HW6_due1117 - Due date for HW6 is at the beginning of the...

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Due date for HW6 is at the beginning of the class on Wednesday, Nov. 17 th . Please use word processor for the short answer questions in Part II to type out your answers. You can draw the graphs by hand . Please staple your work. You can work in groups and you are encouraged to do so. However, you need to hand in your own work for credits. Please write down the names of your group members. Not following the rules will result in point deduction as a penalty. HW6 (Chapter 11 + Chapter 12) Part I. Multiple Choice Questions – Choose the best answer. (40%) 1. Increasing marginal returns to labor might occur at low levels of labor input because of A. increasing average costs. B. differing factor proportions. C. increasing specialization of tasks. D. decreasing use of machinery and increasing use of technology. 2. The law of diminishing returns states that as A. the size of a plant increases, the firm’s fixed cost decreases. B. the size of a plant increases, the firm’s fixed cost increases.
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HW6_due1117 - Due date for HW6 is at the beginning of the...

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