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ECON-3030-A1/A2/B1/B2-Managerial Economics-Winter-2025
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If an increase in output from 5 to 10 teapots increases total cost from $100 to $200, the marginal cost of one of those 5 teapots is
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A dry cleaner currently has 10 workers and 4 machines. The workers' wage rate is $300 per worker and the rental rate for a machine is $500. The last worker added 600 units to total output and the last machine also added 600 units to total output. If the dry cleaner uses 11 workers and 3 machines instead, then
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When do diseconomies of scale occur?
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A firm is using 50 units of labour and 100 units of capital to produce 2,000 units of output. The price of labour is $200 per unit and the price of capital is $100 per unit. At these input levels, another unit of labour adds 400 units to output and another unit of capital adds 600 units to output. The firm
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The long-run is defined as
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Suppose that when a firm increases its usage of all inputs by 100%, output increases by more than 100%. The firm's production function exhibits
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