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ECON-3030-A1/A2/B1/B2-Managerial Economics-Winter-2025

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If AFC is falling then MC must be
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A cost that has been incurred and cannot be recovered is a
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When a firm’s only variable input is labour, what does the slope of the production function measure?
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If marginal product is decreasing, then it must be the case that
0%
33%
33%
0%
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When is marginal cost equal to average total cost?
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In the above figure, the Average Total Cost of producing 5 units of output is $ .

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Suppose a firm is producing 80

units of output,

incurring a total cost of

$45,000 and total variable cost of $7,000.

It can be

concluded that average fixed cost is

$ .

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If an increase in output from 8 to 12 teapots increases total cost from $1,100 to $1,200, the marginal cost of one of those 4 teapots is $  .

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If the total product of three workers is 337 units and the total product of four workers is 353 

units, then the marginal

product of the fourth worker is 

.

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A firm's total fixed cost is $190

. If total cost

is

$490 for one unit of output and $630

for two units, what is the marginal

cost of the second unit?

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