Please help with these questions! 1. Carlos owns a car repair business. Which of the following...
Please help with these questions!
1. Carlos owns a car repair business. Which of the following would be a fixed input in his firm?
a) Spare tires
b) His repair shop building
c) Car batteries
d) Mechanics
2. Suppose a firm doubles its output in the long run. At the same time the average cost of production decreases. We can conclude that the firm is
a) exploiting the economies of scale available to it
b) facing constant returns to scale
c) facing diseconomies of scale
d) not using the available technology efficiently
Homework Answers
1) The repair shop building would be its fixed cost
option(b)
2) the firm is exploiting the economies of scale to it
option(a)
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