ECO 550 Final Exam Answers

ECO 550 Final Exam Answers

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ECO 550 Final Exam Answers

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Question 1

The short-run cost function is:


where all inputs to the production process are variable

relevant to decisions in which one or more inputs to the production process are fixed

not relevant to optimal pricing and production output decisions

crucial in making optimal investment decisions in new production facilities

In a study of banking by asset 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:


regression to the mean analysis.

breakeven analysis.

survivorship analysis.

engineering cost analysis.

a Willie Sutton analysis.

Which of the following is not

an assumption of the linear breakeven model:


constant selling price per unit

decreasing variable cost per unit

fixed costs are independent of the output level

a single product (or a constant mix of products) is being produced and sold

all costs can be classified as fixed or variable

Question 4

A ____ total cost function implies that marginal costs ____ as output is increased.



Question 16

Even ideal cartels tend to be unstable because


firms typically prefer competition to collusion as competition, because it leads to more profits.

collusion leads to lowest possible overall profits in the industry.

oligopolistic managers are extremely risk loving.

firms can benefit by secretly selling more than they promised the other firms

The Herfindahl index for A is 3,800.

The Herfindahl index for B is 3,600

The Herfindahl index for A is greater than for B.

The Herfindahl index is for B is 4,000.

Question 31

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