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By filling in the blanks in the cost schedule below, it can be determined that the total cost of the second unit of output is:QuantityTotal cost ($)Marginal cost ($)0200   1900 2 9003 3000   Question 7Select one:a.$700b.$0c.$900d.$1800e.$1000Clear my choiceQuestion 8Not yet answeredMarked out of 1.00Flag questionTipsQuestion textGross national expenditure ...... Question 8Select one:a.includes spending on imports by residents.b.includes all spending in the economy, including that on second-hand goods.c.includes transfer payments from government paid to residents abroad.d.includes spending on exports by foreigners.Clear my choiceQuestion 9Not yet answeredMarked out of 1.00Flag questionTipsQuestion textAs shown in the diagram below, the law of diminishing returns applies where there are:Question 9Select one:a.three workers per day.b.less than five workers per day.c.between two and five workers per day.d.five workers per day.e.more than five workers per day.Clear my choiceQuestion 10Not yet answeredMarked out of 1.00Flag questionTipsQuestion textEconomies of scale occur when:Question 10Select one:a.the long-run average cost curve increases as output increases.b.the long-run average cost curve remains unchanged as output increases.c.firms are producing in the long-run compared to the short-run.d.the long-run average cost curve decreases as output increase.

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By filling in the blanks in the cost schedule below, it can be determined that the total cost of the second unit of output is:QuantityTotal cost ()Marginalcost()Marginal cost ()0200   1900 2 9003 3000   Question 7Select one:a.700b.700b.0c.900d.900d.1800e.$1000Clear my choiceQuestion 8Not yet answeredMarked out of 1.00Flag questionTipsQuestion textGross national expenditure ...... Question 8Select one:a.includes spending on imports by residents.b.includes all spending in the economy, including that on second-hand goods.c.includes transfer payments from government paid to residents abroad.d.includes spending on exports by foreigners.Clear my choiceQuestion 9Not yet answeredMarked out of 1.00Flag questionTipsQuestion textAs shown in the diagram below, the law of diminishing returns applies where there are:Question 9Select one:a.three workers per day.b.less than five workers per day.c.between two and five workers per day.d.five workers per day.e.more than five workers per day.Clear my choiceQuestion 10Not yet answeredMarked out of 1.00Flag questionTipsQuestion textEconomies of scale occur when:Question 10Select one:a.the long-run average cost curve increases as output increases.b.the long-run average cost curve remains unchanged as output increases.c.firms are producing in the long-run compared to the short-run.d.the long-run average cost curve decreases as output increase.

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Solution

Question 7: The total cost of the second unit of output can be determined by subtracting the total cost of the first unit from the total cost of the second unit. In this case, the total cost of the first unit is 900andthetotalcostofthesecondunitisnotgiven.However,weknowthatthemarginalcostofthesecondunitis900 and the total cost of the second unit is not given. However, we know that the marginal cost of the second unit is 900. Therefore, the total cost of the second unit is 900(firstunitcost)+900 (first unit cost) + 900 (marginal cost of second unit) = 1800.So,theanswerisd.1800. So, the answer is d. 1800.

Question 8: Gross national expenditure includes all spending in the economy, including that on second-hand goods. So, the answer is b. includes all spending in the economy, including that on second-hand goods.

Question 9: The law of diminishing returns applies where there are between two and five workers per day. So, the answer is c. between two and five workers per day.

Question 10: Economies of scale occur when the long-run average cost curve decreases as output increases. So, the answer is d. the long-run average cost curve decreases as output increase.

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