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Microecon problem set PART I: PRODUCTION FUNCTIONS State whether the following claim is true or false, and briefly explain your answer. The following production function exhibits increasing returns to scale: Q= I, +1(1 Erin’s admission to a prestigious music school depends on the total score (Q) the admissions office decides to assign her. The school […]
Distinguish between the short run and the long run. What will differentiate the short run and the long run? Describe fixed inputs and variable inputs. Which inputs are fixed, and which are variable in Sarah’s bakery? Why would marginal productivity decline after a certain level of production? How can this problem of diminishing returns or […]
If you increase production to an infinitely large level, the average variable cost and the average total cost will merge. Why? Economics 2030 LSU discussion Forum Examples As we look at the effect of the marginal cost on the average total cost and the average variable cost, the marginal cost curve pulls the other curves […]
