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Hello, I have difficulty with the following exercise I dont understand, thank you for your help: 74.Constant returns to scale occur when Select one: a.the

Hello, I have difficulty with the following exercise I dont understand, thank you for your help:

74.Constant returns to scale occur when

Select one:

a.the long-run average cost curve is falling as output increases.

b.long-run total costs are constant as output increases.

c.the long-run average cost curve is rising as output increases.

d.long-run average total costs are constant as output increases.

75. The long-run average total cost curve is always

Select one:

a.horizontal.

b.rising as output increases.

c.falling as output increases.

d.flatter than the short-run average total cost curve, but not necessarily horizontal.

78. Marginal cost always equals average total cost at:

Select one:

a.maximum average variable total cost.

b.maximum average total cost.

c.average variable cost.

d.minimum average total cost.

81. Marginal product is rising, marginal cost is

Select one:

a.rising.

b.at its minimum.

c.constant.

d.falling.

83. When marginal cost is less than average total cost,

Select one:

a.average total cost is falling.

b.average total cost is rising.

c.marginal cost must be falling.

d.average variable cost must be falling.

84.

Number of workers hired 0 1 2 3 4 5 6 7 8 9 10
Output 0 10 25 40 50 59 61 62 62 62 60

Consider the above production function for a pet manufacturer:

The marginal product of the 5th worker is

Select one:

a.9

b.15

c.1

d.10

e.2

87.

Number of workers hired 0 1 2 3 4 5 6 7 8 9 10
Output 0 10 25 40 50 59 61 62 62 62 60

Consider the above production function for a pet manufacturer:

In this case, diminishing marginal returns set in with the

Select one:

a.second worker.

b.4th worker.

c.sixth worker.

d.fifth worker.

e.third worker.

94.

Number of workers hired 0 1 2 3 4 5 6 7 8 9 10
Output 0 10 25 40 50 59 61 62 62 62 60

Consider the above production function for a pet manufacturer:

With the 10th worker hired, the marginal product

Select one:

a.becomes positive.

b.becomes negative

c.begins to rise.

d.is stable.

e.begins to fall.

95.

Quantity (units) 0 1 2 3 4 5 6 7 8 9
Total cost ($) 46 76 96 104 110 130 160 196 236 286

Consider the above cost schedule for a firm producing widgets.

The efficient scale of operation for this firm is

Select one:

a.5 units.

b.6 units.

c.4 units.

d.7 units.

e.3 units.

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