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Principles of economics ii questions.

Principles of economics ii questions.

Find Principles of economics ii university examination questions in acaproso.com

#	Question
1	Write short notes on the following Cartel Marginal rate of technical substitution Long run period of production Competition type of market Explicit cost Short answers
2	Explain how pure monopoly as a type of market is maintained . Short answers
3	Describe the monopolistic competition type of market structure and how it differes from other types of market. Short answers
4	Discuss in details the major forms of business organization. Short answers
5	Discuss the short run period of production in relation to cost curves. Short answers
6	In the short run, the firm`s production curves exhibit all of the following except Average product of the labour $(AP_{L})$ is at its maximum when marginal product of labour $(MP_{L})$ is equal to $(AP_{L})$ Total product of labour $(TP_{L})$ is at its maximum when $(MP_{L})$ =0 $(TP_{L})$ begins to decrease when $(AP_{L})$ begins to decrease When $(MP_{L})$ < $(AP_{L})$ , $(AP_{L})$ is decreasing $(MP_{L})$ reaches a maximum sooner than does either $(AP_{L})$ or $(TP_{L})$ Multiple choices
7	If we know that capital is fixed and a business firm can produce 36 units of output per day with 3 workers and 44 units of output per day with 4 workers , then we know all of the following except: The marginal product is below the average product The firm has passed the point of diminishing marginal productivity The average product of three workers is 12 The marginal product of the third worker must be greater than 8 We know all of the above Multiple choices
8	All of the following describe marginal cost except marginal cost is (does) not The change in total cost associated with producing an additional unit of output Given by (change in TC)/(change in Q) Given by (change in TVC)/(change in Q) Positively related to the short run marginal product of labour $(MP_{L})$ Reach a minimum at the same time that the $(MP_{L})$ reaches a maximum Multiple choices
9	All of the following describe marginal cost except marginal cost is (does) not The change in total cost associated with producing an additional unit of output Given by (change in TC)/(change in Q) Given by (change in TVC)/(change in Q) Positively related to the short run marginal product of labour $(MP_{L})$ Reach a minimum at the same time that the $(MP_{L})$ reaches a maximum Multiple choices