ECON100 Introduction to Economics
Due in class on 04/08/2016
Multiple Choice Questions
In each of the following questions, choose one of the available alternatives.
1. Diminishing marginal product explains why, as a firms output increases,
Short Answer Questions:
1. In the original products job market, there would be a decrease in demand because the
price of the product would go up, thus there would be less need for the workers they
already have. However, there will be more stres
Question 1: Suppose Hondas total cost of producing 4 cars is $225,000 and its total
cost of producing 5 cars is $250,000
(a) What is the average total cost of producing 5 cars?
o Average Total Cost of Producing 5 cars is ATC=TC (total cost)/ change in