homework 6_1-1

homework 6_1-1 - Econ 2005: Principles of Microeconomics...

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Econ 2005: Principles of Microeconomics Dr. Gebre Gebremariam Spring 2008 Homework 6 Due Date:  Monday, 31 March 2008, at the end of class   Choose the one alternative that best completes the statement or answers the question and blacken the circle that corresponds  to you answer in the Scantron separately provided.  1) 
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In the  short run  a firm using variable labor and fixed capital inputs achieves the efficient (lowest cost) level of output at the minimum point  on its ________ cost curve.  A) 
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marginal 
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B)  aver age 
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average total 
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D)  total variable    2)  I
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TR  >  TVC  and  TR  <  TC
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B)  TR 
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TR  <  TVC
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D)  TR    3)  A
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decrease; a  change in 
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B)  decr ease; no 
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increase; lower 
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D)  incr ease;    4)  W
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constant returns  to scale. 
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B)  decr easing 
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diminishing  returns. 
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D)  incr easing    5)  A
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increase; lower 
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B)  decr ease; 
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increase; higher 
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D)  decr ease; no    6)  E
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marginal costs  to increase 
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B)  aver age 
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average costs to  remain constant 
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D)  aver age    7)  E
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average costs to  decrease 
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B)  total costs to 
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average fixed  costs to increase 
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D)  aver age    8)  F More  firms  will  enter this industry, causing the industry supply schedule to  shift to the right and the  LRAC  curve facing firms to shift  up. 
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homework 6_1-1 - Econ 2005: Principles of Microeconomics...

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