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ECON-1010-D1/D2-Introduction to Microeconomics
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In the long run all of a firm’s costs are variable. In this case the exit criterion for a profit-maximizing firm is
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In which one of the following situations will a perfectly competitive firm make an economic profit?
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For a firm in a perfectly competitive market, what must the price of the good always be?
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Use the figure below to answer the following questions.
Figure 10.3.2Refer to Figure 10.3.2, which illustrates the short-run average and marginal cost curves. The average variable cost curve is curve
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If ATC is rising then MC must be
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Ernie's Earmuffs produces 200 earmuffs per year at a total cost of $2,000 and $400 of this cost is fixed. What is Ernie's total variable cost?
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If a firm is producing a given level of output in a technically efficient manner, then it must be the case that
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Use the table below to answer the following questions.
Refer to Table 10.2.3. The maximum value of marginal product occurs where output equals ________, while the maximum value of average product occurs where output equals ________.
Table 10.2.3
| Labour(workers per week) | Output(rubbers boats per week) | Marginal Product(rubber boats per worker) | Average Product(rubber boats per worker) |
| 012345678910 | 01247111416171818 | 112A4B2110 | 11CC2.2E2.282.1321.8 |
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If diseconomies of scale are present,
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The total product curve is a graph that shows the
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