economics ch9 - Assignment Essays

economics ch9

0 min read

Posted on

March 14th, 2023

question

When TP is at its max, what is MP

answer

zero

question

If the short-run average variable costs of production for a firm are rising, then this indicates that

answer

marginal costs are above average variable costs.

question

Economic cost can best be defined as

answer

a payment that must be made to obtain and retain the services of a resource.

question

Other things equal, if the fixed costs of a firm were to increase by $100,000 per year, which of the following would happen?

answer

Average fixed costs and average total costs would rise.

question

When total product is increasing at an increasing rate, marginal product is

answer

positive and increasing.

question

economies of scale are when the LRATC is

answer

decreasing

question

dis-economies of scale are when the LRATC is

answer

increasing

question

constant returns to scare are when the LRATC is

answer

constant

question

If marginal cost is below average variable cost,

answer

both average total cost and average variable cost are decreasing.

question

When a firm doubles its inputs and finds that its output has more than doubled, this is known as

answer

economies of scale.

question

As output increases, total variable cost

answer

increases at a decreasing rate and then at an increasing rate.

question

Economic profits are

answer

equal to the difference between accounting profits and implicit costs.
= revenue - explicit costs - implicit costs

question

Total revenue - explicit cost = ___________________ profit

answer

accounting

question

Marginal _________________ = additional output produced when 1 additional unit of resource is employed, ceteris paribus.

answer

product

question

A cost that in total increases when the firm increases its output and vice-versa.

answer

variable

question

__________________ returns to scale = unchanging ATC of producing a good as the firm expands its output in the long run.

answer

constant

question

Minimum _____________________ scale = the lowest level of output at which a firm can minimize long run ATC.
Previous PageNext Page

answer

efficient

1 of 17

question

When TP is at its max, what is MP

answer

zero

question

If the short-run average variable costs of production for a firm are rising, then this indicates that

answer

marginal costs are above average variable costs.

question

Economic cost can best be defined as

answer

a payment that must be made to obtain and retain the services of a resource.

question

Other things equal, if the fixed costs of a firm were to increase by $100,000 per year, which of the following would happen?

answer

Average fixed costs and average total costs would rise.

question

When total product is increasing at an increasing rate, marginal product is

answer

positive and increasing.

question

economies of scale are when the LRATC is

answer

decreasing

question

dis-economies of scale are when the LRATC is

answer

increasing

question

constant returns to scare are when the LRATC is

answer

constant

question

If marginal cost is below average variable cost,

answer

both average total cost and average variable cost are decreasing.

question

When a firm doubles its inputs and finds that its output has more than doubled, this is known as

answer

economies of scale.

question

As output increases, total variable cost

answer

increases at a decreasing rate and then at an increasing rate.

question

Economic profits are

answer

equal to the difference between accounting profits and implicit costs.
= revenue - explicit costs - implicit costs

question

Total revenue - explicit cost = ___________________ profit

answer

accounting

question

Marginal _________________ = additional output produced when 1 additional unit of resource is employed, ceteris paribus.

answer

product

question

A cost that in total increases when the firm increases its output and vice-versa.

answer

variable

question

__________________ returns to scale = unchanging ATC of producing a good as the firm expands its output in the long run.

answer

constant

question

Minimum _____________________ scale = the lowest level of output at which a firm can minimize long run ATC.
Previous PageNext Page

answer

efficient

Order an Essay Now & Get These Features For Free:

Turnitin Report

Formatting

Title Page

Citation

Outline

Place an Order