University of Louisiana, Lafayette - ECON 528 Module 4 Homework Assignment
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Course
ECON 528
Institution
ECON 528
University of Louisiana, Lafayette - ECON 528 Module 4 Homework Assignment
Started on Monday, 17 September 2018, 10:14 PM State Finished Completed on Monday, 17 September 2018, 10:21 PM Time taken 6 mins 53 secs Marks 15.00/20 .00 Grade 7.50 out of 10.00 (75%) Question 1 Correct Mark 1.00 out of 1...
ECON528-850-ECON528-010-201920
Started on Monday, 17 September 2018, 10:14 PM
State Finished
Completed on Monday, 17 September 2018, 10:21 PM
Time taken 6 mins 53 secs
Marks 15.00/20.00
Grade 7.50 out of 10.00 (75%)
Question 1
Correct
Mark 1.00 out of 1.00
Economies of scale exist as a firm increases its size in the long run because of all of the follow
Select one:
a. as a firm expands its production, its profit margin per-unit of output increases.
b. the firm can afford more sophisticated technology in production.
c. labor and management can specialize even further in their tasks.
d. as a larger input buyer, the firm can purchase inputs at a lower per unit cost.
Your answer is correct.
The correct answer is: as a firm expands its production, its profit margin per-unit of output increases.
, Question 2
Correct
Mark 1.00 out of 1.00
Over the past twenty years, the number of small family farms has fallen significantly and in th
there are fewer, but larger, farms owned by corporations. Which of the following best explains
Select one:
a. diminishing returns to labor in farming
b. economies of scale in farming
c. diseconomies of scale in farming
Your answer is correct.
The correct answer is: economies of scale in farming
Question 3
Correct
Mark 1.00 out of 1.00
The president of Toyota's Georgetown plant was quoted as saying, "Demand for high volumes
energy. Over a period of time, it eroded our focus [and] thinned out the expertise and knowle
painstakingly built up over the years." This quote suggests that
Select one:
a. high demand for Toyota's cars prevented the company from focusing on its strength:
design.
b. Toyota was focused on "churning" out cars for which it did not invest sufficiently in tra
workers.
c. Toyota was experiencing an excess demand for its automobiles which it had difficulty
up with.
d. as Toyota expanded its capacity, it experienced diseconomies of scale.
Your answer is correct.
The correct answer is: as Toyota expanded its capacity, it experienced diseconomies of scale.
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