If long run average cost rises as a plant’s productive capacity grows:
If long run average cost rises as a plant’s productive capacity grows:
Homework Answers
Ans) If long run average cost rises as a plant’s productive capacity grows: then production function has diseconomies of scale. Diseconomies of scale occurs when long run average total cost increases as the output level or production increases
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If long run average cost rises as a plant’s productive capacity
grows:
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
(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...
Discuss why a firm's long run average cost curve is called an envelope curve. Will a firm in the ...
Discuss why a firm's long run average cost curve is called an envelope curve. Will a firm in the long run always operate with productive efficiency? Discuss and illustrate with a graph. 2)
Discuss why a firm's long run average cost curve is called an envelope curve. Will a firm in the long run always operate with productive efficiency? Discuss and illustrate with a graph. 2)
If a firm has a U-Shaped long-run average cost curve, a
If a firm has a U-Shaped long-run average cost curve, a.) its fixed cost rises as output rises. b.) it must have increasing returns to scale at low levels or production and decreasing returns to scale at high levels of production. C.) it must have increasing returns to each input at low levels of production and decreasing returns to each input at high levels of production. D.) the firm can maximize its output by operating at the point of minimum...
If a firm is producing the level of output at which long-run average cost equals long-run marginal cost, then a. long-r...
If a firm is producing the level of output at which long-run average cost equals long-run marginal cost, then a. long-run marginal cost is at its minimum point. b. long-run average cost is at its minimum point. C. long-run total cost is at its minimum point. d.output is maximized.
#8 8. The long-run average cost curve is the envelope of the firm's short-run average cost...
#8
8. The long-run average cost curve is the envelope of the firm's short-run average cost curves, and it reflects the presence or absence of returns to scale. When there are increasing returns to scale initially and then decreasing returns to scale, the long-run average cost curve is U-shaped, and the envelope does not include all points of minimum short-run average cost.
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.
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.
7. 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 (SRATC) and the long-run average total cost curve (LRATC); for example, Q1 marks the point of tangency between SRATC1 and LRATC The orange point on SRATCs indicates the firm's current output level in the short run (Q5). SRATC SRATC SRATC4...
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 ( SRATC ) and the
long-run average total cost curve ( LRATC ); for example, Q1 marks
the point of tangency between SRATC1 and LRATC .
7. Long-run cost relationships The following graph shows the short-run average total cost curves and the long-run average...
please answer A, and B Long-Run Long-Run Marginal Cost Average Cost Price, Cost Duc= ARC ^...
please answer A, and B
Long-Run Long-Run Marginal Cost Average Cost Price, Cost Duc= ARC ^ MPMC Qo Q7 Quantity 5. In the previous hypothetical figure, we see a typical monopolistically compet- itive firm in long-run equilibrium. Answer the following questions about its market position. a. What price will the monopolistic competitor set in the long run? What will be its output rate? b. What profit will the firm earn, a normal profit or an economic profit? c. If the...
(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...
Discuss why a firm's long run average cost curve is called an envelope curve. Will a firm in the long run always operate with productive efficiency? Discuss and illustrate with a graph. 2)
Discuss why a firm's long run average cost curve is called an envelope curve. Will a firm in the long run always operate with productive efficiency? Discuss and illustrate with a graph. 2)
If a firm is producing the level of output at which long-run average cost equals long-run marginal cost, then a. long-run marginal cost is at its minimum point. b. long-run average cost is at its minimum point. C. long-run total cost is at its minimum point. d.output is maximized.
#8
8. The long-run average cost curve is the envelope of the firm's short-run average cost curves, and it reflects the presence or absence of returns to scale. When there are increasing returns to scale initially and then decreasing returns to scale, the long-run average cost curve is U-shaped, and the envelope does not include all points of minimum short-run average cost.
7. 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 (SRATC) and the long-run average total cost curve (LRATC); for example, Q1 marks the point of tangency between SRATC1 and LRATC The orange point on SRATCs indicates the firm's current output level in the short run (Q5). SRATC SRATC SRATC4...
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 ( SRATC ) and the
long-run average total cost curve ( LRATC ); for example, Q1 marks
the point of tangency between SRATC1 and LRATC .
7. Long-run cost relationships The following graph shows the short-run average total cost curves and the long-run average...
please answer A, and B
Long-Run Long-Run Marginal Cost Average Cost Price, Cost Duc= ARC ^ MPMC Qo Q7 Quantity 5. In the previous hypothetical figure, we see a typical monopolistically compet- itive firm in long-run equilibrium. Answer the following questions about its market position. a. What price will the monopolistic competitor set in the long run? What will be its output rate? b. What profit will the firm earn, a normal profit or an economic profit? c. If the...
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