Download the final exam instructions document, starting .R code file with comments, and .csv file. Lab Exam Instructions BankJobs.csv LabExam01LastF.R Attach your .R code file here when complete. The time limit on the exam is 90 minutes. Grades will be penalized if you exceed the allotted time. The following constitute academic integrity violations on the final exam: Communicating with anybody during your exam Having anything open on your computer besides 1 browser tab with the D2L submission area, 1 instance of RStudio with your final exam code, and 1 Windows Explorer (or Mac OS Finder) window for viewing your code folder contents Using/viewing another non-approved device during the exam (mobile phone, tablet, computer, smart watch, headphones) Accessing the built-in help documentation in RStudio during the exam Having anything on your desk area besides the following: computer, mouse, pen/pencil and a single sheet of handwritten notes (water bottles are acceptable) Being in possession of exam materials outside of exam time or discussing the final exam content with classmates past or present By continuing with the exam, you commit to understanding and abiding by these rules.

As output rises unit by unit, costs ____ relatively ____ at first, but then ____ more ____.

At a firm’s profit-maximizing level of output,

If a firm is producing where marginal revenue is less than marginal cost, the firm should increase its level of output to increase profits.

A profit-maximizing firm will produce the level of output such that marginal cost is less than rising marginal revenue.

Average total cost is the

To an economist, total cost is total accounting cost plus opportunity costs not measured in accounting costs.

When Ford Motor Company reports that it earned a loss of $100 million for the fourth quarter of 2007, the firm is

Opportunity cost is the full value of the next best alternative.

When diminishing marginal returns occurs, the