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ECON-1010-D1/D2-Introduction to Microeconomics
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Which one of the following statements about the implicit rental rate of capital is true?
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How is average total cost (ATC) calculated?
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Given an upward-sloping, straight line total variable cost curve, what does the marginal cost curve look like?
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The difference in the market value of a new van owned by a firm and the market value of the same van one year later is
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Average total cost
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Flora's Flowers bought a new van last year for $10,000. It can now sell the van for $8,500. To buy this year's model of the same van it would have to pay $11,000. What is the one-year amount of economic depreciation?
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What is one of the most important properties of cost curves?
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For a certain firm, the number of workers hired is the only variable input. When this firm’s production function is illustrated on a graph, what is measured on the axes?
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When is average total cost increasing?
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If the ATC curve is falling then the MC curve must be
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