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1.
The four questions refer to the following table in which columns 1, 2, and 3 give the economically efficient combinations of labor and capital for various output levels. The price of capital is $50, and the price of labor is $30.
(1)
Output
(2)
Capital
(3)
Labor
(4)
Long-Run
Total Cost
(5)
Long-Run
Average Cost
(6)
Long-Run
Marginal Cost
20
8
12
______
______
______
40
15
20
______
______
______
60
25
35
______
______
______
80
40
50
______
______
______
Using the above table, answer the following questions.
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2.
Grocery stores and gasoline stations in a large city would appear to be examples of competitive markets: There are numerous relatively small sellers, each seller is a pricetaker, and the products are quite similar.
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3.
Airline industry experts generally believe that because of the “highly competitive” nature of U.S. airline markets, it is usually impossible to pass on higher jet fuel prices to passengers by raising ticket prices.
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