Learning by doing will result in A.a long−run marginal cost that is larger than long−run average...
Learning by doing will result in
A.a long−run marginal cost that is larger than long−run average cost.
B. long−run average costs that are lower than short−run average costs.
C. a rotation in the isocost curves.
D.an upward sloping long−run average cost curve.
Homework Answers
Option B
Learning by doing increases efficiency and increases economies of scale and hence long run average costs incurred would be lower than short run average costs.
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Learning by doing will result in
A.a long−run marginal cost that is larger than long−run average...
riod's output will cause future periods' long-run average cost curves to be lower 12 Learning by doing doctrine sug...
riod's output will cause future periods' long-run average cost curves to be lower 12 Learning by doing doctrine suggests that: MC shifts upward as current output increases b. an increase in this period's output long-run average cost curve to increase at a smaller output d the Law of Diminishing Returns to be violated e, none of the above 13. If given quantities of soap and sham be produced separately then: both production processes must be characterized by economies of scale...
7. Assume that the long-run production function can be expressed as Q-SKL? Where Q is quantity...
7. Assume that the long-run production function can be expressed as Q-SKL? Where Q is quantity of output, K is the quantity of capital and L is the quantity of labor. If capital is fixed at 10 units in the short run then the short-run production function is: Q=10KL b. Q=50KL? Q=10L? d. 0=50L Q=500KL 8. For a linear total cost function: a. MC will be downward sloping b. MC = AVC c. AVC is upward sloping and linear d....
12. Learning by doing doctrine suggests that: a. MC shifts upward as current output increases b....
12. Learning by doing doctrine suggests that: a. MC shifts upward as current output increases b. an increase in this period's output will cause future periods' long-run average cost curves to be lower c. The long-run average cost curve to increase at a smaller output d. the Law of Diminishing Returns to be violated e. none of the above 13. If given quantities of soap and shampoo can be produced together at a lower total cost than they could be...
Cost curves, profits/losses, and long-run equilibrium: a. Draw typical short run average cost and marginal cost...
Cost curves, profits/losses, and long-run equilibrium: a. Draw typical short run average cost and marginal cost curves for a firm (costs on the vertical axis, q on the horizontal axis), such that marginal cost = average cost= 6 at q=10. b. Suppose this firm operates as a perfect competitor in a market with a short run equilibrium price of $5. Illustrate on your graph the area indicating the short run profit or loss experienced by this firm, given the cost...
The following graph shows short-run marginal cost curves, short-run average cost curves, and a long-run average...
The following graph shows short-run marginal cost curves, short-run average cost curves, and a long-run average total cost curve for a firm. Cost Curves 11 10 - 9 LRATC SRATC SRMC SRATC SRMC Per unit costs SRATO SRMC . 10 10 Quantity Which cost curves represent an efficient firm producing where there are diseconomies of scale? (Click to select) | Which cost curves represent an efficient firm producing where there are economies of scale? (Click to select) Which cost curves...
For any firm, what is the long-run average cost curve? O A A downward sloping line...
For any firm, what is the long-run average cost curve? O A A downward sloping line o B Afunction which shows the lowest average cost of producing any output level 10 c The same as the long-run marginal cost curve O D Upward sloping at all levels of output
The long-run supply curve for a perfectly competitive, constant-cost industry O is horizontal at minimum ATC....
The long-run supply curve for a perfectly competitive, constant-cost industry O is horizontal at minimum ATC. O is upward-sloping. O is horizontal at minimum AVC. O is found by adding up the marginal cost curves for all firms in the industry. As more firms enter the market: O the short-run market demand curve shifts to the left. O the short-run market supply curve shifts to the right. O the short-run market supply curve shifts to the left. O the short-run...
QUESTION 13 Every point on the long-run average cost curve is O on a short-run marginal...
QUESTION 13 Every point on the long-run average cost curve is O on a short-run marginal cost curve. also a minimum point on a short-run average cost curve. O on a short-run average total cost curve. O on a short-run average variable cost curve. QUESTION 14 If total costs are $50,000 when 1000 units are produced, and total costs are $50,100 when 1001 units are produced, we can conclude that O average variable costs are $100. o marginal costs are...
