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ECON-3030-A1/A2/B1/B2-Managerial Economics-Winter-2025
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A firm is currently producing 15 units of output; marginal cost is $20 and average total cost is $6 at this level of output. The average total cost at 14 units of output is:
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If a firm is producing a given level of output in an economically efficient manner, then it must be the case that
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Suppose you run a pizza shop and currently have two employees. If you hire a third employee, your output of pizzas per day rises from 55 to 65. If you hire a fourth employee, output rises to 80 per day. A fifth and sixth employee would cause output to rise to 100 and 115 per day, respectively. Pick the correct statement:
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A firm produces 2,000 units of output using 1000 workers. Marginal cost is $150, the wage rate is $80, and total fixed cost is $500,000. What is average variable cost?
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A short-run production function assumes that
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Which of the following equations explains the relationship among different cost functions?
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Short-run cost curves are eventually upward-sloping because of the effects of
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When marginal cost exceeds average total cost, what do we know?
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