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Quiz 4 - Oct 26 - WITH ANSWERS

# Quiz 4 - Oct 26 - WITH ANSWERS - 60 Average = 66(absolute...

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1 3 3 6 13 13 19 34 31 27 43 37 49 21 9 5 2 0 10 20 30 40 50 60 20 25 30 35 40 45 50 55 60 65 70 75 80 85 90 95 100 A? B? C? Average = 66 (absolute worst so far) std. deviation is 15.3, very high again… this is because we are losing people Chapter after chapter. Now they make up a whole new category "C". The cuts for A/B/C are evident. The quiz wasn't that hard, please. Sometimes I wish grade curving hadn't been invented.

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Quiz 4 October 26, 2007 Olivier Giovannoni 304K: Introduction to Microeconomics
Question 1 Question 2 Answer: A (70%), not D (what is “...capital having the lowest total cost” ?!) Answer: A (72%), not D. Economies of scale is the downward portion of the LRAC curve

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Question 3 When economies of scale are present, the LRAC curve touches each short-run ATC curve A) at no points B) to the right of the ATC curve’s minimum point C) at the AVC curve’s minimum point (Lowest correct response rate EVER. The LRAC is NOT built on AV C curves) D) to the left of, or at, the ATC curve’s minimum point (39%) . Question 4 Answer: A (45%), not C. Very stupid.
Question 5 In the short run, a perfectly competitive firm can

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