question
Picture
The consumer's income is $800.
According to the above figure, what are the prices of goods X and Y? a.
The consumer's income is $800.
According to the above figure, what are the prices of goods X and Y? a.
answer
PX = $8, PY = $10
question
A price-setting firm faces the following estimated demand and average variable cost functions:
Qd = 800,000 - 2,000P + 0.7M + 4,000PR
AVC = 500 - 0.03Q + 0.000001Q2
where Qd is the quantity demanded, P is price, M is income, and PR is the price of a related good. The firm expects income to be $40,000 and PR to be $53. Total fixed cost is $2,600,000. What is the estimated demand function for the firm?
Qd = 800,000 - 2,000P + 0.7M + 4,000PR
AVC = 500 - 0.03Q + 0.000001Q2
where Qd is the quantity demanded, P is price, M is income, and PR is the price of a related good. The firm expects income to be $40,000 and PR to be $53. Total fixed cost is $2,600,000. What is the estimated demand function for the firm?
answer
Qd = 1,040,000 - 2,000P
question
The manufacturer of Beanie Baby dolls used quarterly price data for 2005I - 2013IV (t = 1, ..., 36) and the regression equation
Pt = a + bt + c1D1t +c2D2t + c3D3t
to forecast doll prices in the year 2014.Pt is the quarterly price of dolls, and D1t,D2t and D3t are dummy variables for quarters I, II, and III, respectively.
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Using the estimated time-series regression, predicted price in the 2nd quarter of 2014 is
Pt = a + bt + c1D1t +c2D2t + c3D3t
to forecast doll prices in the year 2014.Pt is the quarterly price of dolls, and D1t,D2t and D3t are dummy variables for quarters I, II, and III, respectively.
Picture
Using the estimated time-series regression, predicted price in the 2nd quarter of 2014 is
answer
$48.40
question
Below, the graph on the left shows the short-run cost curves for a firm in a perfectly competitive market, and the graph on the right shows the current market conditions in this industry. What do you expect to happen in the long-run?
Picture
Picture
answer
both b and c
question
Marginal utility is
the utility obtained from t
the utility obtained from t
answer
the change in utility that results from increasing the amount of a good consumed by one unit.
question
Price leadership
answer
none of the above
question
Refer to the following nonlinear model which relates W to P, Q, and R:
W = aPbQcRd
The computer output form the regression analysis is:
Picture
Based on the info above, which of the parameter estimates are statistically significant at the 5% level of significance?
W = aPbQcRd
The computer output form the regression analysis is:
Picture
Based on the info above, which of the parameter estimates are statistically significant at the 5% level of significance?
answer
All the parameter estimates are statistically significant.
question
Suppose the demand for good X is Q = 500P-1. This demand curve has a ________ (constant, variable) elasticity of demand equal to ________.
answer
constant; -1
question
Given the table below, if capital is fixed at two units, what is the marginal product of the fourth unit of labor?
Picture
Amount of total output produced from various combinations of labor and capital.
Picture
Amount of total output produced from various combinations of labor and capital.
answer
none of the above
question
In the figure above, what is the point price elasticity of demand when price is $80?
answer
-2.00
question
Your firm sells club soda in both grocery stores and convenience stores. You have a budget of $550 for store displays, and must decide how to allocate this budget between grocery stores and convenience stores to maximize the total number of sales. The following table shows the total number of units that can be sold in grocery stores and convenience stores, according to the number of displays in each type of store. Displays in grocery stores cost $150 each and displays in convenience stores cost $100 each.
Picture
Given the above information, and given a budget of $550, the maximum possible number of sales is
Picture
Given the above information, and given a budget of $550, the maximum possible number of sales is
answer
1,960.
question
A clinic uses doctors and nurses to serve the maximum number of patients given a limited annual payroll. The clinic currently has 10 doctors and 30 nurses. The last doctor hired can serve 300 additional patients, while the last nurse hired can serve 200 additional patients. If doctors make $60,000 a year and nurses make $20,000 a year, the clinic
answer
could serve more patients with the same payroll by hiring more nurses and fewer doctors.
question
A price-setting firm
answer
can lower the price of its product and sell more units.
question
A firm produces 4,000 units of output using 500 workers. Marginal cost is $10, the wage rate is $160, and total fixed cost is $100,000.What is the marginal product of labor?
