Eco 550 Final Part 1

In: Business and Management

Submitted By janaltekia
Words 1135
Pages 5
Course Managerial Economics & Globali
Test Final Exam Part 1 (100 points)
Attempt Score 96 out of 100 points

This final exam consist of 25 multiple choice questions and covers the material in Chapters 9 through 12.

Question 1

4 out of 4 points Correct The short-run cost function is: Answer Selected Answer: relevant to decisions in which one or more inputs to the production process are fixed Correct Answer: relevant to decisions in which one or more inputs to the production process are fixed Question 2

4 out of 4 points Correct Break-even analysis usually assumes all of the following except: Answer Selected Answer: in the short run, there is no distinction between variable and fixed costs. Correct Answer: in the short run, there is no distinction between variable and fixed costs. Question 3

4 out of 4 points Correct Evidence from empirical studies of long-run cost-output relationships lends support to the: Answer Selected Answer: hypothesis that total costs increase linearly over some considerable range of output examined Correct Answer: hypothesis that total costs increase linearly over some considerable range of output examined Question 4

4 out of 4 points Correct 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 Selected Answer: 30,000 customers Correct Answer: 30,000 customers Question 5

4 out of 4 points Correct In a…...

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