Reading Guide: Section 10 Module 56
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1. Explain the difference in terms of average total cost of high fixed costs versus low fixed costs. How do fixed costs impact average total cost? *
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2. If you are a business owner and you choose low output versus high output (3 or 4 cases of salsa vs 9 or 10), why are lower fixed costs preferable? *
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3. Describe the difference between economies and diseconomies of scale in the long run. *
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4. When output is increasing and long run average total cost is decreasing the firm is experiencing *
1 point
5. When output is increasing and long run average total cost is inreasing the firm is experiencing *
1 point
6. What is the difference between economies of scale, diseconomies of scale and constant returns to scale? *
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Sunk Costs
7. Why should a sunk cost be ignored when it comes to a decision about future actions? *
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8. What is the difference between average cost and marginal cost? *
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9. Why do economists predict that firms will make output decisions based on marginal analysis instead of averages? *
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Clifford....
You need to watch this.
Seriously...go back and watch the video
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