answer
16 units of output per worker
question
In order to minimize losses in the short run, a perfectly competitive firm should shut down if
answer
total revenue is less than total variable cost.
question
Which of the following is (are) characteristics of an isocost curve?
answer
both a and c
question
One reason a firm or firms might charge a price lower than its profit-maximizing price is
answer
to discourage the entry of new firms.
question
Picture
In the figure above, if price INCREASES from $60 to $80, an arrow representing the PRICE effect
In the figure above, if price INCREASES from $60 to $80, an arrow representing the PRICE effect
answer
both a and d
question
If marginal product is decreasing, then it must be the case that
answer
none of the above.
question
Based on the following table, what is total variable cost when 100 units of output are produced?
Picture
Picture
answer
none of the above
question
Which of the following will NOT make cooperation more likely?
answer
any action that makes it more costly to monitor rival's prices.
question
If a firm is producing the level of output at which long-run average cost equals long-run marginal cost, then
answer
long-run average cost is at its minimum point.
question
The demand for heart surgery is price inelastic. So it follows that
answer
if the price of heart surgery increases, total expenditure by consumers on heart surgery will rise.
question
A firm with market power faces the following estimated demand and average variable cost functions:
Qd = 39,000 - 500P + 0.4M - 8,000PR
AVC = 30 - 0.005Q + 0.0000005Q2
where Qd is quantity demanded, P is price, M is income, and PR is the price of a related good. The firm expects income to be $40,000 and PR to be $2. Total fixed cost is $100,000. The firm should ______________ because _______________.
Qd = 39,000 - 500P + 0.4M - 8,000PR
AVC = 30 - 0.005Q + 0.0000005Q2
where Qd is quantity demanded, P is price, M is income, and PR is the price of a related good. The firm expects income to be $40,000 and PR to be $2. Total fixed cost is $100,000. The firm should ______________ because _______________.
answer
operate, P = $62 > AVC = $22
question
A continuous choice variable
answer
none of the above
question
Which of the following is NOT a characteristic of an increasing cost competitive industry? As the industry expands in the long run,
answer
the price of product remains constant.
question
With a cubic production function of the form Q = aK3L3 + bK2L2, in order for the average and marginal product functions to have their usual theoretical properties, it must be the case that
answer
a< 0, b> 0 b.
question
A firm estimates its long-run production function to be
-0.0075K3L2 + 12K2L2
Suppose the firm employs 12 units of capital. At ________ units of labor, average product of labor begins to diminish.
-0.0075K3L2 + 12K2L2
Suppose the firm employs 12 units of capital. At ________ units of labor, average product of labor begins to diminish.
answer
66.67
question
A manager of a firm with market power faces the marginal revenue product and average revenue product curves shown below. The firm incurs weekly fixed costs of $1,800. The firm employs a single variable input, labor, which costs $600 per worker each week.
Picture
Given the above, suppose the weekly wage rate increases to $1,400 per worker. The firm would hire _______ workers and earn a profit of _______ per week.
Picture
Given the above, suppose the weekly wage rate increases to $1,400 per worker. The firm would hire _______ workers and earn a profit of _______ per week.
answer
0 ; -$1,800
question
All of the following could be a barrier to entry EXCEPT:
answer
switching costs.
question
Straker Industries estimated its short-run costs using a U-shaped average variable cost function of the form
AVC = a + bQ + cQ2
and obtained the following results. Total fixed cost (TFC) at Straker Industries is $1,000.
Picture
If Straker Industries produces 12 units of output, what is estimated average total cost (ATC)?
AVC = a + bQ + cQ2
and obtained the following results. Total fixed cost (TFC) at Straker Industries is $1,000.
Picture
If Straker Industries produces 12 units of output, what is estimated average total cost (ATC)?
answer
$121.93
question
Refer to the following indifference map for a consumer who has an income of $48 to spend on goods X and Y and the market prices of X and Y are both $4: In order to maximize utility subject to her budget constraint, this consumer should buy how many units of good X?
Picture
In order to maximize utility subject to her budget constraint, this consumer should buy how many units of good X?
Picture
In order to maximize utility subject to her budget constraint, this consumer should buy how many units of good X?
answer
4
question
The estimated demand for a good is
â=4800 - 16p - 0.65M - 1.5PR
whereQ is the quantity demanded of the good, P is the price of the good, M is income, and PR is the price of related good R. If the price of the good rises by $10, all else constant, the quantity demanded will ________ by ________ units.
