1030HW3 - University of Denver ECON 1030 Spring 2011...

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ECON 1030 Spring 2011 Homework III (30 points) (Due on Tuesday, May 24 th at the beginning of class. LATE homework will not be accepted ) Instructions : This homework is an individual assignment. The work submitted must be uniquely your own. Homework must be neatly hand-written on a separate sheet and multiple pages must be stapled . A 1-point penalty will be applied if homework is not stapled and/or neatly written. 1) Jones Production started business with a small scale plant. Fortunately for Smith, the owner of Jones Production, the business grew rapidly. It doubled its plant scale and its labor force every year for the next six years. The table below gives the total costs and the associated total products for each year. ( 5 points ) a. Complete the table by finding the average cost for each scale. b. Over what range of total product (output) did Jones Production experience economies of scale, constant returns to scale, and diseconomies of scale? 1
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1030HW3 - University of Denver ECON 1030 Spring 2011...

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