Eco 550 Final Exam (Part 1 and 2) - Updated 2014

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ECO 550 Final Exam (Part 1 And 2) - Updated 2014

IF You Want To Purchase A+ Work Then Click The Link Below , Instant Download http://acehomework.com/ECO-550-Final-Exam-Part-1-And-2-Updated-2014-3344222211.htm?categoryId=-1 If You Face Any Problem E- Mail Us At JohnMate1122@gmail.com

ECO 550 final exam part 1
Question 1
A ____ total cost function implies that marginal costs ____ as output is increased.
Answer

linear; increase linearly quadratic; are constant cubic; increase linearly linear; are constant
Question 2
Which of the following is not an assumption of the linear breakeven model:
Answer

constant selling price per unit decreasing variable cost per unit fixed costs are independent of the output level a single product (or a constant mix of products) is being produced and sold
Question 3
Break-even analysis usually assumes all of the following except:
Answer

in the short run, there is no distinction between variable and fixed costs. revenue and cost curves are straight-lines throughout the analysis. there appears to be perfect competition since the price is considered to remain the same regardless of quantity. the straight-line cost curve implies that marginal cost is constant.
Question 4
George Webb Restaurant collects on the average $5 per customer at its breakfast & lunch diner. Its variable cost per customer averages $3, and its annual fixed cost is $40,000. If George Webb wants to make a profit of $20,000 per year at the diner, it will have to serve__________ customers per year.
Answer

10,000 customers 20,000 customers 30,000 customers 40,000 customers 50,000 customers
Question 5
The degree of operating leverage is equal to the ____ change in ____ divided by the ____ change in ____.
Answer

percentage; sales; percentage;…...

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