â=4800 - 16p - 0.65M - 1.5PR
whereQ is the quantity demanded of the good, P is the price of the good, M is income, and PR is the price of related good R. If the price of the good rises by $10, all else constant, the quantity demanded will ________ by ________ units.
answer
decrease; 160 units
question
Average fixed cost
answer
decreases as output increases.
question
When the average price of videocassette recorders (VCRs) falls, the result is
answer
an increase in the quantity of VCRs demanded.
question
If a firm is producing the level of output at which short-run average cost equals long-run average cost, then
answer
both a and b
question
A competitive firm will maximize profit by producing the level of output at which
answer
both a and c
question
A firm is currently producing 10 units of output; marginal cost is $24 and average total cost is $6 at this level of output. The average total cost at 9 units of output is:
answer
$4
question
Use the following table to answer the question below:
The amount of total output produced from various combinations of labor and capital.
Picture
If the amount of labor used increases from three to four units, the marginal product of the second unit of capital
The amount of total output produced from various combinations of labor and capital.
Picture
If the amount of labor used increases from three to four units, the marginal product of the second unit of capital
answer
increases by 8 units.
question
Diseconomies of scale
answer
exist when long-run average cost increases as output increases.
question
A radio manufacturer is experiencing theft problems at its warehouse and has decided to hire security guards to reduce the thefts. The firm wants to minimize the net cost of warehouse thefts.
Picture
Given the above info, if each security guard is paid $200 a week and the cost of a stolen radio is $50, how many security guards should the firm hire?
Picture
Given the above info, if each security guard is paid $200 a week and the cost of a stolen radio is $50, how many security guards should the firm hire?
answer
4
question
Suppose that 2 units of X and 8 units of Y give a consumer the same satisfaction as 4 units of X and 2 units of Y. Then
answer
both a and c
question
Picture
The above graph shows the demand and cost conditions facing a price-setting firm. The firm will produce _____ units of output and charge a price of _____.
The above graph shows the demand and cost conditions facing a price-setting firm. The firm will produce _____ units of output and charge a price of _____.
answer
none of the above
question
A parameter estimate is said to be statistically significant if there is sufficient evidence that the
answer
true value of the parameter does not equal zero.
question
A firm will maximize profit by producing that level of output at which
answer
both b and c
question
In order to maximize profit, a firm that produces its output in two plants will produce the level of total output at which the last unit of output produced adds the same amount to total revenue as to the
answer
firm's total cost
question
A firm with market power faces the following estimated demand and average variable cost functions:
Qd = 39,000 - 500P + 0.4M - 8,000PR
AVC = 30 - 0.005Q + 0.0000005Q2
where Qd is quantity demanded, P is price, M is income, and PR is the price of a related good. The firm expects income to be $40,000 and PR to be $2. Total fixed cost is $100,000. What is the estimated marginal revenue function for the firm?
Qd = 39,000 - 500P + 0.4M - 8,000PR
AVC = 30 - 0.005Q + 0.0000005Q2
where Qd is quantity demanded, P is price, M is income, and PR is the price of a related good. The firm expects income to be $40,000 and PR to be $2. Total fixed cost is $100,000. What is the estimated marginal revenue function for the firm?
answer
MR = 78 - 0.004Q
question
In the nonlinear function Y = aXbZc , the parameter c measures
answer
both b and c
question
An average variable cost function is estimated as
AVC = 96 − 2Q + 0.05Q2
Which of the following cost functions is associated with this estimate?
AVC = 96 − 2Q + 0.05Q2
Which of the following cost functions is associated with this estimate?
answer
SMC = 96 - 4Q + 0.1Q2
TVC = 96Q- 2Q2 + 0.05Q3
TVC = 96Q + 4Q2 + 0.15Q3
SMC = 96 - 4Q + 0.15Q2
both b and d
TVC = 96Q- 2Q2 + 0.05Q3
TVC = 96Q + 4Q2 + 0.15Q3
SMC = 96 - 4Q + 0.15Q2
both b and d
question
Given the table below, the maximum amount that can be produced using 20 workers is
Picture
Picture
answer
530 units.
question
A short-run cost function assumes that
answer
at least one input is fixed in supply.
question
Picture
The above graph shows the demand and cost conditions facing a price-setting firm. When output is 50 units, what will happen to total revenue if the firm sells another unit of output?
