Homework Answers
A decreasing returns to scale occurs when the proportion of output is less than the desired increased input during the production process. For example, if input is increased by 3 times, but output is reduced 2 times, the firm has experienced decreasing returns to scale.
C. Output level C
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QUESTION 8 LAC А во Reference: Ref 8-3 Refer to the long-run average cost (LAC) curve...
Question 3 Long-run average total cost (LAC) O a represents the lowest average cost of producing a given level of...
Question 3 Long-run average total cost (LAC) O a represents the lowest average cost of producing a given level of output. b. is always equal to or greater than short-run average total cost. c. can be measured in the short-run. 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...
#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.
all of them Question 7 (1 point) If the long-run average cost is upward sloping, the...
all of them
Question 7 (1 point) If the long-run average cost is upward sloping, the firm is experiencing decreasing returns diseconomies of scale Oincreasing costs all of the above none of the above Question 8 (1 point) A production function in economics means any function performed by an employee when producing output the various functions performed by all employees when producing output the function performed by the person in charge of the production process the relationship between inputs and...
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's long-run average cost goes from $3 to $2.5 when output increases, the firm...
If a firm's long-run average cost goes from $3 to $2.5 when output increases, the firm is experiencing ________. economies of scale constant returns to scale diseconomies of scale a shift in its long-run average cost curve
Long-run average total cost (LAC) a. represents the lowest average cost of producing a given level...
Long-run average total cost (LAC) a. represents the lowest average cost of producing a given level of output. b. is always equal to or greater than short-run average total cost. C. can be measured in the short-run. d. None of the above
In the graph below, economies of scale are present at Long-Run Average Cost Curve Long-Run Average...
In the graph below, economies of scale are present at Long-Run Average Cost Curve Long-Run Average Cost ($) A B D E Quantity of Output Point C Point B Point D Point A All of these answers are correct. If the firm described in the table below operates in a perfectly competitive market and the price is $15, what is the profit-maximizing level of output for the firm? Quantity of Camping Chairs 0 Total Cost ($) 7 - 21 2...
When the firm increases output and the costs rise disproportionately slower, then the long-run average cost curve is _a...
When the firm increases output and the costs rise disproportionately slower, then the long-run average cost curve is _and the firm is experiencing O A. horizontal, constant returns to scale OB. upward sloping; diseconomies of scale O C. downward sloping; constant returns to scale OD. downward sloping, economies of scale
A B Long Run AC Long-Run AC Long-Run AC $ per Unit تست است Quantity of...
A B Long Run AC Long-Run AC Long-Run AC $ per Unit تست است Quantity of Output Quantity of Output Quantity of Output Refer to the three figures above. Which figure, if any, shows a firm with a long run average cost curve that has an extended period of constant returns to scale? None of the graphs Figure A Figure B Figure C
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...
Question 3 Long-run average total cost (LAC) O a represents the lowest average cost of producing a given level of output. b. is always equal to or greater than short-run average total cost. c. can be measured in the short-run. 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...
#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.
all of them
Question 7 (1 point) If the long-run average cost is upward sloping, the firm is experiencing decreasing returns diseconomies of scale Oincreasing costs all of the above none of the above Question 8 (1 point) A production function in economics means any function performed by an employee when producing output the various functions performed by all employees when producing output the function performed by the person in charge of the production process the relationship between inputs and...
Long-run average total cost (LAC) a. represents the lowest average cost of producing a given level of output. b. is always equal to or greater than short-run average total cost. C. can be measured in the short-run. d. None of the above
In the graph below, economies of scale are present at Long-Run Average Cost Curve Long-Run Average Cost ($) A B D E Quantity of Output Point C Point B Point D Point A All of these answers are correct. If the firm described in the table below operates in a perfectly competitive market and the price is $15, what is the profit-maximizing level of output for the firm? Quantity of Camping Chairs 0 Total Cost ($) 7 - 21 2...
When the firm increases output and the costs rise disproportionately slower, then the long-run average cost curve is _and the firm is experiencing O A. horizontal, constant returns to scale OB. upward sloping; diseconomies of scale O C. downward sloping; constant returns to scale OD. downward sloping, economies of scale
A B Long Run AC Long-Run AC Long-Run AC $ per Unit تست است Quantity of Output Quantity of Output Quantity of Output Refer to the three figures above. Which figure, if any, shows a firm with a long run average cost curve that has an extended period of constant returns to scale? None of the graphs Figure A Figure B Figure C
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...
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