enjoying pure monopoly about suffering losses because it has power to set its prices at any level it desires. b. Both moving average and exponential smoothing techniques are suitable for long-term forecast. c. A decision maker must always use the historical cost of raw materials in making an economic decision. d. Generally speaking, the higher the percentage spent on a product, the more price elastic of that product, and vice versa. e. The portion of the long-run cost curve that is horizontal indicates that the firm is experiencing neither economies nor discconomies of scale. f. The rational firm will try to operate most efficiently by producing at the point where its average cost is minimized.

enjoying pure monopoly about suffering losses because it has power to set its prices at any level it desires. b. Both moving average and exponential smoothing techniques are suitable for long-term forecast. c. A decision maker must always use the historical cost of raw materials in making an economic decision. d. Generally speaking, the higher the percentage spent on a product, the more price elastic of that product, and vice versa. e. The portion of the long-run cost curve that is horizontal indicates that the firm is experiencing neither economies nor discconomies of scale. f. The rational firm will try to operate most efficiently by producing at the point where its average cost is minimized.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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