Other Economics Answers

Use the data in the following table to answer the question.

The average total cost of the third unit is

The law of diminishing marginal returns refers to the situation in which _______ eventually declines as more of the variable input is employed, given a certain amount of the fixed input.

A. marginal product

B. average cost

C. marginal cost

D. average revenue

In economics, "the long-run" is referred to as

A. a period in which the amounts of capital are variable.

B. a period in which the amounts of all factors of production can be changed.

C. a period in which the amounts of labour are fixed.

D. a period in which the amounts of all factors of production are fixed.

Derive the IS Curve (graphically) for a three sector economy. What does it represent? What will happen 

to shape of the IS curve if the marginal propensity to save decreases?

Output (units) Total cost (R)

0 100

1 110

2 130

3 166

4 220

5 300

The marginal cost of the third unit is  

Output (units) Total cost (R)

0 100

1 110

2 130

3 166

4 220

5 300

The average variable cost of the third unit is  

Output(units) Total cost (R)

0 100

1 110

2 130

3 166

4 220

5 300

The average fixed cost of the first unit is