Econ 528 final exam - Study guides, Class notes & Summaries

ECON 528 Final Exam (University of louisiana/ECON 528 Final Exam (University of louisianaECON 528 Final Exam (University of louisianaECON 528 Final Exam (University of louisianaECON 528 Final Exam (University of louisianaECON 528 Final Exam (University of louisianaECON 528 Final Exam (University of louisianaECON 528 Final Exam (University of louisianaECON 528 Final Exam (University of louisianaECON 528 Final Exam (University of louisianaECON 528 Final Exam (University of louisianaECON 528 Final ...

D. None of the above correct answers If the marginal product of labor is 2, the marginal product of capital is 4, the wage rate is $3, the rental price of capital is $6, and the price of output is $1.50, then the firm should . Increase output by hiring more labor, more capital, or both. b. Hold output constant, but hire more labor and less capital. c. Decrease output by reducing the quantity of capital, reducing the number of units of labor, or both. d. None of the above is correct. ...

If, when a firm doubles all its inputs, its average cost of production decreases, then production displays a.) diminishing returns b.) economies of scale c.) diseconomies of scale d.) declining fixed costs correct answers b. ) economies of scale The long-run average cost curve shows A) the lowest average cost of producing every level of output in the long run. B) where the most profitable level of output occurs. C) the average cost of producing where diminishing returns are not prese...

The best definition of economics is: A) how goods and services are produced. B) how choices are made under conditions of scarcity. C) how businesses maximize profits. D) how money is used. correct answers B) how choices are made under conditions of scarcity Managerial economics is best defined as the economic study of: A) how businesses can decide on the best use of scarce resources. B) how businesses can make the most profits. C) how businesses can sell the most products. D) how busi...

ECON 528 Final Exam Questions And Answers 2024

University of Louisiana, Lafayette - ECON 528 Final Exam

ECON 528 Final Exam Questions And Answers 2024

ECON 528 Final Exam With Complete Solutions 2024

ECON 528 Final Exam Review Questions And Answers 2024

ECON 528 Final Exam Questions And Answers 2024