ECO550 Final Part 1 & 2 Latest 2017 (Perfect Answer)$ 36.00

PART 1

Question 1

0 out of 4 points

Evidence from empirical studies of long-run cost-output relationships lends support to the:

a. existence of a non-linear cubic total cost function
b. hypothesis that marginal costs first decrease, then gradually increase over the normal operating range of the firm
c. hypothesis that total costs increase quadratically over the ranges of output examined
d. hypothesis that total costs increase linearly over some considerable range of output examined
e. none of the above

Question 2

0 out of 4 points

The short-run cost function is:

a. where all inputs to the production process are variable
b. relevant to decisions in which one or more inputs to the production process are fixed
c. not relevant to optimal pricing and production output decisions
d. crucial in making optimal investment decisions in new production facilities
e. none of the above

Question 3

0 out of 4 points

Which of the following is not an assumption of the linear breakeven model:

a. constant selling price per unit
b. decreasing variable cost per unit
c. fixed costs are independent of the output level
d. a single product (or a constant mix of products) is being produced and sold
e. all costs can be classified as fixed or variable

Question 4

4 out of 4 points

A ____ total cost function implies that marginal costs ____ as output is increased.

a. linear; increase linearly
b. quadratic; increase linearly
c. cubic; increase linearly
d. a and b
e. none of the above

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