Economies of scale occur when Select one: a. long-run average total costs rise as output increases....
Economies of scale occur when
Select one:
a. long-run average total costs rise as output increases.
b. long-run average total costs fall as output increases.
c. long-run average total costs are constant.
|
NumberofWorkers |
Output |
FixedCost |
VariableCost |
TotalCost |
|
0 |
0 |
$50 |
$0 |
|
|
1 |
90 |
$50 |
$20 |
$70 |
|
2 |
170 |
$50 |
$40 |
|
|
3 |
230 |
$50 |
$60 |
$110 |
|
4 |
240 |
$80 |
$130 |
Refer to Table 13-3. If the firm produces an output of 170 units,
what is the total cost?
Select one:
a. 50 dollars
b. 60 dollars
c. 70 dollars
d. 90 dollars
|
NumberofWorkers |
Output |
FixedCost |
VariableCost |
TotalCost |
|
0 |
0 |
$50 |
$0 |
|
|
1 |
90 |
$50 |
$20 |
$70 |
|
2 |
170 |
$50 |
$40 |
|
|
3 |
230 |
$50 |
$60 |
$110 |
|
4 |
240 |
$80 |
$130 |
Refer to Table 13-3. The marginal product of the fourth worker
is
Select one:
a. 10 units.
b. 60 units.
c. 230 units.
d. 240 units.
Homework Answers
1. Option B. long-run average total costs fall as output increases.
Explanation: In economies of scale, a firm faces falling average total cost with a rise in output.
2. Option D. 90 dollars
Explanation: Total cost = fixed cost + variable cost = $50 + $40 = $90.
3. Option A. 10 units
Explanation: The marginal product of the 4th worker = total product of 4 workers - total product of 3 workers = 240 - 230 = 10 units.
Add Answer to:
Economies of scale occur when
Select one:
a. long-run average total costs rise as output increases....
Economies of scale occur when: Select one: a. the long-run average cost rises as output increases. ...
Economies of scale occur when: Select one: a. the long-run average cost rises as output increases. b. the marginal cost falls as output increases. c. average fixed costs are constant. d. the long-run average cost falls as output increases
Table 13-3 Number of Workers Output Fixed Cost Variable Cost Total Cost 0 0 $50 $0...
Table 13-3 Number of Workers Output Fixed Cost Variable Cost Total Cost 0 0 $50 $0 $50 1 90 $50 $20 $70 2 170 $50 $40 $90 3 230 $50 $60 $110 4 240 $50 $80 $130 Refer to Table 13-3. If the firm can sell its output for $1 per unit, what is the profit-maximizing level of output? a. 170 units b. 190 units c. 240 units d. 230 units
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...
please answer all questions!!! When do constant returns to scale occur when long-run total costs are...
please answer all questions!!!
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 curv is rising as output increases Scenario 13-5 A stationery firm produces and sells staplers. Last year, it produced 5000 staplers and sold each stapler for $10. In producing the 5000 staplers, it incurred...
Table B Number of Workers 0 1 2 Output Fixed Cost O $50 90 $50 170...
Table B Number of Workers 0 1 2 Output Fixed Cost O $50 90 $50 170 $50 230 $50 240 $50 Variable Cost $0 $20 $40 $60 $80 Total Cost $50 $70 $90 $110 $130 Refer to Table B. At which number of workers does diminishing marginal product begin? 1 O2 03 04
Question 1 In the short run, as output increases, the difference between average total cost and...
Question 1 In the short run, as output increases, the difference between average total cost and average variable cost decreases. the difference between total cost and average variable cost decreases marginal cost eventually decreases. All of the above are correct. Question 2 The marginal cost curve intersects the at its minimum average variable cost curve average total cost curve average fixed cost curve A and B are both correct. Question 3 Refer to the short-run information provided in Figure 8.5...
4 Assume that a purely competitive firm has the schedule of the average and marginal costs...
4 Assume that a purely competitive firm has the schedule of the average and marginal costs given in the table below ------------------------------------------------------- OUTPUT AFC AVC ATC MC -------------------------------------------------------- 1 $300 $100 $400 $100 2 150 75 225 50 3 100 70 170 60 4 75 73 148 80 5 60 80 140 110 6 50 90 140 140 7 43 103 146 180 8 38 119 156 230 --------------------------------------------------------- a. At a price of $68, the firm will produce _____...
(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...
Cost schedule Total variable Total cost Labor Output (units per day) cost (dollars) (workers) (dollars) 0...
Cost schedule Total variable Total cost Labor Output (units per day) cost (dollars) (workers) (dollars) 0 30 1 3 20 50 2 40 70 3 12 60 90 4 14 80 110 5 15 100 130 In the above table, the total fixed cost is O $20 O $30. O $0. O $50. Question 13 1 pts In the above table, when output increases from 12 to 14 units, the marginal cost of one of those 2 units is O...
Economies of scale refers to when: In the long run when average total cost does not...
Economies of scale refers to when:
In the long run when average total cost does not depend on the
quantity of output, this is called:
Commodities:
We assume that in the long run in a perfectly competitive
market:
Multiple Choice an increase in the quantity of output increases average total cost in the long run. None are correct. average total cost does not depend on the quantity of output in the long run. an increase in the quantity of output...
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...
please answer all questions!!!
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 curv is rising as output increases Scenario 13-5 A stationery firm produces and sells staplers. Last year, it produced 5000 staplers and sold each stapler for $10. In producing the 5000 staplers, it incurred...
Table B Number of Workers 0 1 2 Output Fixed Cost O $50 90 $50 170 $50 230 $50 240 $50 Variable Cost $0 $20 $40 $60 $80 Total Cost $50 $70 $90 $110 $130 Refer to Table B. At which number of workers does diminishing marginal product begin? 1 O2 03 04
Question 1 In the short run, as output increases, the difference between average total cost and average variable cost decreases. the difference between total cost and average variable cost decreases marginal cost eventually decreases. All of the above are correct. Question 2 The marginal cost curve intersects the at its minimum average variable cost curve average total cost curve average fixed cost curve A and B are both correct. Question 3 Refer to the short-run information provided in Figure 8.5...
(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...
Cost schedule Total variable Total cost Labor Output (units per day) cost (dollars) (workers) (dollars) 0 30 1 3 20 50 2 40 70 3 12 60 90 4 14 80 110 5 15 100 130 In the above table, the total fixed cost is O $20 O $30. O $0. O $50. Question 13 1 pts In the above table, when output increases from 12 to 14 units, the marginal cost of one of those 2 units is O...
Economies of scale refers to when:
In the long run when average total cost does not depend on the
quantity of output, this is called:
Commodities:
We assume that in the long run in a perfectly competitive
market:
Multiple Choice an increase in the quantity of output increases average total cost in the long run. None are correct. average total cost does not depend on the quantity of output in the long run. an increase in the quantity of output...
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