Homework Answers
Answer:
1] Correct option: C] minimizes average total costs
The efficient scale of the firm is the quantity of output that minimizes average total costs
2] Correct option: A] always declines with increased levels of output
The average fixed cost always declines when the firm increases its output as the constant fixed cost is spread over a larger output.
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QUESTION 34 The efficient scale of the firm is the quantity of output that o maximizes...
QUESTION 31 An efficient scale of the firm is the quantity of output that maximizes marginal product maximizes pro...
QUESTION 31 An efficient scale of the firm is the quantity of output that maximizes marginal product maximizes profit minimizes average total cost minimizes average variable cost QUESTION 32 If marginal cost is rising average variable cost must be falling average fixed cost must be rising marginal product must be falling marginal product must be rising QUESTION 33 Diminishing marginal product suggests that additional units of output beccome less costly as more output is produced marginal cost is upward sloping...
Question Completion Status: QUESTION 31 An efficient scale of the firm is the quantity of output...
Question Completion Status: QUESTION 31 An efficient scale of the firm is the quantity of output that maximizes marginal product • maximizes profit minimizes average total cost • minimizes average variable cost QUESTION 32 If marginal cost is rising - average variable cost must be falling average fixed cost must be rising marginal product must be falling • marginal product must be rising QUESTION 33 Diminishing marginal product suggests that additional units of output beccome less costly as more output...
QUESTION 31 An efficient scale of the firm is the quantity of output that maximizes marginal product maximizes prof...
QUESTION 31 An efficient scale of the firm is the quantity of output that maximizes marginal product maximizes profit minimizes average total cost minimizes average variable cost QUESTION 32
QUESTION 26 2 points As tax laws become more complex compliance costs are likely to decrease...
QUESTION 26 2 points As tax laws become more complex compliance costs are likely to decrease the government will collect more tax revenue tax evasion and avoidance will decrease the administrative burden of taxes will increase An efficient scale of the firm is the quantity of output that maximizes marginal product maximizes profit minimizes average total cost minimizes average variable cost QUESTION 32 2 points if marginal cost is rising average variable cost must be falling average fored cost must...
(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...
. Use math and a graph to show that a monopolistically competitive firm maximizes its profit...
. Use math and a graph to show that a monopolistically competitive firm maximizes its profit where it is operating at less than full capacity or minimum efficient scale, which is the smallest quantity at which the average cost curve reaches its minimum (the bottom of a U-shaped average cost curve).
Scenario 15-3 A monopoly firm maximizes its profit by producing Q = 500 units of output. At that level of output, it...
Scenario 15-3 A monopoly firm maximizes its profit by producing Q = 500 units of output. At that level of output, its marginal revenue is $30 its average revenue is $60, and its average total cost is $34 Refer to Scenario 15-3. At Q = 500, the firm's total revenue is a. 13,000 b. $15,000 c. $17,000 d. $30,000.
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...
4. Is monopolistic competition efficient? Suppose that a firm produces wool jackets in a monopolistically competitive...
4. Is monopolistic competition efficient? Suppose that a firm produces wool jackets in a monopolistically competitive market. The following graph shows its demand curve, marginal revenue (MR) curve, marginal cost (MC) curve, and average total cost (ATC) curve. Place a black point (plus symbol) on the graph to indicate the long-run monopolistically competitive equilibrium price and quantity for this firm. Next, place a grey point (star symbol) to indicate the minimum average total cost the firm faces and the quantity...
9:10 + Exit Question 7 2 pts Accounting costs represent explicit costs paid by the firm....
9:10 + Exit Question 7 2 pts Accounting costs represent explicit costs paid by the firm. opportunity costs. both sunk and future costs. long run costs only. Question 8 2 pts Explicit costs are the opportunity costs of all resources used by the firm. the costs associated with the resources that the firm owns. O actual expenditures that a firm must make. all costs associated with the short run. 9:10 + As a firm's production increases in the short run,...
QUESTION 31 An efficient scale of the firm is the quantity of output that maximizes marginal product maximizes profit minimizes average total cost minimizes average variable cost QUESTION 32 If marginal cost is rising average variable cost must be falling average fixed cost must be rising marginal product must be falling marginal product must be rising QUESTION 33 Diminishing marginal product suggests that additional units of output beccome less costly as more output is produced marginal cost is upward sloping...
Question Completion Status: QUESTION 31 An efficient scale of the firm is the quantity of output that maximizes marginal product • maximizes profit minimizes average total cost • minimizes average variable cost QUESTION 32 If marginal cost is rising - average variable cost must be falling average fixed cost must be rising marginal product must be falling • marginal product must be rising QUESTION 33 Diminishing marginal product suggests that additional units of output beccome less costly as more output...
QUESTION 31 An efficient scale of the firm is the quantity of output that maximizes marginal product maximizes profit minimizes average total cost minimizes average variable cost QUESTION 32
QUESTION 26 2 points As tax laws become more complex compliance costs are likely to decrease the government will collect more tax revenue tax evasion and avoidance will decrease the administrative burden of taxes will increase An efficient scale of the firm is the quantity of output that maximizes marginal product maximizes profit minimizes average total cost minimizes average variable cost QUESTION 32 2 points if marginal cost is rising average variable cost must be falling average fored cost must...
(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...
Scenario 15-3 A monopoly firm maximizes its profit by producing Q = 500 units of output. At that level of output, its marginal revenue is $30 its average revenue is $60, and its average total cost is $34 Refer to Scenario 15-3. At Q = 500, the firm's total revenue is a. 13,000 b. $15,000 c. $17,000 d. $30,000.
4. Is monopolistic competition efficient? Suppose that a firm produces wool jackets in a monopolistically competitive market. The following graph shows its demand curve, marginal revenue (MR) curve, marginal cost (MC) curve, and average total cost (ATC) curve. Place a black point (plus symbol) on the graph to indicate the long-run monopolistically competitive equilibrium price and quantity for this firm. Next, place a grey point (star symbol) to indicate the minimum average total cost the firm faces and the quantity...
9:10 + Exit Question 7 2 pts Accounting costs represent explicit costs paid by the firm. opportunity costs. both sunk and future costs. long run costs only. Question 8 2 pts Explicit costs are the opportunity costs of all resources used by the firm. the costs associated with the resources that the firm owns. O actual expenditures that a firm must make. all costs associated with the short run. 9:10 + As a firm's production increases in the short run,...
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