Question

Question 1. Examine whether each of the following statements is true or false. Explain. a. [10 points] When MC is greater than ATC then AVC rises as output rises. b. [10 points] When MC is less then A VC then ATC falls as output rises.

Answer #1

(a) **TRUE** when MC is greater than ATC , then AVC
rises as output rises . Because MC cuts AVC and ATC at their
respective minimums . MC cuts ATC at the higher output level than
when MC cuts AVC. And when MC is greater than ATC , then both AVC
and ATC rises as output rises as shown in the figure below:

(b) **TRUE** When MC is less than AVC , then ATC
falls as output rises.Because MC cuts AVC and ATC at their
respective minimums . MC cuts AVC at the lower output level than
when MC cuts ATC. And when MC is less than AVC , then both AVC and
ATC falls as output rises as shown in the figure below:

Which of the following statements is true about profit, revenue
and cost?
A.
In economics, π means “profit”.
B.
Profit equals to revenue minus cost.
C.
π = R – C
D.
All above are true.
0.4 points
QUESTION 2
The relationship between quantity of input and total quantity of
output is _____________
A.
Production function.
B.
Total cost function.
C.
Total revenue curve.
D.
Marginal production curve.
0.4 points
QUESTION 3
Which of the following statements is...

1. Determine whether each of the following statements is true or
false and explain why you think so.
a) In perfectly competitive market, the long-run supply curve is
downward sloping in decreasing cost industry.
b) The marginal revenue for a perfectly competitive firm is
equal to the market price. The marginal revenue for a monopolist is
greater than the market price for positive quantities of
output.
c) To calculate the Lerner Index for a particular firm, you need
to know...

Indicate whether each of the following statements is true or
false and explain why.
A competitive firm that is incurring a loss should immediately
cease operations.
A pure monopoly does not have to worry about suffering losses
because it has the power to set its prices at any level it
desires.
In the long run, firms operating in perfect competition and
monopolistic competition will tend to earn normal profits.
Assuming a linear demand curve, a firm that wants to maximize...

Question 1: True, False or uncertain
Explain whether each of the following statement is true, false
or uncertain. Start your answer by selecting one of the three
statements – “True”, “False” and “Uncertain” and then provide
arguments to justify your selection (be brief and concise in less
than 100 words). You need to make assumption clear, reasonable and
explicit if making any. The quality and logic of arguments
determine your marks. (4 marks each)
The price of cars produced in...

For each of the following statements, identify whether the
statement is true or false, and explain why. Please limit each
response to no more than 3 sentences.
i) A p-value is the probability that the null hypothesis is
false. ii) A chi-square test statistic can never be negative.
iii) If we reject the null hypothesis that a population
proportion is equal to a specific value, then that specific value
will not be contained in the associated confidence interval.
iv) If...

Question 1: True, False or uncertain
Explain whether each of the following statement is true, false
or uncertain. Start your answer by selecting one of the three
statements – “True”, “False” and “Uncertain” and then provide
arguments to justify your selection (be brief and concise in less
than 100 words). You need to make assumption clear, reasonable and
explicit if making any. The quality and logic of arguments
determine your marks. (4 marks each)
If the lockdown measure due to...

Determine whether each of the following statements is true or
false and explain why you think so.
a) In perfectly competitive market, the long-run supply curve is
downward sloping in decreasing cost industry.
b) The marginal revenue for a perfectly competitive firm is
equal to the market price. The marginal revenue for a monopolist is
greater than the market price for positive quantities of
output.
c) To calculate the Lerner Index for a particular firm, you need
to know price...

Question 3. Choose whether each of the
following statements is True or False:
a)The pressure at certain depth in
water is less than that at the same depth in oil.
b)As you go deeper in a swimming pool,
the buoyant force on you changes with depth.
c)The buoyant force on a floating
object must be equal to the weight of the object.
d)A ship does not sink in seawater
because the density of steel is less than that of seawater....

True or False: Indicate whether each of the following
statements is true or false and explain why.
4. The industry supply curve could be downward sloping in the
long run.
The market for apartment rentals is in equilibrium when the
rent is $1000 per month and the quantity of apartments rented is
2,000. A rent control law is passed that sets the maximum rent at
$800. If the elasticity of demand for apartments is 1.2 and the
elasticity of supply...

For each of the following statements, identify whether the
statement is true or false, and explain why. Please limit each
response to no more than 2 sentences.
f) A weighted mean is preferred over an unweighted mean (i.e. a
regular sample mean) when each observation has its own unique
weight.
g) A z-score is a percentile.
h) Assuming the population is normally distributed, the standard
deviation of the sampling distribution of the sample mean will
always be less than or...

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