Homework Answers
Answer: The correct answer is (D) Downward shift of Marginal cost curve and increase in output. This is due to the advancement in the technology. As technology becomes advanced, the firm can produce more with good quality of the product. Also, the cost of making an additional good decreases because now it is efficient to produce more. So, firm will produce more.
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An improvement in technology would result in Select one: a. upward shifts of MC and reductions...
15. A technological improvement in producing good A would cause 3. a movement upward and to...
15. A technological improvement in producing good A would cause 3. a movement upward and to the nght along the supply curve for A b. a shift to the right of the supply curve for A. c. a shift to the left of the supply curve for A. d. a movement downward and to the left along the supply curve for A 16.- Which of the following is true if the price of coffee increases? a. The demand for tea,...
12. Learning by doing doctrine suggests that: a. MC shifts upward as current output increases b....
12. Learning by doing doctrine suggests that: a. MC shifts upward as current output increases b. an increase in this period's output will cause future periods' long-run average cost curves to be lower c. The long-run average cost curve to increase at a smaller output d. the Law of Diminishing Returns to be violated e. none of the above 13. If given quantities of soap and shampoo can be produced together at a lower total cost than they could be...
When a technology improvement increases the output per employee, then the cost per unit of output...
When a technology improvement increases the output per employee, then the cost per unit of output will? a.) increase b.) decrease c.) become negative d.) not change
when a technology improvement increases the output per employee, then the cost per unit of output...
when a technology improvement increases the output per employee, then the cost per unit of output will a. decrease b. increase c. not change d. become negative
1. A firm negotiates a new labor contract with a higher average hourly wage. What is...
1. A firm negotiates a new labor contract with a higher average hourly wage. What is the most likely effect of the higher wage on the firm's price and output? a) Neither price nor output will be affected. b) Price will increase but output will not change. c) Both price and output will increase. d) Price will not change but output will decrease. e) Price will increase and output will decrease. 2. Other factors constant, a change in will cause...
1.If copyright laws were made tougher and were more strictly enforced, companies would be encouraged to...
1.If copyright laws were made tougher and were more strictly enforced, companies would be encouraged to Select one: a. purchase more plants and equipment. b. hire more labor. c. engage in more R&D activity. d. hire less labor. e. None of these 2.Diminishing returns to labor means that Select one: a. the greater the amount of output, the less labor that is needed. b. as more labor is employed, total output declines. c. as more labor is employed, each additional...
TOT D. Construct different cost curves Refer to the factors causing a shift of cost curves...
TOT D. Construct different cost curves Refer to the factors causing a shift of cost curves on P.26 of lecture notes (topic 6), you are required to draw the average total cost curves (ATC), average variable cost curves (AVC), and marginal cost curves (MC) of a firm to indicate the possible impacts of the given changes Given that there is an increase in rent. (Draft work) Diagram Group discussion Given that there is an increase in wage rate. (Draft work)...
Which of the following would cause stagflation? Select one: a. aggregate supply shifts right b. aggregate demand shifts...
Which of the following would cause stagflation? Select one: a. aggregate supply shifts right b. aggregate demand shifts left c. aggregate supply shifts left d. aggregate demand shifts right
Which of the following is a result of technology? Select one: a. Cultural clash b. Death...
Which of the following is a result of technology? Select one: a. Cultural clash b. Death of distance c. Population growth in the wealthiest nations d. Demographic divide
29.Metropolitan Museum completes round of layoffs The museum cut 74 jobs and 95 other workers retired....
29.Metropolitan Museum completes round of layoffs The museum cut 74 jobs and 95 other workers retired. The museum also laid off 127 other employees in its retail shops. The cut in labor costs is $10 million, but the museum expects no change in the number of visitors. Source: The New York Times, June 22, 2009 Explain how the job cuts and shop closings will change the museum's short-run average cost curves and marginal cost curve. A cut in labor but...
15. A technological improvement in producing good A would cause 3. a movement upward and to the nght along the supply curve for A b. a shift to the right of the supply curve for A. c. a shift to the left of the supply curve for A. d. a movement downward and to the left along the supply curve for A 16.- Which of the following is true if the price of coffee increases? a. The demand for tea,...
12. Learning by doing doctrine suggests that: a. MC shifts upward as current output increases b. an increase in this period's output will cause future periods' long-run average cost curves to be lower c. The long-run average cost curve to increase at a smaller output d. the Law of Diminishing Returns to be violated e. none of the above 13. If given quantities of soap and shampoo can be produced together at a lower total cost than they could be...
1. A firm negotiates a new labor contract with a higher average hourly wage. What is the most likely effect of the higher wage on the firm's price and output? a) Neither price nor output will be affected. b) Price will increase but output will not change. c) Both price and output will increase. d) Price will not change but output will decrease. e) Price will increase and output will decrease. 2. Other factors constant, a change in will cause...
TOT D. Construct different cost curves Refer to the factors causing a shift of cost curves on P.26 of lecture notes (topic 6), you are required to draw the average total cost curves (ATC), average variable cost curves (AVC), and marginal cost curves (MC) of a firm to indicate the possible impacts of the given changes Given that there is an increase in rent. (Draft work) Diagram Group discussion Given that there is an increase in wage rate. (Draft work)...
Which of the following would cause stagflation? Select one: a. aggregate supply shifts right b. aggregate demand shifts left c. aggregate supply shifts left d. aggregate demand shifts right
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