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Economics

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1.Which of the following is NOT a decision that can be made at the margin?
whether to grow beans or corn on large farm
whether to hire 100 new workers or not
whether to leave early in the moring or late in the day
whether or not to go on vacation, I think this is the answer, correct?
2.Which of the following is a kind of decision that can be made at margin?
whether to hire new workers or not, I think this is correct answer??
whether to go on vacation or not
whether to build an addition on house

  • Economics - ,

    The schedule below shows the level of output that can be produced using different levels of input. A unit of input costs $80 and the fixed costs of running your business are $50.
    Input Output
    0 0
    1 2
    2 6
    3 9
    4 11
    5 12
    1. What is your AVC of producing 11 units of output? __________
    2. What is your AFC of producing 12 units? __________
    3. What is the marginal cost of the 12th unit? __________
    4. What is the marginal cost of your 9th unit? __________
    5. At what level of output is ATC at its minimum? __________

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