Ecs1501 Assignment 9 Semester 1 2023 ( Distinction )

ECS 1501
ASSIGNMENT 9 SEMESTER 1 2023




Use this document as a guide to learn, compare and reference

, Started on Friday, 26 May 2023, 3:34 PM
State Finished
Completed on Friday, 26 May 2023, 3:43 PM
Time taken 8 mins 15 secs
Marks 15.00/15.00
Grade 100.00 out of 100.00

Question 1
Complete
Mark 1.00 out of 1.00




I confirm
that this assessment will be my own individual work;
that I will not communicate with anyone else in any way during the completion of this assessment;
that I will not cheat in any way in completing and submitting this assessment.




I confirm.

I do not confirm.




Question 2
Complete
Mark 1.00 out of 1.00




How long is "the short" run in economics?



the time in which all inputs are variable

one year or less

a period in which the quantity of at least one input is fixed and the quantities of the other inputs can be varied

a period in which all inputs are fixed

,
, Question 3
Complete
Mark 1.00 out of 1.00




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.



average revenue

marginal product
average cost

marginal cost




Question 4
Complete
Mark 1.00 out of 1.00




Both product curves and cost curves are based on the law of diminishing returns.

Note, that you will lose 50% of the mark for this question if you choose the incorrect option.

If you are not sure about the answer and do not want to guess, choose the “Unsure” option. You will neither receive marks for the question nor
will you lose marks for choosing this option.



True
False
Unsure