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MGEB11H3 Final: 2009Final_MC

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peachturtle345
19 Jan 2016
School
UTSC
Department
Economics for Management Studies
Course
MGEB11H3
Professor
Victor Yu

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Related Questions

In the figure, curves 1, 2, 3, and 4 represent the:

A. ATC, MC, AFC, and AVC curves respectively

B. ATC, MC, AVC, and AFC curves respectively

C. MC, ATC, AVC, and AFC curves respectively

D. ATC, AVC, AFC, and MC curves respectively

In the above figure, curves 1, 2, 3, and 4 represent the:

A.

ATC, MC, AFC, and AVC curves respectively.

B.

AFC, MC, AVC, and ATC curves respectively.

C.

MC, ATC, AVC, and AFC curves respectively.

D.

ATC, AVC, AFC, and MC curves respectively.

Consider a firm with production function f(L,K)= 2L+6K. Assume that capital is fixed at K=6. Assume also that the price of capital r=10 and the price of labor w=2. Then, the marginal cost of producing q units is?

MC(q)= 3

MC(q)=1

MC(q)=2q

MC(q)=1/12

MC(q)= 9/8

27. Which of the following reflects the correct relationship between the average total cost (ATC) and marginal cost (MC)?

A. When MC < ATC; ATC is falling.

B. When MC < ATC; ATC is constant.

C. When MC > ATC; ATC is falling.

D. When ATC < MC; MC is falling.

E. When ATC is minimum; ATC < MC.