Marginal cost is the increase in total cost resulting from a unit increase in output. Average fixed cost plus average variable cost equals average total cost. Total cost equals total fixed cost plus total average cost. Average total cost is total cost per unit of output. Marginal cost depends on the amount of labour hired.
Which one of the following statements is false? Curve D represents marginal cost. Curve B comes closer to curve C as output increases because of a decrease in average fixed costs. Average fixed cost decreases with output. The vertical gap between curves B and C is equal to average variable cost. The vertical gap between curves B and C is equal to average fixed cost. Your browser either does not support scripting or you have turned scripting off. So, the Submit Answers for Grading button below will not work.
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Virtual University MCQs BANK - MCQs Collection from Online Quizzes
Chapter 3: Supply, production and cost. Multiple choice questions.
The long run is a period of time in which:. Look carefully at the table which represents a firm's short-run total cost schedule. In the figure above the average variable cost curve is represented by the curve labelled:.
None of the above. When the marginal product of labour is greater than the average product of labour:. Economies of scale exist when:. Economies of scope exist when:. The marginal cost MC curve intersects the:. ATC curve at its maximising point. The supply of toys is relatively elastic, which suggests that the factors of production used in producing toys can easily be switched between different uses.
In the long-run time period it is variable costs that the firm must be able to cover in order to remain solvent avoid bankruptcy. If the firm earns more profit than is necessary to keep it in the industry in the long run, we call this 'super-normal' profit.
When the 'long-run average cost' curve starts to rise we refer to economies of scale having set in. A rise in cumulative output leading to a reduction in average costs is an example of economies of scope. The marginal cost curve must cut the average variable cost curve at its lowest point.Marginal product cannot exceed average product. Output cannot be increased in these circumstances. An entrepreneur has decided to start a new restaurant.
Electricity, staff wages, and plates. The building lease, the advertisement placed in the paper, and the printed menus. There are no fixed costs. Staff wages, food, and candles for the tables. Leontief production function. Cobb-Douglas production function. It is impossible to tell without having information about the average product function.
Upward sloping from 0 to 25 and horizontal above Horizontal from 0 to 25, and downward-sloping above Upward sloping from 0 to 25 and downward sloping above Short-run cost minimization problem.
Long-run cost minimization problem. Fixed-proportions production function. The Submit Answers for Grading feature requires scripting to function.
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Economics Multiple Choice Questions – Chapter 3 – Theory of Production
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The following Clear Answers button is provided in its place and will clear your answers:. Chapter 6.If an economy moves from producing 10 units of A and 4 units of B to producing 7 As and 5Bs, the opportunity cost of the 5 th B is:. Gillespie: Foundations of Economics 4e Chapter 2: Multiple choice questions.
Instructions Answer the following questions and then press 'Submit' to get your score. Question 1 If an economy is productively efficient: a Everyone is wealthy. Question 2 Economic growth can be shown by: a An inward shift of the production possibility frontier. Question 3 As resources are shifted from one industry to another this can be shown by: a An inward shift of the production possibility frontier. Question 4 In a free market the combination of products produced will be determined by: a Market forces of supply and demand.
Question 5 If an economy moves from producing 10 units of A and 4 units of B to producing 7 As and 5Bs, the opportunity cost of the 5 th B is: a 7As. Question 6 An economy may operate outside the Production Possibility Frontier if: a It is not utilizing its resources fully. Question 7 The resources in the economy do not include: a Demand. Question 8 The resources in an economy are: a Constantly increasing.
Question 9 Any combination of products inside the production possibility frontier is: a Allocatively inefficient. Question 10 An outward shift of the production possibility frontier may be caused by: a An increase in demand.Contact staff here You'll find IKEA staff at information desks with this symbol.MCQ Revision Question: Externalities in Production
They will arrange for you to collect your item at Furniture Pick-up if you need to. Time for a bite to eat Our restaurant isn't just for delicious full meals - stop in for a quick sandwich, piece of cake or cup of coffee.
