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

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

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The long run is a time frame in which

the firm can hire all the workers it wants to employ, but it does NOT have sufficient time to buy more equipment.

the firm is able to maximize revenue.

the firm may want to build a bigger plant, but cannot do so.

economic efficiency is achieved.

the quantities of all factors of production can be varied.

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Isoquants are usually drawn convex when viewed from the origin, reflecting the standard assumption

that both factors are subject to the law of diminishing returns.

that the variable factor is subject to the law of diminishing returns.

the positive marginal productivity of all factors.

negative marginal productivity of all factors.

that both factors are subject to increasing returns.

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An isoquant shows

the whole set of technically efficient factor combinations that can produce varying levels of output.

various levels of output that can be produced with different factor combinations.

various levels of output that can be produced with a fixed factor combination.

the whole set of technically efficient factor combinations that can produce a single level of output.

the alternative factor combinations that require the same expenditure.

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In the long run, the law of diminishing marginal returns

is NOT relevant because there are no fixed factors of production.

sometimes holds, depending on the production process.

does hold, regardless of production process.

is exactly the same as in the short run.

does NOT hold because technology is a variable.

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Suppose a firm increases the quantity of labour employed from 5 to 6 workers, and as a result, the firm's total output increases from 100 units to 400 units. The marginal product of the sixth worker is

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When Coffee 'n' Cream in Victoria, British Columbia hires two students, 64 customers can be served in one hour. Suppose the manager of the restaurant observes that after hiring the third student, 80 customers are being served in one hour. The marginal product of the third student is ________ customers per hour.

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In the short run, total fixed costs

decrease and then increase as output increases.

decrease as output increases.

do NOT vary with output.

increase and then decrease as output increases.

are equal to total variable costs.

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Which one of the following statements is FALSE?

Total variable cost plus total fixed cost equals total cost.

Marginal cost equals the change in total cost divided by the change in output.

Average total cost is calculated by dividing total cost by the level of output.

The average cost curve is U-shaped.

The total cost curve is U-shaped.

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When the demand for electricity peaks during the hottest days of summer, Hydro One can generate more electricity by using more fuel and increasing the working hours of many of its employees. The company cannot, however, increase electric power production by building additional generating capacity. This means that the company is operating in the

intermediate run.

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The marginal cost (MC) curve intersects the

ATC, AVC, and AFC curves at their minimum points.

ATC and AFC curves at their minimum points.

AVC and AFC curves at their minimum points.

ATC and AVC curves at their minimum points.

TC and TVC curves at their minimum points.

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