Homework Answers
8. Costs associated with the production of goods.
10. 3.7 cents per copy; 2 copy machines
Average cost of producing 3000 output is lowest with 2 machines at per unit cost of 3.7
9. Average fixed cost decreases as output increases
Average fixed cost is the difference between ATC and AVC which are curves B and C respectively.
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Question 8 (1 point) 8. Total variable cost is the sum of all O costs that...
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...
The following graph shows the short-run average total cost curves and the long-run average total cost...
The following graph shows the short-run average total cost curves and the long-run average total cost curve for a publishing firm. The five marked quantities indicate points of tangency between each short-run average total cost curve (ATC) and the long-run average total cost curve (LRATC); for example, Qı marks the point of tangency between ATCi and LRATC The orange point on ATC1 indicates the firm's current output level in the short run (2) ATC, ATCs ATC ATC OUTPUT In the...
6. Long-run cost relationships The following graph shows the short-run average total cost curves and the...
6. Long-run cost relationships The following graph shows the short-run average total cost curves and the long-run average cost curve for a publishing firm. The five marked quantities indicate points of tangency between each short-run average total cost curve (ATC) and the long-run average cost curve (LRAC); for example, Q1 marks the point of tangency between ATC, and LRAC. The orange point on ATC indicates the firm's current output level in the short run (Qs). ATC LRAC ATC ATC, COST...
The figure below depicts average total cost functions for a firm that produces automobiles. Average Total...
The figure below depicts average total cost functions for a firm that produces automobiles. Average Total Cost (S ATCD ATCo ATCA ATC Quantity of Automobiles per day Refer to Figure 13-8. Which of the curves is most likely to characterize the short-run average total cost curve of the largest factory? ATCD O ATCc O ATCA ATCB
12. Which of the ATC curves below represents a long-run average cost curve? Costs per unit...
12. Which of the ATC curves below represents a long-run average cost curve? Costs per unit ATC ATC4 ATC3 $55 47 Quantity of output
PLEASE ANSWER ALL THE QUESTIONS & ANSWERS MUST BE CLEAR TO READ! THANKS! The following graph...
PLEASE ANSWER ALL THE QUESTIONS & ANSWERS MUST BE CLEAR TO
READ! THANKS!
The following graph shows the short-run average total cost curves and the long-run average total cost curve for a publishing firm. The five ma quantities indicate points of tangency between each short-run average total cost curve (ATC) and the long-run average total cost curve (LRA for example, Q1 marks the point of tangency between ATC1 and LRATC. The orange point on ATC1 indicates the firm's current output...
10. Long-run cost relationships The following graph shows the short-run average total cost curves and the...
10. Long-run cost relationships The following graph shows the short-run average total cost curves and the long-run average total cost curve for a publishing firm. The five marked quantities indicate points of tangency between each short-run average total cost curve (ATC) and the long-run average total cost curve (LRATC); for example, Q, marks the point of tangency between ATC, and LRATC. The orange point on ATC3 indicates the firm's current output level in the short run (0). ATC AT LRA...
These two question please Question 8 (1 point) When do constant returns to scale occur? when...
These two question please
Question 8 (1 point) When do constant returns to scale occur? when long-run total costs are constant as output increases when long-run average total costs are constant as output increases when the firm's long-run average-cost curve is falling as output increases when the firm's long-run average-cost curve is rising as output increases Figure 13-4 The curves in this figure reflect information about the average total cost, average fixed cost, average variable cost, and marginal cost for...
1. Explicit costs include: a. variable costs. b. fixed costs. c. out-of-pocket costs. d. All of...
1. Explicit costs include: a. variable costs. b. fixed costs. c. out-of-pocket costs. d. All of these are included in explicit costs. 2. Costs that are "fixed": a. None are correct. b. are those that will never change. c. vary with output, but not with resource prices. d. depend on what timescale you are thinking. 3. Suppose Larry's Lariats produces lassos in a factory, and uses nine feet of rope to make each lasso. The rope is put into a...
Please help me check the answer and complete the graph (the line called “LRATC”). Also for...
Please help me check the answer and complete the graph (the
line called “LRATC”). Also for the graph, please mark the accurate
coordinate points. Thank you for your help and work.
9. Costs in the short run versus in the long run Aa Aa Ike's Bikes is a major manufacturer of bicycles. Currently, the company produces bikes in one factory. However, it is considering expanding production to two or even three factories. The following table shows the company's short-run average...
The following graph shows the short-run average total cost curves and the long-run average total cost curve for a publishing firm. The five marked quantities indicate points of tangency between each short-run average total cost curve (ATC) and the long-run average total cost curve (LRATC); for example, Qı marks the point of tangency between ATCi and LRATC The orange point on ATC1 indicates the firm's current output level in the short run (2) ATC, ATCs ATC ATC OUTPUT In the...
6. Long-run cost relationships The following graph shows the short-run average total cost curves and the long-run average cost curve for a publishing firm. The five marked quantities indicate points of tangency between each short-run average total cost curve (ATC) and the long-run average cost curve (LRAC); for example, Q1 marks the point of tangency between ATC, and LRAC. The orange point on ATC indicates the firm's current output level in the short run (Qs). ATC LRAC ATC ATC, COST...
The figure below depicts average total cost functions for a firm that produces automobiles. Average Total Cost (S ATCD ATCo ATCA ATC Quantity of Automobiles per day Refer to Figure 13-8. Which of the curves is most likely to characterize the short-run average total cost curve of the largest factory? ATCD O ATCc O ATCA ATCB
12. Which of the ATC curves below represents a long-run average cost curve? Costs per unit ATC ATC4 ATC3 $55 47 Quantity of output
PLEASE ANSWER ALL THE QUESTIONS & ANSWERS MUST BE CLEAR TO
READ! THANKS!
The following graph shows the short-run average total cost curves and the long-run average total cost curve for a publishing firm. The five ma quantities indicate points of tangency between each short-run average total cost curve (ATC) and the long-run average total cost curve (LRA for example, Q1 marks the point of tangency between ATC1 and LRATC. The orange point on ATC1 indicates the firm's current output...
10. Long-run cost relationships The following graph shows the short-run average total cost curves and the long-run average total cost curve for a publishing firm. The five marked quantities indicate points of tangency between each short-run average total cost curve (ATC) and the long-run average total cost curve (LRATC); for example, Q, marks the point of tangency between ATC, and LRATC. The orange point on ATC3 indicates the firm's current output level in the short run (0). ATC AT LRA...
These two question please
Question 8 (1 point) When do constant returns to scale occur? when long-run total costs are constant as output increases when long-run average total costs are constant as output increases when the firm's long-run average-cost curve is falling as output increases when the firm's long-run average-cost curve is rising as output increases Figure 13-4 The curves in this figure reflect information about the average total cost, average fixed cost, average variable cost, and marginal cost for...
Please help me check the answer and complete the graph (the
line called “LRATC”). Also for the graph, please mark the accurate
coordinate points. Thank you for your help and work.
9. Costs in the short run versus in the long run Aa Aa Ike's Bikes is a major manufacturer of bicycles. Currently, the company produces bikes in one factory. However, it is considering expanding production to two or even three factories. The following table shows the company's short-run average...
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