The above graph shows the demand and cost conditions facing a price-setting firm. When output is 50 units, what will happen to total revenue if the firm sells another unit of output?
answer
Total revenue will increase $6.00.
question
Refer to the following figure. When price is $10 and quantity demanded is 2,000, what is the point elasticity of demand?
Picture
Picture
answer
-1
question
Picture
Above is a firm's average product of labor and marginal product of labor curves. The price of labor is $60 per unit. When the firm uses 6 units of labor, what is marginal cost?
Above is a firm's average product of labor and marginal product of labor curves. The price of labor is $60 per unit. When the firm uses 6 units of labor, what is marginal cost?
answer
$5
question
Consider the statement: "When the British government tripled university fees for foreign students in Great Britain, about one-half of them left to study in other countries." This move will ___________ university revenues from foreign students in Great Britain
answer
increase
question
In order to maximize profit, a firm that produces its output in two plants will allocate total output between the two plants so that
answer
marginal cost is equal for the two plants.
question
The quadratic equation Y = a + bX +cX2 can be estimated using linear regression by estimating
answer
none of the above will work
question
The manager of Greene Enterprises, Inc., recently estimated its average variable cost (AVC) function to be
AVC = 88 - 0.026 + 0.000003Q2
Greene Enterprises faces total fixed costs (TFC) of $300,000. If Greene Enterprises produces 6,000 units of output, what is estimated average total cost (ATC)?
AVC = 88 - 0.026 + 0.000003Q2
Greene Enterprises faces total fixed costs (TFC) of $300,000. If Greene Enterprises produces 6,000 units of output, what is estimated average total cost (ATC)?
answer
$90
question
When economic profit is positive,
answer
total revenue exceeds total economic cost.
question
Refer to the following indifference map for a consumer who has an income of $48 to spend on goods X and Y and the market prices of X and Y are both $4: Now suppose the price of good X increases to $12 while the price of good Y remains $4. Utility will be maximized on which indifference curve?
Picture
Now suppose the price of good X increases to $12 while the price of good Y remains $4. Utility will be maximized on which indifference curve?
Picture
Now suppose the price of good X increases to $12 while the price of good Y remains $4. Utility will be maximized on which indifference curve?
answer
II
question
If Mary prefers bananas to plums and plums to peaches, but is indifferent between bananas and oranges, she
answer
prefers oranges to peaches.
question
Credible commitments give committing firms
answer
both a and c
question
Use the following general linear demand relation:
Qd = 100 - 5P +0.004M - 5PR
where P is the price of good X, M is income, and PR is the price of a related good, R. Income is $80,000, and the price of the related good is $40. Also let consumers' tastes change so that consumers now demand 100 more units at each price. When the price of the good is $50, how many units of the good are demanded?
Qd = 100 - 5P +0.004M - 5PR
where P is the price of good X, M is income, and PR is the price of a related good, R. Income is $80,000, and the price of the related good is $40. Also let consumers' tastes change so that consumers now demand 100 more units at each price. When the price of the good is $50, how many units of the good are demanded?
answer
70
question
Consider a competitive industry and a price-taking firm that produces in that industry. The market demand and supply functions are estimated to be:
Demand: Qd = 10,000 - 10,000P + 1.0M
Supply: Qs = 80,000 + 10,000P - 4,000P1
where Q is quantity, P is the price of the product, M is income, and P1 is the input price. The manager of the perfectly competitive firm uses time-series data to obtain the following forecasted values of M and P1 for 2015:
̂M̂ = $50,000 and P̂1 = $20
The manager also estimates the average variable cost function to be
AVC = 3.0 - 0.0027Q + 0.0000009Q2
Total fixed costs will be $2,000 in 2015. Average variable cost reaches its minimum value of _____ units of output.
Demand: Qd = 10,000 - 10,000P + 1.0M
Supply: Qs = 80,000 + 10,000P - 4,000P1
where Q is quantity, P is the price of the product, M is income, and P1 is the input price. The manager of the perfectly competitive firm uses time-series data to obtain the following forecasted values of M and P1 for 2015:
̂M̂ = $50,000 and P̂1 = $20
The manager also estimates the average variable cost function to be
AVC = 3.0 - 0.0027Q + 0.0000009Q2
Total fixed costs will be $2,000 in 2015. Average variable cost reaches its minimum value of _____ units of output.
answer
1,500
question
Refer to the following figure. The price of capital is $50 per unit:
Picture
Which of the following combinations of capital and labor lies on the expansion path?
