Homework Answers
Lower than the long-run cost.
Explanation: In the long-run a firm gains more expertise and efficiency to reduce its costs.
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10. For any output level, the short-run cost must be - the long-run cost.
The short-run average cost of producing a given level of output (a) is no greater than...
The short-run average cost of producing a given level of output (a) is no greater than the long-run average cost because in the long run an input which is fixed in the short run can be adjusted optimally (b) is not approximately constant near its minimum (c) does not depend on the output level in question (d) is no less than the long-run average cost because in the long run an input which is fixed in the short run can...
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...
3. The following table gives the short-run and long-run total cost for various levels of output...
3. The following table gives the short-run and long-run total cost for various levels of output of Consolidated National Aeme, Inc. Q TC: TC TFC TVC AFC AVC MC 0 0 350 300 400 400 435 465 465 495 505 5 560 560 6 600 635 7 700 735 a. Which column, TCi or TC2, represents a long-run total cost, and which represents a short-run total cost? How do you know? b. For each level of output, find short-run TFC,...
Assume a firm builds a larger plant and, at any particular output, its short-run average cost...
Assume a firm builds a larger plant and, at any particular output, its short-run average cost increases. Which of the following statements is correct? Diseconomies of scale must be present. Economies, diseconomies, and constant returns to scale are all possible. Constant returns to scale must be present Economies of scale must be present A firm's economic capacity and its most productive output level are the same. True False
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.
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...
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 total cost curves and the long tun total cost...
The
following graph shows the short run total cost curves and the long
tun total cost curves for a publishing firm. the five marked
quantities indicate points of tangency between each short run
average total cost curve and the long run average cost curve.
could someone please help me to answer this and give a little
explenation for my similar problems?
6. Long-run cost relationships The following graph shows the short-run average total cost curves and the long-run average cost...
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, Qı marks the point of tangency between SRATC1 and LRATC The orange point on SRATC, indicates the firm's current output level in the short run(Q). SRATC, SRATCE SRATC SRATC, SRATC COST PERUNT OUTPUT...
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...
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...
3. The following table gives the short-run and long-run total cost for various levels of output of Consolidated National Aeme, Inc. Q TC: TC TFC TVC AFC AVC MC 0 0 350 300 400 400 435 465 465 495 505 5 560 560 6 600 635 7 700 735 a. Which column, TCi or TC2, represents a long-run total cost, and which represents a short-run total cost? How do you know? b. For each level of output, find short-run TFC,...
Assume a firm builds a larger plant and, at any particular output, its short-run average cost increases. Which of the following statements is correct? Diseconomies of scale must be present. Economies, diseconomies, and constant returns to scale are all possible. Constant returns to scale must be present Economies of scale must be present A firm's economic capacity and its most productive output level are the same. True False
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.
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...
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 total cost curves and the long
tun total cost curves for a publishing firm. the five marked
quantities indicate points of tangency between each short run
average total cost curve and the long run average cost curve.
could someone please help me to answer this and give a little
explenation for my similar problems?
6. Long-run cost relationships The following graph shows the short-run average total cost curves and the long-run average 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, Qı marks the point of tangency between SRATC1 and LRATC The orange point on SRATC, indicates the firm's current output level in the short run(Q). SRATC, SRATCE SRATC SRATC, SRATC COST PERUNT OUTPUT...
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...
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