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Analyst

In: Business and Management

Submitted By YunEunice
Words 1451
Pages 6
GR 522 John Leeth Fall 2014 Bentley University

Problem Set 5

Problems and Applications

Mankiw pages 275-277 questions 1, 2, 6, and 12.

Key Terms Review
Write the key term next to its definition. 1. : costs that do not vary as a firm varies its output; also called overhead costs. 2. : the increase in output from one more unit of an input when the quantity of all other inputs is unchanged. 3. : the extra cost of producing one more unit of output. 4. : a period of production long enough that producers have adequate time to vary all the inputs used to produce a good. 5. : the property whereby long-run average total costs falls as the quantity of output increases 6. : total revenue minus total cost, including both explicit and implicit costs.

Multiple Choice 1. The average total cost of producing 30,000 yards of fabric in a textile factory you manage is $7.60. Your crack team of economists have determined that the marginal cost of producing one more yard of fabric is $7.60. If you decide to expand production by a little bit:
a. average cost will rise.
b. average cost will remain constant.
c. average cost will fall.
d. the impact on average cost is unknown.
2. One reason for economies of scale is:
a. increased specialization as a firm builds larger factories.
b. use of more labor-intensive production processes.
c. problems in managing large operations.
d. the law of diminishing marginal returns.

3. An industry has firms with long run average cost curves like those shown below. Based on the shape of the curves, we would expect that the industry is composed of firms: a. that are large and few in number. b. that are numerous and very small. c. that must be large to realize economies of scale. d. that are both large and small, producing at the minimum long-run

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