Economics Past Questions and Answers

What happens when a minimum price is imposed in a market?

When an increase in inputs leads to a more than proportionate increase in output, there is _____________

The short-run in production is the time period when

The table below shows the short-run cost of a firm. Use it to answer the question below

Quantity (kg)	Fixed cost ($)	Variable cost ($)	Total cost ($)	Marginal cost ($)	Average cost ($)
1	750	200	950	-	950
2	750	560	1310	360	655
3	750	900	P	Q	550

Calculate the value of Q

A cost of production that is positively related to output is the