Look for the special kids' menu, too. Pick up your purchases Check the notes you made of the shelf numbers to find your items in the Self-Serve area. There are plenty of carts and bags to help you get it all to the checkouts. Selected items need to be picked up in Furniture Pick-up after your purchase is complete. How to pay Our cashiers accept cash, credit cards, debit cards, and IKEA gift cards.
Take it home today Since most IKEA furniture is flat-packed, you can take it home today in your car and enjoy it tonight. If you'd prefer, IKEA can arrange home delivery at a reasonable rate - contact your local IKEA store for details. It's ok to change your mind If you are not entirely satisfied with your purchase, simply return the unused item in its original packaging within 90 days unless noted below.
A receipt is required for all returns and exchanges. Refunds will be issued in the same method of payment as the original payment. So what should you do if you want to prepare for this version of the SAT but are mainly familiar with the old version. And do you really have to throw out all of your "old SAT" study materials. We will go through the SAT section by section and note key differences between the old and new SAT. Next, we will explain how to prep for the new SAT based on those differences.
We will point out places that you can still use old prep materials to prepare for the new SAT and also point you toward other free study resources online. We will also link extensively to our SAT study guides throughout this post to give you more targeted advice by section. That means that the math section is now weighted more heavily on the SAT. It's now very important to get a strong math score to get a good overall composite score. Also, answers now have four choices instead of five.
If you want to read a complete breakdown of differences between the old and new SAT, check out our post on the subject. All questions on the redesigned SAT Reading section are based on passages with set topics.
On the old SAT, the questions often came from these categories but the topics were not predetermined. There is also more emphasis on defining vocabulary in context, understanding and using evidence, making logical arguments, and using scientific reasoning on the new SAT. The emphasis is now on defining vocabulary in context.
Via College Board's Test Specifications for the Redesigned SAT. For the old SAT, knowing vocabulary was crucial to doing well. So in addition to studying vocabulary words, you should also practice doing advanced reading and test your ability to define tough words based on their context. Your first place to head for SAT Reading practice is the source: the College Board website.Technically it is the lower bound of Wilson score confidence interval for a Bernoulli parameter.
Read how it works in layman's terms here. For regression models, confidence is the upper end of a confidence interval around the expected error for that prediction. The prediction goes through a number of states until its fully completed. Through the status field in the prediction you can determine when the prediction has been fully processed and ready to be used. Most of the times predictions are fully processed and the output returned in the first call.
These are the properties that a prediction's status has:To update a prediction, you need to PUT an object containing the fields that you want to update to the prediction' s base URL. Once you delete a prediction, it is permanently deleted. If you try to delete a prediction a second time, or a prediction that does not exist, you will receive a "404 not found" response.
However, if you try to delete a prediction that is being used at the moment, then BigML. To list all the predictions, you can use the prediction base URL. By default, only the 20 most recent predictions will be returned. You can get your list of predictions directly in your browser using your own username and API key with the following links. You can also paginate, filter, and order your predictions.
When you create a new centroid, BigML. You can also list all of your centroids. You can use curl to customize new centroids. Once a centroid has been successfully created it will have the following properties. Creating a centroid is a near real-time process that take just a few seconds depending on whether the corresponding cluster has been used recently and the workload of BigML's systems.
The centroid goes through a number of states until its fully completed. Through the status field in the centroid you can determine when the centroid has been fully processed and ready to be used. Most of the times centroids are fully processed and the output returned in the first call. These are the properties that a centroid's status has:To update a centroid, you need to PUT an object containing the fields that you want to update to the centroid' s base URL.
Once you delete a centroid, it is permanently deleted. If you try to delete a centroid a second time, or a centroid that does not exist, you will receive a "404 not found" response. However, if you try to delete a centroid that is being used at the moment, then BigML.
To list all the centroids, you can use the centroid base URL. By default, only the 20 most recent centroids will be returned. You can get your list of centroids directly in your browser using your own username and API key with the following links.
