Log in
HomeStudy Guides420,000CA160,000

ECON102 Study Guide - Quiz Guide: Average Variable Cost, Marginal Cost, Fixed Cost

153 views3 pages
coralhyena595
3 Mar 2015
School
University of Waterloo
Department
Economics
Course
ECON102
Professor
Wokia Kumase

For unlimited access to Study Guides, a Grade+ subscription is required.

apricotcaribou323 and 20 others unlocked
ECON102 Full Course Notes
19
ECON102 Full Course Notes
Verified Note
19 documents

Document Summary

Avalon"s decision to ______ is a long-run decision. Hire 15 more people; move to a larger space. Move to a larger space; hire 15 more people serve 500 customers a day; hire 15 more people. Hire 15 more people; serve 500 customers a day: the table gives the total product schedule for flora"s flower shoppe. If flora increases the number of workers she hires from 2 to 3, marginal product is _____70_ bouquets. If flora increases the number of workers she hires from 3 to 4, marginal product is ___40___ bouquets: the law of diminishing returns says that as the firm uses more of ______, with a given quantity of. ______, _______ product of the variable factor eventually diminishes. A variable factor of production; the fixed factor of production; marginal. A fixed factor of production; variable factors of production; marginal. A variable factor of production; the fixed factor of production; average: choose the correct statement.

Get access

Grade+
$40 USD/m
Billed monthly
Grade+
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
10 Verified Answers

Related Documents

ECON102 Chapter Notes - Chapter 11: Diminishing Returns, Average Cost, Average Variable Cost
blushfly503
ECON102 Chapter Notes - Chapter 11: Sunk Costs, Marginal Product, Marginal Cost
puceclam474
ECON102 Chapter Notes - Chapter 1.5: Average Cost, Average Variable Cost, Diminishing Returns
pinkgoose715

Related Questions

25. With regard to economic decision making for firms, the short run is a. a definite number of months. b. a period when the quantities of all factors of production and technology are variable. c. less than 1 year. d. a period when the quantities of all factors of production are variable but technology is fixed. e. a period when the quantity of at least one factor of production is fixed.

16) The long run is a time frame in which A) the firm can hire all the workers it wants to employ, but it does not have sufficient time to buy more equipment. B) the firm is able to maximize revenue. c) the quantities of all factors of production can be varied. D) economic efficiency is achieved. E) the firm may want to build a bigger plant, but cannot do so.

The short run is a time period A) of one year or less. B) where all factors of production are variable C) where all factors of production are fixed. D) where some factors of production are variable, but at least one factor of production is fixed. E) where all factors of production are variable, but the technology is fixed.