$500 From this information, we can conclude that Your Answer: Tom's factory exhibits both economies and diseconomies of scale. Correct Answer: None of the above are correct. Feedback: None of the above are correct.

This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

### Page1 / 52

econ - problem set 6_ProblemSet - Review Assessment Problem...

This preview shows document pages 1 - 4. Sign up to view the full document.

View Full Document
Ask a homework question - tutors are online