Please help me with these couple multiple choice. It would be very helpful for my overall assignment. Please do not ask me to send you an email outside of Course Hero or try to get me to use a service outside of Course Hero. This has been happening more and more :( Thank you in advance for your help! Alex
A firm purchased copper pipes a few years ago at $9 per pipe and stored them, using them only as the
need arises. The firm could sell its remaining pipes in the market at the current price of $2.
What is the opportunity cost of each pipe and what is the sunk cost?
The opportunity cost is $_____ and the sunk cost is $_____.
(Enter your response as a whole number.) If the average cost of producing a good is increasing as a firm produces more of the
good, then which of the following must be TRUE?
AFC is falling.
AVC is rising.
All of the above A bottling company uses two inputs to produce bottles of the soft drink Sludge: bottling
machines (K) and workers (L). The isoquants have the usual smooth shape. The machines
cost $1,000 per day to run (r), and the workers earn $200 per day (w). At the current level of
production, the marginal product of machines (MPK) is an additional 496 bottles per day, and
the marginal product of labor (MPL) is 20 more bottles per day. Is this firm producing at
minimum cost? If it is minimizing cost, explain why. If it is not minimizing cost, explain how the
firm should change the ratio of inputs it uses to lower its cost.
The bottling company
is not minimizing the cost of production because MPK/r > MPL/w and should use less labor and
is not minimizing the cost of production because MPK/r < MPL/w and should use more labor
and fewer machines.
is not minimizing the cost of production because MPK/r > MPL/w and should use more labor
and fewer machines.
D. is minimizing the cost of production because MPK/r = MPL/w.
is not minimizing the cost of production because MPK/MPL = r/w and should use more labor
and fewer machines. In the long run, fixed costs are
larger than in the short run.
not included in production decisions. In what types of industries would you expect to see substantial learning by doing???
You would expect to see the strongest effect of "learning by doing" in industries
with stable technologies.
benefiting from increasing returns to scale.
without economies of scope.
producing new products.
that are capital-intensive. Travel websites such as Travelocity tend to offer reservation services for multiple travel modes.
This is because
once the firm has the reservation technology for airlines, there are economies of scope in
offering the same service for railroads.
once the firm has the reservation technology for airlines, there are economies of scale in offering the same service for railroads.
the firms have contractual obligations to offer reservations for airlines and railroads, for
the firms have statutorial obligations to offer reservations for airlines and railroads, for example. Limited liability is a benefit available only to
All of the above.
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