01 Jun Question Eco550 Review 1. The short-run cost function is
Question
Eco550 Review
1. The short-run cost function is
a. Where all inputs to the production process area variable
b. Relevant to decisions in which one or more inputs to the production process are fixed
c. Not relevant to optimal pricing and production output decisions
d. Crucial in making optimal investment decisions in new production facilities
2. In a study of banking by assets size over time, we can find which asset sizes are tending to become more prominent. The size that is becoming more predominant is presumed to be least cost. This is called:
a. Regression to the mean analysis
b. Breakeven analysis
c. Survivorship analysis
d. Engineering cost analysis
e. A Willie Sutton analysis
3. Which of the following is not an assumption of the linear breakeven model:
a. Constant selling price unit per price
b. Decreasing variable cost per unit
c. Fixed costs are independent of the output level
d. A single product (or a constant mix of products) is being produced and sold
e. All cost can be classified as fixed variable
4. A ______ total cost function implies that marginal costs_____ as output is increased
a. Linear; increase linearly
b. Quadratic; are constant
c. Cubic; increase linearly
d. Linear; are constant
5. Long distance telephone service became a competitive market. The average cost per call is $0.05 a minute, and it’s declining. The likely reason for the declining price for long distance service I:
a. Governmental pressure to lower price
b. Reduced demand for long distance service
c. Entry into this industry pushes prices down
d. Lower price for a barrel of crude oil
e. Increased cost of providing long distance service
6. What is another term meaning the degree of operating leverage?
a. The measure of the importance of fixed cost
b. The operating profit elasticity
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