Homework Answers
8. Option A is correct. Profit increases with the level of output when increase in the inputs increases the output by a greater proportion so that there are increasing returns to scale and diminishing cost
9. Option A is correct. economies of scope are caused advantages under which it is less costly to produce two or more goods together that have similar production process instead of producing them separately.
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8. growing profits to scale occurs if a certain percentage of in all inputs ends in...
5. the opportunity cost related to choosing a specific conclusion is determined through its a. decisions...
5. the opportunity cost related to choosing a specific conclusion is determined through its a. decisions b. expenses c. effort d. profits 6. A sunk cost is a cost already _____ that the company cannot ____. a. paid; earn b. incurred; recover c. refunded; return d. paid; deliver 7. what type of cost involves an evaluation of comparative advatages and disadvantages? a. opportunity cost b. total cost c. variable cost d. fixed cost 8. growing profits to scale occurs if...
1. Explicit costs ______. do not involve outlays of cash are greater than implicit costs involve...
1. Explicit costs ______. do not involve outlays of cash are greater than implicit costs involve outlays of cash are less than implicit costs 2. Opportunity costs can vary from person to person and ______________________. can be calculated easily most of the time can even be different for the same person at different points in time are always known and predictable represent explicit costs only 3. An example of an implicit cost would be ______. transportation expenses salaries rental costs...
Macroeconomic Multiple Choice Questions Answer All 10 Questions* 1) If the Central Bank of Kuwait puts...
Macroeconomic Multiple Choice Questions
Answer All 10 Questions*
1) If the Central Bank of Kuwait puts in place an expansionary monetary policy, its decision is based on A) the fact that the economy is at full employment B) Expectation of excessive inflation in the future C) the fact that the economy is in an expansion D) Unemployment level is high 2) When the interest rate is set at a very low rate A) the opportunity cost of holding money is...
Predatory Pricing Which of the followings is not the purpose of predatory pricing? A To drive...
Predatory Pricing Which of the followings is not the purpose of predatory pricing? A To drive competitors out of a market B To prevent entry by potential rivals C To increase its own market power O D to increase output and lower prices Economies and Diseconomies of Scale When a firm gets so large that coordination and management of workers and other inputs becomes costly and difficult, it is experiencing which of the following? O A Diseconomies of scale O...
My explanation about these requirements are as follow:- Please i need more ideas to support my...
My explanation about these requirements are as follow:- Please i need more ideas to support my work Reflect on the two (02) following topics: 1) The Law of Increasing Returns to a factor of production. 2) The Law of Diminishing Returns to a factor of production. Be explicit and analytical. Also, provide appropriate examples to support your analysis. ANS 1) The Law of Increasing Returns to a factor of production. Be explicit and analytical. Also, provide appropriate examples to support...
Question 7 5 pts Let's say that you know the following information for an oligopoly firm:...
Question 7 5 pts Let's say that you know the following information for an oligopoly firm: Total Revenue equals $200 million. Variable Costs are $170 million. Fixed Costs equal $20 million. The firm is currently producing 2,000 products at the MC = MR point (and the MC curve is rising). What recommendation do you have for this firm? Assuming the firm's costs remain the same, the firm should produce fewer products in order to decrease its marginal costs. The profit...
7. Assume that the long-run production function can be expressed as Q-SKL? Where Q is quantity...
7. Assume that the long-run production function can be expressed as Q-SKL? Where Q is quantity of output, K is the quantity of capital and L is the quantity of labor. If capital is fixed at 10 units in the short run then the short-run production function is: Q=10KL b. Q=50KL? Q=10L? d. 0=50L Q=500KL 8. For a linear total cost function: a. MC will be downward sloping b. MC = AVC c. AVC is upward sloping and linear d....
Utilizing Menu Engineering Concept in a Restaurant Operation The purpose of this assignment is fo...
