reviewquiz2 - ECON 200 Quiz 2 Fall 2005 Maximum Points 50...

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ECON 200 Fall 2005 Quiz 2 Maximum Points 50 Name : _____________________________ (Last, First) Questions Challenged : ____________________________________________________ You can write on the question booklet. Please return this question booklet after the quiz. Use scantron sheet # 882 – ES to answer the following questions . The first five questions are based on the following information: Pairs of Pants produced Total cost of Producing pants 0 $100 1 $120 2 $138 3 $155 4 $167 5 $185 1. Total Fixed cost of producing pants is (A) $100 (B) 0 (C) $20 (D) None of the above. 2. The average fixed cost of producing 5 pairs of pants is (A) $20 (B) $37 (C) $40 (D) $100 3. The marginal cost of producing the first pair of pants is: (A) $120 (B) $20 (C) $100 (D) None of the above. 4. The average variable cost of producing five pairs of pants is
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(A) $17 (B) $20 (C) $35 (D) $37 5. The average total cost of producing five pairs of pants is (A) $17 (B) $20 (C) $35 (D) $37 6. Increasing returns to scale in production means (A) more than twice as much inputs is required to double output. (B) less than twice as much inputs is required to double output. (C) more than twice as much of only one input is required to double output. (D) none of the above. 7. Assume that a firm’s production process is subject to increasing returns to scale over a broad range of outputs. Then long -run average costs over this output will tend to (A) a increase. (B) decline.
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This test prep was uploaded on 04/07/2008 for the course ECON 201 taught by Professor Lal during the Spring '08 term at Pittsburg State Uiversity.

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reviewquiz2 - ECON 200 Quiz 2 Fall 2005 Maximum Points 50...

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