Microeconomics Module 6 - Custom Scholars
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Microeconomics Module 6

question
In order to determine the average variable cost, the firm's variable costs are divided by ________________.
answer
the quantity of output
question
The economies-of-scale curve is a long-run average cost curve, because
answer
it allows all factors of production to change.
question
The term "constant returns to scale" describes a situation where
answer
expanding all inputs does not change the average cost of production.
question
A situation where the average costs are rising in the long run is called
answer
diseconomies of scale
question
_______ is calculated by taking the quantity of everything that is sold and multiplying it by the sale price.
answer
Total revenue
question
_______ include all of the costs of production that increase with the quantity produced.
answer
Variable costs
question
If a firm is experiencing _____________________, then as the quantity of output rises, the average cost of production rises.
answer
decreasing returns to scale
question
The term __________________ describes a situation where the quantity of output rises, but the average cost of production falls in the long run.
answer
economies of scale
question
The graph above illustrates the electricity market. Consider market competition between firms where price is based on AR and select the most appropriate answer.
answer
this market is imperfectly competitive with excess profits possible in the short-run
question
Mindy's company manufactures rubber balls used by elementary schools for playground activities. The table below sets out her firm's production cost information. Some values are missing. Which of the following statements is correct?
answer
B = 20; E = 45
question
If the firm produces 5 units that it sells at a price of $30.00 each, what will its profits or losses equal?
answer
Losses equal $5
question
If the firm produces 5 units that it sells for $39.00 each, what will its profits or losses equal?
answer
Profits equal $40
question
The table below sets out cost information for the production of volley balls. Some values are missing. Which of the following statements is correct?
answer
A = 42, E = 12
question
I'MABigCorp. produces and sells kitchen wares. Last year, it produced 7,000 can openers and sold each one for $6. To produce the 7,000 can openers, the company incurred variable costs of $28,000 and a total cost of $45,000. I'MABIGCorp.'s average fixed cost to produce the 7,000 can openers was
answer
$2.43
question
I'MaPizzaCo. produces and sells specialty pizzas. Last year, it produced 8,000 mushroom, sausage and spinach pizzas and sold each one for $8. To produce these 8,000 specialty pizzas, the company incurred variable costs of $24,000 and a total cost of $40,000. I'MaPizzaCo's average fixed cost to produce 8,000 specialty pizzas was
answer
$2.00 (40K-24K=16K) to get (16K/8K=2)
1 of 15
question
In order to determine the average variable cost, the firm's variable costs are divided by ________________.
answer
the quantity of output
question
The economies-of-scale curve is a long-run average cost curve, because
answer
it allows all factors of production to change.
question
The term "constant returns to scale" describes a situation where
answer
expanding all inputs does not change the average cost of production.
question
A situation where the average costs are rising in the long run is called
answer
diseconomies of scale
question
_______ is calculated by taking the quantity of everything that is sold and multiplying it by the sale price.
answer
Total revenue
question
_______ include all of the costs of production that increase with the quantity produced.
answer
Variable costs
question
If a firm is experiencing _____________________, then as the quantity of output rises, the average cost of production rises.
answer
decreasing returns to scale
question
The term __________________ describes a situation where the quantity of output rises, but the average cost of production falls in the long run.
answer
economies of scale
question
The graph above illustrates the electricity market. Consider market competition between firms where price is based on AR and select the most appropriate answer.
answer
this market is imperfectly competitive with excess profits possible in the short-run
question
Mindy's company manufactures rubber balls used by elementary schools for playground activities. The table below sets out her firm's production cost information. Some values are missing. Which of the following statements is correct?
answer
B = 20; E = 45
question
If the firm produces 5 units that it sells at a price of $30.00 each, what will its profits or losses equal?
answer
Losses equal $5
question
If the firm produces 5 units that it sells for $39.00 each, what will its profits or losses equal?
answer
Profits equal $40
question
The table below sets out cost information for the production of volley balls. Some values are missing. Which of the following statements is correct?
answer
A = 42, E = 12
question
I'MABigCorp. produces and sells kitchen wares. Last year, it produced 7,000 can openers and sold each one for $6. To produce the 7,000 can openers, the company incurred variable costs of $28,000 and a total cost of $45,000. I'MABIGCorp.'s average fixed cost to produce the 7,000 can openers was
answer
$2.43
question
I'MaPizzaCo. produces and sells specialty pizzas. Last year, it produced 8,000 mushroom, sausage and spinach pizzas and sold each one for $8. To produce these 8,000 specialty pizzas, the company incurred variable costs of $24,000 and a total cost of $40,000. I'MaPizzaCo's average fixed cost to produce 8,000 specialty pizzas was
answer
$2.00 (40K-24K=16K) to get (16K/8K=2)
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