Testing

Submitted By channeng
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1. True. Sunk costs are resources that are spent and cannot be recovered if the firm goes out of business. Hence, sunk costs cannot does not count towards future economic decision-making. If all fixed costs are sunk, Average total cost = Average variable cost.

2. Uncertain. This is because for a particular Output, Marginal Cost is defined as the change in Total Costs / An increase in 1 unit of output. Any change in Total costs is dependent only on the variable costs of the two firms. As the question does not state the Variable costs of either of the firms, it is uncertain that MC of Firm A > MC of Firm B with only information of Fixed Costs provided.

3. Uncertain. This is because there can be a scenario in which marginal product is falling while the average product is rising. As long as MP > AP, AP will be rising, even if the MP is falling, as seen in the graph below:

4. Uncertain. Total profit is determined by the difference in Total Revenue and Total Costs.
Profit = TR - TC
Profit = (P * q) – (AC * q)
Profit = (P-AC)q
The scenario of Total Profit = 0 is only possible if at the point where P = AC, the difference between the Price and the Average Costs are 0. However, in the cases where AC > P or P > AC, Profit will not be 0.

5 (1)

5 (2)

5 (3) Marginal Product is defined as an increase in output from using an additional unit of input. As L goes up, MP increase sharply, then decrease gradually. This is because of the law of Diminishing Marginal Product, which states that marginal product of labour falls with each additional unit of labour hired, keeping capital fixed. At the start, MP increases as the labour cannot fully utilize the fixed inputs, and the full potential of those fixed inputs are not fully recognized yet. However, it proceeds on to decrease gradually. This is because as the fixed inputs are a constraining factor with...

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