Homework Answers
e. is correct
When there are increasing return to scale marginal cost is falling because additional increase in output is greater than additional cost of production.
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If a firm is experiencing increasing return to scale: a. there are diseconomies of scale b....
(Click to select) economies of scale a. Long-run average total cost falls as the firm realize: rises when the firm...
(Click to select) economies of scale a. Long-run average total cost falls as the firm realize: rises when the firm experiences [ (Click to select) diseconomies of scale diminishing marginal returns increasing marginal returns b. The minimum efficient scale is the level of output produced by the smallest firm in the industry. smallest level of output at which a firm can produce. only level of output where long-run average total costs are minimized. smallest level of output needed to attain...
13. As output (plant size) increases, economies of scale occur when the A) long-run average cost...
13. As output (plant size) increases, economies of scale occur when the A) long-run average cost increases. B) long-run average cost decreases. C) short-run average total cost decreases. D) long-run average cost stays constant 14. Economies of scale can occur as a result of which of the following? A) increasing marginal costs as the firm increases its size B) higher fixed cost as the firm increases its size C) management difficulties as the firm increases its size D) greater specialization...
Question 5 1 pts Diseconomies of scale occur when a firm's marginal costs are constant as...
Question 5 1 pts Diseconomies of scale occur when a firm's marginal costs are constant as output increases. long-run average total costs are decreasing as output increases. long-run average total costs are increasing as output increases. O marginal costs are equal to average total costs for all levels of output. Question 6 1 pts
a) Increasing returns to scale (also known as economies of scale) occurs when average cost is ...
a) Increasing returns to scale (also known as economies of scale) occurs when average cost is [CHOOSE] ["minimized", "steady", "rising", "maximized", "falling"] . b) Decreasing returns to scale (diseconomies of scale) occurs when average cost is [CHOOSE] ["maximized", "minimized", "falling", "steady", "rising"] . c) When marginal...
Part 1 If a firm encounters diseconomies of scale, each one percent increase in all resources...
Part 1 If a firm encounters diseconomies of scale, each one percent increase in all resources expands output by: A) precisely one percent. B) more than one percent. C) less than the increase in total costs. D) less than one percent. Part 2 If a firm confronts economies of scale, a 20 percent increase in labor: A) and all other inputs will increase output by more than 20 percent. B) with capital fixed will increase output by 20 percent. C)...
Table 1 shows the three short-run average total cost (ATC) curves for a firm with only...
Table 1 shows the three short-run average total cost (ATC) curves for a firm with only three possible plant sizes: (1) Size 1, (2) Size 2, and (3) Size 3. Find the firm's long-run average cost (LRAC) curve and answer Questions 17- 21 on the basis of the information in Table 1 Table 1 Only Three Possible Plant Sizes Long-Run Average Cost Curve LRAC Size 1 Size 2 QI ATC 20 S0.95 30 40 50 60 70 Size 3 Size...
The short run marginal cost curve in the traditional microeconomic model of production eventually rises because...
The short run marginal cost curve in the traditional microeconomic model of production eventually rises because of a. diseconomies of scale. b. diminishing marginal revenues. c. rising fixed costs. d. increasing marginal productivity of variable inputs. e. diminishing marginal returns. . If the long-run average cost of production falls as the firm increases its level of output, then the firm exhibits a. constant returns to scale. b. constant marginal costs. c. economies of scale. d. diseconomies of scale. e. diminishing...
22. Which of the following is true for a firm that enjoys economies of scale? a. Marginal cost is increasing as output i...
22. Which of the following is true for a firm that enjoys economies of scale? a. Marginal cost is increasing as output increases. b. Average total cost is falling as output increases. c. Marginal cost is constant as output increases. d. Marginal revenue is falling as output increases. 23. The figure below shows short-run average total cost curves for a firm under four different production technologies. Assume that there are only four different technologies that the firm could use. Refer...
fill out the table question 16 The table below provides cost information for a firm. Use...
fill out the table
question 16
The table below provides cost information for a firm. Use this information to answer the following 3 questions. Quantity MC FC VC 0.5 10 20 30 2 40 13. Is this firm operating in the short run or the long run, and how do you know? a. The firm is operating in the short run because there are fixed costs. b. The firm is operating in the long run because both fixed and variable...
In the long run, if 1,000 units are produced at a cost of $8,000 and 1,200...
In the long run, if 1,000 units are produced at a cost of $8,000 and 1,200 units at a cost of $9,200, then in this output range there are Select one: a. economies of scale b. increasing marginal returns c. diminishing marginal returns d. decreasing marginal costs e. diseconomies of scale
(Click to select) economies of scale a. Long-run average total cost falls as the firm realize: rises when the firm experiences [ (Click to select) diseconomies of scale diminishing marginal returns increasing marginal returns b. The minimum efficient scale is the level of output produced by the smallest firm in the industry. smallest level of output at which a firm can produce. only level of output where long-run average total costs are minimized. smallest level of output needed to attain...
13. As output (plant size) increases, economies of scale occur when the A) long-run average cost increases. B) long-run average cost decreases. C) short-run average total cost decreases. D) long-run average cost stays constant 14. Economies of scale can occur as a result of which of the following? A) increasing marginal costs as the firm increases its size B) higher fixed cost as the firm increases its size C) management difficulties as the firm increases its size D) greater specialization...
Question 5 1 pts Diseconomies of scale occur when a firm's marginal costs are constant as output increases. long-run average total costs are decreasing as output increases. long-run average total costs are increasing as output increases. O marginal costs are equal to average total costs for all levels of output. Question 6 1 pts
Table 1 shows the three short-run average total cost (ATC) curves for a firm with only three possible plant sizes: (1) Size 1, (2) Size 2, and (3) Size 3. Find the firm's long-run average cost (LRAC) curve and answer Questions 17- 21 on the basis of the information in Table 1 Table 1 Only Three Possible Plant Sizes Long-Run Average Cost Curve LRAC Size 1 Size 2 QI ATC 20 S0.95 30 40 50 60 70 Size 3 Size...
fill out the table
question 16
The table below provides cost information for a firm. Use this information to answer the following 3 questions. Quantity MC FC VC 0.5 10 20 30 2 40 13. Is this firm operating in the short run or the long run, and how do you know? a. The firm is operating in the short run because there are fixed costs. b. The firm is operating in the long run because both fixed and variable...
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