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Econ test 2

# Econ test 2 - 1 A B C D E In the table above marginal cost...

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1) In the table above, marginal cost is equal to average total cost at a quantity of: A) 1 B) 3 C) 4 D) 5 E) 8 2) Using the information in the table above, we can conclude that the marginal-cost curve intersects the average-variable-cost curve at _______ unit(s) of output and the average-total-cost curve at _______ unite(s) of output. 3) Refer to the table above. Following which unit of output does the law of diminishing marginal returns cause per unit costs to increase? 4) In the table above, the average fixed cost of the first unit of output is ______ while the average fixed cost of producing 8 units of output is ______. 5) When the price of good Y is \$2 per unit, 300 units of good X are purchased per period. When the price of good Y is \$4 per unit, 200 units of good X are purchased per period. What is the coefficient of the cross-price elasticity of demand for good X with respect to the change in price Y? A) 5/3 and the goods are substitutes B) -5/3 and the goods are compliments

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C) 3/5 and the goods are substitutes D) -3/5 and the goods are substitutes E) -3/5 and the goods are compliments 6) Suppose that four workers can harvest 20 bushels of corn on an acre of land per day, while five workers can harvest 25 bushels. Then:
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Econ test 2 - 1 A B C D E In the table above marginal cost...

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