
econ
Authored by Riz .
Business
1st Grade

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9 questions
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1.
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1 min • 1 pt
It says that as successive increments of a variable resource are added to a fixed cost, the marginal product of the variable resource will eventually decline.
2.
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1 min • 1 pt
a short -run horizon phenomena caused by fixed of at least one factor of production such as land, plant, building, and machineries
3.
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1 min • 1 pt
means that the marginal cost is increasing, and the increasing marginal cost leads to increasing average costs that will result to decreasing profit.
4.
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1 min • 1 pt
mean that the long-run average costs are constant or does not change in relation to the output. A certain increase in inputs will have same increase in output.
5.
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1 min • 1 pt
means that the long-run average costs rise. it is an increase in all inputs, let us say 15%, that will result to a less than proportionate increase in output, let us consider less than 15%. It may occur at a very large output.
6.
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1 min • 1 pt
means that long run average cost falls, if all inputs are increased at the same proportion, output may increase by a larger proportion than the increase in input due to some factors that may lead to lower average costs.
7.
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1 min • 1 pt
between two products occur if the cost of producing two products jointly is less than the cost of producing those two products separately:
Cost (Q1, Q2) < Cost(Q1) + Cost (Q2)
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