Picture
Which of the following combinations of capital and labor lies on the expansion path?
answer
130K, 175L
question
Picture
In the table above, how much does the third unit of labor ADD to total output?
In the table above, how much does the third unit of labor ADD to total output?
answer
none of the above
question
Demand equations derived from actual market data are
answer
both a and c
question
A risk premium is
answer
a measure calculated to reflect the riskiness of future profits.
question
If profits depend on both how much is produced (output) and the level of quality, then a profit-maximizing firm should choose the levels of output and quality at which
answer
none of the above
question
Gigi consumes only Perrier and cheese. In order to maximize her happiness subject to limited income, Gigi should purchase the amounts of Perrier and cheese at which
answer
both b and c
question
A clinic uses doctors and nurses optimally and is servicing the maximum number of patients given a limited annual payroll. The last doctor hired treated 1,600 extra patients in a year, while the last nurse hired treated 1,000 extra patients in a year. If doctors make $64,000 a year and nurses make $40,000 a year, then
answer
the clinic is making the correct decision.
question
Refer to the following figure. What is the equation for marginal revenue?
Picture
Picture
answer
MR = 20 - 0.01Q
question
If E1 is the demand elasticity for a product after a price change has been in effect one day, E2 is the demand elasticity for that product after one week, and E3 is demand elasticity for that product after one month,
answer
|E3|> |E2| > |E1|
question
Choice variables
answer
determine the value of the objective function
question
Refer to the following figure. The price of capital is $50 per unit:
Picture
How many units of capital should the firm use to produce 800 units of output at least cost?
Picture
How many units of capital should the firm use to produce 800 units of output at least cost?
answer
102
question
Short-run average cost is
answer
none of the above
question
Refer to the following table which gives the demand and cost data for a price-setting firm:
Picture
Picture
answer
$108
question
Profits are interdependent in oligopoly markets because
answer
each firm in the market is relatively large.
question
To answer, refer to the following:
"At Huffy's ... bicycle factory, 1,700 employees turn out 15,000 bicycles a day (in 1987). Five years before, it required 2,200 workers to make 10,000 bikes daily." (The Wall Street Journal).
Holding all else equal, we can conclude that, over those years,
"At Huffy's ... bicycle factory, 1,700 employees turn out 15,000 bicycles a day (in 1987). Five years before, it required 2,200 workers to make 10,000 bikes daily." (The Wall Street Journal).
Holding all else equal, we can conclude that, over those years,
answer
Huffy's average variable cost decreased.
question
Economic profit
answer
is negative when total costs exceed total revenues.
question
An agency is having problems with personal phone calls made during working hours. Each minute of a personal call costs the agency $0.50 in wasted wages. The agency hires operators to monitor calls in order to attain the optimal number of personal calls (minimize total cost of personal calls).
Picture
Based on the above information, if operators receive $25 an hour, how many operators should the agency hire?
Picture
Based on the above information, if operators receive $25 an hour, how many operators should the agency hire?
answer
2
question
Use the following general linear supply function:
Qs = 40 + 6P - 8PI + 10F
where Qs is the quantity supplied of the good, P is the price of the good, PI is the price of an input, and F is the number of firms producing the good. If PI = $20, F = 60, and the demand function is Qd = 600 - 6p the equilibrium price and quantity are, respectively,
Qs = 40 + 6P - 8PI + 10F
where Qs is the quantity supplied of the good, P is the price of the good, PI is the price of an input, and F is the number of firms producing the good. If PI = $20, F = 60, and the demand function is Qd = 600 - 6p the equilibrium price and quantity are, respectively,
answer
P = $10 and Q = 540.
question
A firm is producing 10,000 units of output in two plants, A and B, and each plant is producing 5,000 units of output. The marginal cost in plant A is $10 and the marginal cost in B is $6. To reduce the cost of producing 10,000 units the firm should
answer
produce less in A and more in B.
question
To answer the question, refer to the following table showing a demand schedule:
Picture
If price rises from $100 to $150,
Picture
If price rises from $100 to $150,
answer
total revenue moves up as indicated by the direction of the arrow representing the price effect.
question
To answer the question, refer to the following table showing a demand schedule:
Picture
If price falls from $200 to $150,
Picture
If price falls from $200 to $150,
answer
total revenue moves in the same direction as the arrow representing the quantity effect.
question
At the beginning of 2015, market analysts expect Atlantis Company, holder of a valuable patent, to earn the following stream of economic profits over the next five years. At the end of five years, Atlantis will lose its patent protection, and analysts expect economic profit to be zero after five years.