Increased specialization in large firms might lead to: O A. upward-sloping marginal cost curves. O B....
Increased specialization in large firms might lead to: O A. upward-sloping marginal cost curves. O B. horizontal marginal cost curves O C. downward -sloping long-run average cost curves. O D. upward-sloping long-run average cost curves.
9. The following diagram shows the long-run average and marginal cost curves for a firm. AC...
9. The following diagram shows the long-run average and marginal cost curves for a firm. AC SMC (K = 150) MC SMC (K=300 It also shows the short-run marginal cost curve for two levels of fixed capital: K = 150 and K=300. For each plant size, draw the corresponding short-run average cost curve and explain briefly why that curve should be where you drew it and how it is consistent with the other curves.
riod's output will cause future periods' long-run average cost curves to be lower 12 Learning by doing doctrine suggests that: MC shifts upward as current output increases b. an increase in this period's output long-run average cost curve to increase at a smaller output d the Law of Diminishing Returns to be violated e, none of the above 13. If given quantities of soap and sham be produced separately then: both production processes must be characterized by economies of scale...
7. Assume that the long-run production function can be expressed as Q-SKL? Where Q is quantity of output, K is the quantity of capital and L is the quantity of labor. If capital is fixed at 10 units in the short run then the short-run production function is: Q=10KL b. Q=50KL? Q=10L? d. 0=50L Q=500KL 8. For a linear total cost function: a. MC will be downward sloping b. MC = AVC c. AVC is upward sloping and linear d....
12. Learning by doing doctrine suggests that: a. MC shifts upward as current output increases b. an increase in this period's output will cause future periods' long-run average cost curves to be lower c. The long-run average cost curve to increase at a smaller output d. the Law of Diminishing Returns to be violated e. none of the above 13. If given quantities of soap and shampoo can be produced together at a lower total cost than they could be...
The following graph shows short-run marginal cost curves, short-run average cost curves, and a long-run average total cost curve for a firm. Cost Curves 11 10 - 9 LRATC SRATC SRMC SRATC SRMC Per unit costs SRATO SRMC . 10 10 Quantity Which cost curves represent an efficient firm producing where there are diseconomies of scale? (Click to select) | Which cost curves represent an efficient firm producing where there are economies of scale? (Click to select) Which cost curves...
For any firm, what is the long-run average cost curve? O A A downward sloping line o B Afunction which shows the lowest average cost of producing any output level 10 c The same as the long-run marginal cost curve O D Upward sloping at all levels of output
The long-run supply curve for a perfectly competitive, constant-cost industry O is horizontal at minimum ATC. O is upward-sloping. O is horizontal at minimum AVC. O is found by adding up the marginal cost curves for all firms in the industry. As more firms enter the market: O the short-run market demand curve shifts to the left. O the short-run market supply curve shifts to the right. O the short-run market supply curve shifts to the left. O the short-run...
QUESTION 13 Every point on the long-run average cost curve is O on a short-run marginal cost curve. also a minimum point on a short-run average cost curve. O on a short-run average total cost curve. O on a short-run average variable cost curve. QUESTION 14 If total costs are $50,000 when 1000 units are produced, and total costs are $50,100 when 1001 units are produced, we can conclude that O average variable costs are $100. o marginal costs are...
Increased specialization in large firms might lead to: O A. upward-sloping marginal cost curves. O B. horizontal marginal cost curves O C. downward -sloping long-run average cost curves. O D. upward-sloping long-run average cost curves.
9. The following diagram shows the long-run average and marginal cost curves for a firm. AC SMC (K = 150) MC SMC (K=300 It also shows the short-run marginal cost curve for two levels of fixed capital: K = 150 and K=300. For each plant size, draw the corresponding short-run average cost curve and explain briefly why that curve should be where you drew it and how it is consistent with the other curves.
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