ECON 2100 Midterm: ECON 2100 Kennesaw State ECON2100 Summer2010 Exam3A Key

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31 Jan 2019
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Econ 2100 (summer 2010 sections 05 and 06) The efficient scale of production refers to the level of output which minimizes average total costs of production. In the short run, the only variable input which company x hires is labor. When increasing the amount of labor hired from. 99 units to 100, output increases from 400 units to 410 units. If the production process of this firm exhibits a diminishing marginal product of labor, then _______ units of output would be produced if 101 units of labor were hired. more than 410 but fewer than 420. __________________ is a legal protection which grants the holder the exclusive right to create a particular product or use a particular production technique. The ____________________ is defined as a period of time during which the amount hired/used of at least one input is equal to some predetermined level (based upon a previous decision). Sara used to work as a telemarketer, earning ,000 per year.

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