Picture
If investors apply an annual risk-adjusted discount rate of 15%, the value of Atlantis Company in 2015 is $______________________, which is also the maximum price investors would be willing to pay for Atlantis Company.
Picture
If investors apply an annual risk-adjusted discount rate of 15%, the value of Atlantis Company in 2015 is $______________________, which is also the maximum price investors would be willing to pay for Atlantis Company.
answer
$884,912
question
The price of X is $20 and the price of Y is $40.
Picture
Based on the above graph, at point B,
Picture
Based on the above graph, at point B,
answer
the marginal rate of substitution is ½.
question
Using time-series data, the demand function for a profit-maximizing monopolist has been estimated as
Qd = 142,000 - 500P + 6M - 400PR
where Qd is the amount sold, P is price, M is income, and PR is the price of a related good. The estimated values for M and PR in 2014 are $25,000 and $200, respectively. The short-run marginal cost curve for this firm has been estimated as:
MC = 200 - 0.024Q + 0.000006Q2
Total fixed cost is forecast to be $500,000 in 2016.What is the profit-maximizing (or loss-minimizing) level of production?
Qd = 142,000 - 500P + 6M - 400PR
where Qd is the amount sold, P is price, M is income, and PR is the price of a related good. The estimated values for M and PR in 2014 are $25,000 and $200, respectively. The short-run marginal cost curve for this firm has been estimated as:
MC = 200 - 0.024Q + 0.000006Q2
Total fixed cost is forecast to be $500,000 in 2016.What is the profit-maximizing (or loss-minimizing) level of production?
answer
8,000 units
question
A short-run production function was estimated as
Q = −0.002L3 + 0.16L2
At 60 units of labor, what is average product?
Q = −0.002L3 + 0.16L2
At 60 units of labor, what is average product?
answer
2.4
question
In the following graph, the price of capital is $100 per unit. What is the marginal rate of technical substitution at point C?
Picture
Picture
answer
none of the above
question
Firms that employ exceptionally productive resources
answer
both b and c
question
Derrick owns and operates a bakery. Every Saturday he bakes a batch of fresh kolaches, and every Saturday he sells all the kolaches and has to turn some customers away. Which of the following statements is correct?
answer
both a and c
question
Consider the statement: "When the British government tripled university fees for foreign students in Great Britain, about one-half of them left to study in other countries." The implied price elasticity of demand by foreigners for a British education is (in absolute value)
answer
less than 1.
question
Refer to the following graph. The price of labor is $3 per unit:
Picture
What is the minimum cost of producing 100 units of output?
Picture
What is the minimum cost of producing 100 units of output?
answer
$105
question
In a competitive industry the market-determined price is $12. A firm is currently producing 50 units of output; average total cost is $10, marginal cost is $15, and average variable cost is $7. In order to maximize profit, the firm should:
answer
produce less because the last unit of output decreased profit by $3.
question
Suppose an individual buyer values a pound of butter at $10. If the market price of butter is $8, what is the consumer surplus for this buyer?
answer
$2
question
Picture
In the above graph, the shift from I to II was due to
In the above graph, the shift from I to II was due to
answer
a decrease in the price of capital.
question
In every prisoners' dilemma situation, cooperation
answer
is possible.
question
A toy manufacturer is experiencing quality problems on its assembly line. Every defective toy that leaves the factory costs the firm $20. The firm has decided to hire quality inspectors to catch defective toys before they leave the factory.
Picture
Given the above information, if the cost of each defective toy rises to $50, while inspectors are paid $150 a day, how many inspectors should the firm hire?
Picture
Given the above information, if the cost of each defective toy rises to $50, while inspectors are paid $150 a day, how many inspectors should the firm hire?
answer
5
question
Average total cost
answer
increases if marginal cost is greater than average total cost.
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