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1. How a 1% increase in output affects unit costs b. How a 10% invrease in output affects total cost c. How total cost decrease as output doubles d. How unit costs decrease as output doubles e. None of the above 2. Given a 50% learning curve, where the first unit costs is $1,000, the cost of the 4th unit would be: a. $800 b. $250 c. $500 d. $400 e. None of above 3. Theoretically , in a long-run cost function: a. all inputs are fixed b. all inputs are considered variable c. some inputs are always fixed d. capital and labor are always combined in fixed proportions e. b and d 4. What method of inventory valuation should be used for economic decision-making problems? a. Book value b. Original cost c. Current replacement cost d. Cost or market, whichever is lower e. Historical cost 5. The degree of operating leverage is equal to the ______ change in __________ divided by the _______ change in _____. a. percentage; sales; percentage; EBIT b. unit; sales; unit; EBIT c. percentage; EBIT; percentage; sales d. unit; EBIT; unit; sales e. None of above 6. In the linear breakeven model, the breakeven sales volume (in dollars) is equal to fixed costs divided by: a. unit selling price less unit variable cost b. contribution margin per unit c. contribution margin per unit d. target margin per unit e. none of the above 7. In the linear break-even model, the difference between selling price per unit and variable cost per unit is referred to as: a. variable margin per unit b. variable cost ratio c. contribution margin per unit d. target margin per unit e. None of the above 8. The rate at which one input X may be substituted for another input Y in a production process, while output remains constant, is: a. the slope of the isoquant curve b. the marginal rate of technical substitution c. Equal to MPX/MPY d. all of the above e. none of the above
The marginal revenue is $3.00. What is the short-run and long-run condition for the monopolist and what output changes would you recommend?
Consider the following problem: There are two generators in this system and there is a load of 1,000MW. There is only one node in this network.
Derive the Marshallian demand functions and the indirect utility function, and confirm that Roy's identity holds.
The head of the accounting department at a major software manufacturer has asked you to put together a pro forma statement of the company's value under several possible growth scenarios and the assumption that the company's many divisions will rem..
At what output is the average variable cost (AVC) at a minimum and if the market price of the firm's output is $7.5 per unit, should the firm produce or shut down?
Calculate the magnitude of the consumer surplus and producer surplus in the pre-tax equilibrium and calculate the tax revenue in the post-tax equilibrium
Critics of traditional welfare programs often argue that a downside of traditional welfare programs is that when the government gives lower income people money, it causes them to work less. Compare and contrast the theoretical implications on lab..
Suppose you are the manager of College computers, a producer of customized computers that meet specifications needed through the local university.
Cost-Plus Pricing. Wendel Stove Company is developing a "professional" model stove aimed at the home market. The company estimates that variable costs will be $2,000 per unit and fixed costs will be $10,000,000 per year.
What is the monopolist's profit maximizing level of output and what is the profit-maximising pricing strategy among the options
Suppose you are the manager of a small pharmaceutical firm that received a patent on a new drug 3-years before. Despite strong sales and a low marginal cost of manufacturing the product
The response conforms to appropriate requirements of the specific format,cover page included, with student name, student number, and tutorial time/room number clearly stated.
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