1.1 - A firm trebles its inputs and discovers that its output rises by a factor of four. This is an example of; Select one or more: a. constant returns to scale b. diminishing returns to a variable factor c. increasing returns to scale d. economies of scale 1.2 - Diseconomies of scale are present when.... Select one or more: a. marginalcostsrise b. long run average costs rise as output rises c. totalcostsfallasoutputrises d. total costs rise as output rises 1.3 - If the demand for a firm’s product is price inelastic, this implies that Select one or more: a. price changes have no impact on quantity demanded b. a fall in price of 3% will lead to a decline in quantity demanded of more than 3% c. a rise in price will raise total expenditure on the good d. a 5% rise in price will result in a fall in quantity demanded of less than 5%
Please indicate which multiple choice awnser is correct for question 1.1)1.2)1.3)
Please indicate it correctly as I have had this awnsered with different letters to the awnser I was told
1.1 - A firm trebles its inputs and discovers that its output rises by a factor of four.
This is an example of;
Select one or more:
a. constant returns to scale
b. diminishing returns to a variable factor c. increasing returns to scale
d. economies of scale
1.2 - Diseconomies of scale are present when.... Select one or more:
a. marginalcostsrise
b. long run average costs rise as output rises
c. totalcostsfallasoutputrises
d. total costs rise as output rises
1.3 - If the
Select one or more:
a. price changes have no impact on quantity demanded
b. a fall in price of 3% will lead to a decline in quantity demanded of more than 3%
c. a rise in price will raise total expenditure on the good
d. a 5% rise in price will result in a fall in quantity demanded of less than 5%
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