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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What is the long run average cost?
💡 Hint: Think of total cost in relation to quantity produced.
Question 2
Easy
Define long run marginal cost.
💡 Hint: Consider how output changes with costs.
Practice 4 more questions and get performance evaluation
Interactive Quizzes
Engage in quick quizzes to reinforce what you've learned and check your comprehension.
Question 1
What does LRAC stand for?
- Long Run Average Cost
- Long Relay Average Cost
- Last Return Average Cost
💡 Hint: Think about its relation to inputs being variable.
Question 2
The LRMC curve typically behaves in what manner?
- True
- False
💡 Hint: Consider its relationship to average cost.
Solve and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
A factory doubles its inputs (labor, machinery) and sees a 150% increase in output. What can you conclude about its returns to scale?
💡 Hint: Compare the percentage increases in inputs and output.
Question 2
Calculate the LRAC if a firm has total costs of $500 for producing 100 units. If production increases to 200 units with total costs of $900, what trends do you observe?
💡 Hint: Think about how costs per unit compare at different output levels.
Challenge and get performance evaluation