Homework Answers
Answer
Option 2
10 to 20 units of output
The plant size A is has ATC less than both other plat up to the 30
units
then it should use plant B from 40 to 70
then it should use plant C from 80 to 100
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Saved The letters A, B, and C designate three successively larger plant sizes. In the long...
QUESTION 3 Following are the short-run average-total-cost schedules for three plants of different sizes that a firm mig...
QUESTION 3 Following are the short-run average-total-cost schedules for three plants of different sizes that a firm might build to produce its product. Assume that these are the only possible sizes of plants that the firm might build. Long-Run Schedule Output ATC 10 Plant Size A Output ATC 10 $7 20 6 30 5 40 4 Plant Size B Output ATC 10 $17 20 30 9 40 6 Plant Size C Output ATC 10 $53 20 30 35 40 27...
QUESTION 2 A firm operating in a T-shirt business has a plant of fixed size and...
QUESTION 2 A firm operating in a T-shirt business has a plant of fixed size and that it can vary its output only by varying the amount of labour it employs. The table below shows the firm’s data on the unit of labour employed and the total product (number of T-shirts) produced. Assume that the cost of labour, which is $50 per unit, is the only variable cost, and the total fixed cost is $100. No. of Labour Total Product...
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...
Size 1 Output ATC 10 $1.10 20 1.00 30 0.95 40 0.98 50 1.03 60 1.15...
Size 1 Output ATC 10 $1.10 20 1.00 30 0.95 40 0.98 50 1.03 60 1.15 Size 2 Output ATC 20 $1.05 30 0.90 40 0.86 50 0.813 60 0.93 70 1.00 Size 3 Output ATC 40 $1.10 50 0.97 60 0.94 70 0.90 80 1.05 90 1.15 a. Use this information to set up a table showing the output levels and the ATC (Average Total Cost) amounts needed to draw the long-run average cost schedule (LRATC). (3pts.) b. Draw...
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...
How to solve for b,c,d The following table contains short-run average total cost data for 5...
How to solve for b,c,d
The following table contains short-run average total cost data for 5 different plant sizes for the Stiller Co. company. Output Plant 1 Plant 2 Plant 3 Plant 4 Plant 5 Complete the following questions. a) Graph the short-run average total cost curves for the plants then sketch the long-run average total cost curve. Note: You must plot all of the points for each short-run average total cost curve to receive full marks. Long-run Average Total...
Question 3 (1 point) Saved 3. Which of the following statements is CORRECT? Question 3 options:...
Question 3 (1 point) Saved 3. Which of the following statements is CORRECT? Question 3 options: AFC = ATC + AVC AVC = AFC - ATC ATC = AVC - AFC ATC = AFC + AVC Question 4 (1 point) Saved 4. The above table shows the total product of producing baseball hats. The marginal product of the 4th worker is equal to Question 4 options: 25 baseball hats 6.25 baseball hats 21 baseball hats 7 baseball hats Question 5...
ATC en Price (per unit) в - Market Price P=MR В /С Quantity (units per week)...
ATC en Price (per unit) в - Market Price P=MR В /С Quantity (units per week) Figure 23.6 Refer to Figure 23.6 for a perfectly competitive firm. Assuming that points A, B, C and D are all above AVC, this firm will maximize profits by producing the level of output that corresponds to point 11). C A) A. B) B. CC. D) D.12) Refer to Figure 23.6 for a perfectly competitive firm. If this firm produces the level of output...
Show work pretty please. 30. Average total cost a. b. c. d. e. increases as output...
Show work pretty please.
30. Average total cost a. b. c. d. e. increases as output increases. decreases as output increases. increases if marginal cost is increasing increases if marginal cost is greater than average total cost. both c and d 31. Amonopolist which suffers losses in the short run will continue to operate as long as total revenue covers fixed cost. raise price in order to eliminate losses exit in the long run if there is no plant size...
C Program In this assignment you'll write a program that encrypts the alphabetic letters in a...
C Program In this assignment you'll write a program that encrypts the alphabetic letters in a file using the Vigenère cipher. Your program will take two command line parameters containing the names of the file storing the encryption key and the file to be encrypted. The program must generate output to the console (terminal) screen as specified below. Command Line Parameters Your program must compile and run from the command line. The program executable must be named “vigenere” (all lower...
QUESTION 3 Following are the short-run average-total-cost schedules for three plants of different sizes that a firm might build to produce its product. Assume that these are the only possible sizes of plants that the firm might build. Long-Run Schedule Output ATC 10 Plant Size A Output ATC 10 $7 20 6 30 5 40 4 Plant Size B Output ATC 10 $17 20 30 9 40 6 Plant Size C Output ATC 10 $53 20 30 35 40 27...
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...
Size 1 Output ATC 10 $1.10 20 1.00 30 0.95 40 0.98 50 1.03 60 1.15 Size 2 Output ATC 20 $1.05 30 0.90 40 0.86 50 0.813 60 0.93 70 1.00 Size 3 Output ATC 40 $1.10 50 0.97 60 0.94 70 0.90 80 1.05 90 1.15 a. Use this information to set up a table showing the output levels and the ATC (Average Total Cost) amounts needed to draw the long-run average cost schedule (LRATC). (3pts.) b. Draw...
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...
How to solve for b,c,d
The following table contains short-run average total cost data for 5 different plant sizes for the Stiller Co. company. Output Plant 1 Plant 2 Plant 3 Plant 4 Plant 5 Complete the following questions. a) Graph the short-run average total cost curves for the plants then sketch the long-run average total cost curve. Note: You must plot all of the points for each short-run average total cost curve to receive full marks. Long-run Average Total...
ATC en Price (per unit) в - Market Price P=MR В /С Quantity (units per week) Figure 23.6 Refer to Figure 23.6 for a perfectly competitive firm. Assuming that points A, B, C and D are all above AVC, this firm will maximize profits by producing the level of output that corresponds to point 11). C A) A. B) B. CC. D) D.12) Refer to Figure 23.6 for a perfectly competitive firm. If this firm produces the level of output...
Show work pretty please.
30. Average total cost a. b. c. d. e. increases as output increases. decreases as output increases. increases if marginal cost is increasing increases if marginal cost is greater than average total cost. both c and d 31. Amonopolist which suffers losses in the short run will continue to operate as long as total revenue covers fixed cost. raise price in order to eliminate losses exit in the long run if there is no plant size...
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