Utilizing Menu Engineering Concept in a Restaurant Operation The purpose of this assignment is four fold: Step 1. To learn basic menu engineering principles Step 2. To learn menu engineering strategies Step 3. To use a spreadsheet program in generating two menu engineering reports Step 4. To evaluate the information found in the menu engineering reports using the menu engineering strategy model presented in this assignment. This will be accomplished by answering 9 questions found at the end of this...
1) Repeated doubling, in which each doubling occurs in the same amount of time, is a...
1) Repeated doubling, in which each doubling occurs in the same amount of time, is a hallmark of linear growth. A) True B) False 2) Money in a bank account earning compound interest at an annual percentage rate of 3% represents an example of linear growth. A) True B) False 3) Suppose you had a magic bank account in which your balance doubled each day. If you started with just $ 1, you'd be a millionaire in less than a...
Match the following: Adam Smith David Ricardo John Maynard Keynes Choices: (2 are not used.) a....
Match the following: Adam Smith David Ricardo John Maynard Keynes Choices: (2 are not used.) a. founder of modern market economics comparative advantage-argument for mutual benefits of international trade comparative advantage-emphasized job displacements of international trade founder of modern macroeconomics invented capitalism duo If a firm has trouble selling its good, it can lower price. increase demand. decrease supply. both a) and b) are correct. 6. People often pay too much for goods because they are not aware of which...
Macroeconomic Multiple Choice Questions
Answer All 10 Questions*
1) If the Central Bank of Kuwait puts in place an expansionary monetary policy, its decision is based on A) the fact that the economy is at full employment B) Expectation of excessive inflation in the future C) the fact that the economy is in an expansion D) Unemployment level is high 2) When the interest rate is set at a very low rate A) the opportunity cost of holding money is...
Predatory Pricing Which of the followings is not the purpose of predatory pricing? A To drive competitors out of a market B To prevent entry by potential rivals C To increase its own market power O D to increase output and lower prices Economies and Diseconomies of Scale When a firm gets so large that coordination and management of workers and other inputs becomes costly and difficult, it is experiencing which of the following? O A Diseconomies of scale O...
Question 7 5 pts Let's say that you know the following information for an oligopoly firm: Total Revenue equals $200 million. Variable Costs are $170 million. Fixed Costs equal $20 million. The firm is currently producing 2,000 products at the MC = MR point (and the MC curve is rising). What recommendation do you have for this firm? Assuming the firm's costs remain the same, the firm should produce fewer products in order to decrease its marginal costs. The profit...
7. Assume that the long-run production function can be expressed as Q-SKL? Where Q is quantity of output, K is the quantity of capital and L is the quantity of labor. If capital is fixed at 10 units in the short run then the short-run production function is: Q=10KL b. Q=50KL? Q=10L? d. 0=50L Q=500KL 8. For a linear total cost function: a. MC will be downward sloping b. MC = AVC c. AVC is upward sloping and linear d....
Utilizing Menu Engineering Concept in a Restaurant Operation The purpose of this assignment is four fold: Step 1. To learn basic menu engineering principles Step 2. To learn menu engineering strategies Step 3. To use a spreadsheet program in generating two menu engineering reports Step 4. To evaluate the information found in the menu engineering reports using the menu engineering strategy model presented in this assignment. This will be accomplished by answering 9 questions found at the end of this...
1) Repeated doubling, in which each doubling occurs in the same amount of time, is a hallmark of linear growth. A) True B) False 2) Money in a bank account earning compound interest at an annual percentage rate of 3% represents an example of linear growth. A) True B) False 3) Suppose you had a magic bank account in which your balance doubled each day. If you started with just $ 1, you'd be a millionaire in less than a...
Match the following: Adam Smith David Ricardo John Maynard Keynes Choices: (2 are not used.) a. founder of modern market economics comparative advantage-argument for mutual benefits of international trade comparative advantage-emphasized job displacements of international trade founder of modern macroeconomics invented capitalism duo If a firm has trouble selling its good, it can lower price. increase demand. decrease supply. both a) and b) are correct. 6. People often pay too much for goods because they are not aware of which...
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