You can also paginate, filter, and order your centroids. When you create a new anomaly score, BigML. The closer the score is to 1, the more anomalous the instance being scored is.
That is, how much each value in the input data contributed to the score. You can also list all of your anomaly scores. You can use curl to customize new anomaly scores.
Once an anomaly score has been successfully created it will have the following properties. Creating an anomaly score is a near real-time process that take just a few seconds depending on whether the corresponding anomaly has been used recently and the workload of BigML's systems. The anomaly score goes through a number of states until its fully completed.
Through the status field in the anomaly score you can determine when the anomaly score has been fully processed and ready to be used. Most of the times anomaly scores are fully processed and the output returned in the first call.In this session, Oracle Data Cloud SVP Eric Roza and Moat cofounder Jonah Goodhart will talk about the platform vision and how they're making it a reality.
Jonah Goodhart, SVP, Oracle Data Cloud Eric Roza, General Manager and SVP, Oracle Data Cloud Interviewed by: Ryan Joe, Managing Editor, AdExchangerInvestment drives innovation as industry participants know well. With that in mind, Dan Salmon provides his Wall Street perspective on some key trends to consider across the marketing technology landscape in the year to come.
Dan Salmon, Equity Research Analyst, BMO Capital MarketsThis featured fireside chat will be announced shortly and include a discussion with a key industry leader in the year ahead. Guided by his unique journey from corner store to corner office, SAP CEO Bill McDermott will present his analysis on the state of marketing as the enabler of the consumer-driven growth revolution.
He will also share secrets from his boardroom conversations with Fortune 1000 CEOs around the world. Bill McDermott, CEO, SAPJohn Ebbert, Publisher, AdExchangerGoogle VP Brad Bender will discuss the company's evolving advertiser business. How does NBCU juggle traditional "Upfront" sales, advanced TV, digital programmatic and cooperative sales with key partners like Apple and Vox. Jon Suarez-Davis, Chief Strategy Officer, Salesforce Marketing Cloud, SalesforceIBM continues to augment and develop its technology strategy in service to marketers.
This fireside chat looks at "what's next" through the lens of the company's Chief Digital Officer, Bob Lord. Bob Lord, Chief Digital Officer, IBM Interviewed by: Zach Rodgers, Executive Editor, AdExchangerThe last few years have given the "principals" in the programmatic transaction - marketers and publishers - plenty of reasons to question its value.
From brand safety to ad fraud to agency rebates and price transparency issues, ad tech has had its share of trouble. And yet the industry continues to grow in spite of it all. Is 2018 the year the technology ecosystem moves beyond its "trust issues". This panel will explore the question, and provide a roadmap for how to move forward. Barrett, CEO, Rubicon Project Brian O'Kelley, CEO and Co-Founder, AppNexus Brett Wilson, VP and General Manager, Advertising, Adobe Moderated by: Sarah Sluis, Senior Editor, AdExchangerThe General Data Protection Regulation (GDPR) is an effort by the European Commission to shift the balance of power in favor of consumers so that they can determine and command when a company can or cannot use their personal data to drive business decisions.
This session will explore how your strategies, technologies and operations must change to be compliant with the Regulation, and how good, early preparation will help you thrive in this stricter environment. Melissa Parrish, VP, Research Director, ForresterA special presentation from the native advertising software company, Sharethrough.
Dan Greenberg, CEO, SharethroughGreat Chief Marketing Officers (CMOs) are hard to find - ask any board. Blodget will discuss media trends in the year ahead as well as provide an inside view on the next steps for BI under owner Axel Springer SE, the leading digital publisher in Europe. Henry Blodget, CEO and Editor, Business Insider Interviewed by: Sara Fischer, Media Reporter, AxiosQuantcast Co-Founder and CEO Konrad Feldman looks at the year ahead as his company pursues a strategy based on artificial intelligence (AI) technology and its application for brands, agencies and publishers.The Betting Company can offer other forms of betting.
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Multiple Choice Questions On Manufacturing Process and Production Engineering
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