Homework Answers
A variable cost is the cost that varies with output. At zero level of output variable cost is zero, with the level of output variable cost varies.
Variable cost exists in both long and short run, in short run few resources are variable but in long run are resources are variable.
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A variable cost is a cost that: 17 varies with output. exists only in the short-run....
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...
What is the distinction between the economic short run and the economic long run? A. In...
What is the distinction between the economic short run and the economic long run? A. In the short run, the firm incurs only explicit costs, but in the long run, the firm incurs explicit and implicit costs. OB. In the short run, the firm can vary all inputs, but in the long run, at least one input is fixed. O c. In the short run, the firm incurs only variable costs, but in the long run, the firm incurs fixed...
9. In the short run, a firm incurs fixed costs a) only if it incurs variable costs. b) only if it produces no output....
9. In the short run, a firm incurs fixed costs a) only if it incurs variable costs. b) only if it produces no output. c) only if it produces a positive quantity of output. d) whether it produces output or not.
10. For any output level, the short-run cost must be - the long-run cost.
10. For any output level, the short-run cost must be - the long-run cost.
Q1: The following graph shows the current short-run average total cost (ATC), short-run marginal cost (MC),...
Q1: The following graph shows the current short-run average total cost (ATC), short-run marginal cost (MC), and long-run average cost (LATC) curves of a typical perfectly competitive firm that uses only labour and physical capital to produce its product and the current market price (PⓇ). S/unit MC ATC LATC B Pa E Q1 Q2 Quantity a) How many units of output would the firm choose to produce in the short run? Explain. b) Is the firm making an economic profit...
1) Complete the following table. Output Fixed Cost Total Cost Variable Cost 10 Average Cost Cost...
1) Complete the following table. Output Fixed Cost Total Cost Variable Cost 10 Average Cost Cost Average Variable Cost NA NA 15 8 a) Is this a short run or long run information on cost? Why? b) If the price of the good produced is currently 17, what level of output meets the profit maximizing condition? c) Draw a ligure illustrating the average cost the average variable cost, and the marginal cost curves based on the information in this table.
Under dual-cost allocation,, fixed costs are allocated on the basis of a user department's: 01. either...
Under dual-cost allocation,, fixed costs are allocated on the basis of a user department's: 01. either long-run usage or short-run usage of a service department's output. 02. neither long-run usage nor short-run usage of a service department's out put. 03. long-run usage of a service department's output. 04. long-run usage and short-run usage of a service department's output. 05. short-run usage of a service department's output.
8. The following figure shows that the short-run marginal cost curve may lie above the long-run marginal cost curve. SA...
8. The following figure shows that the short-run marginal cost curve may lie above the long-run marginal cost curve. SAC MC , SAG SMGU, SMGIMCI SACI SMC 3 Yet, in the long run, the quantities of all inputs are variable, whereas in the short run, the quantities of just some of the inputs are variable. Given that, why isn't short-run marginal cost less than long-run marginal cost for all output levels?
could you let me know with the jewelry industry or diamond industry of a short-run fixed cost that becomes variable in the long run? How long does it take for this short-run fixed cost to become varia...
could you let me know with the jewelry industry or diamond industry of a short-run fixed cost that becomes variable in the long run? How long does it take for this short-run fixed cost to become variable? Can you think of a cost for the firm that is always fixed, even into the indefinite future?
20. In the short run, your firm can vary only the amount of labor it employs....
20. In the short run, your firm can vary only the amount of labor it employs. Labor can be hired for $5 per unit, and your firm's fixed costs are $25. Your firm's short-run production function is given in the table below: Labor Input Marginal Average Output Product of Product Labor of Labor Total Cost Average Average Total Variable Cost Cost Marginal Cost 12 3 20 28 34 43 46 48
What is the distinction between the economic short run and the economic long run? A. In the short run, the firm incurs only explicit costs, but in the long run, the firm incurs explicit and implicit costs. OB. In the short run, the firm can vary all inputs, but in the long run, at least one input is fixed. O c. In the short run, the firm incurs only variable costs, but in the long run, the firm incurs fixed...
10. For any output level, the short-run cost must be - the long-run cost.
Q1: The following graph shows the current short-run average total cost (ATC), short-run marginal cost (MC), and long-run average cost (LATC) curves of a typical perfectly competitive firm that uses only labour and physical capital to produce its product and the current market price (PⓇ). S/unit MC ATC LATC B Pa E Q1 Q2 Quantity a) How many units of output would the firm choose to produce in the short run? Explain. b) Is the firm making an economic profit...
1) Complete the following table. Output Fixed Cost Total Cost Variable Cost 10 Average Cost Cost Average Variable Cost NA NA 15 8 a) Is this a short run or long run information on cost? Why? b) If the price of the good produced is currently 17, what level of output meets the profit maximizing condition? c) Draw a ligure illustrating the average cost the average variable cost, and the marginal cost curves based on the information in this table.
Under dual-cost allocation,, fixed costs are allocated on the basis of a user department's: 01. either long-run usage or short-run usage of a service department's output. 02. neither long-run usage nor short-run usage of a service department's out put. 03. long-run usage of a service department's output. 04. long-run usage and short-run usage of a service department's output. 05. short-run usage of a service department's output.
8. The following figure shows that the short-run marginal cost curve may lie above the long-run marginal cost curve. SAC MC , SAG SMGU, SMGIMCI SACI SMC 3 Yet, in the long run, the quantities of all inputs are variable, whereas in the short run, the quantities of just some of the inputs are variable. Given that, why isn't short-run marginal cost less than long-run marginal cost for all output levels?
20. In the short run, your firm can vary only the amount of labor it employs. Labor can be hired for $5 per unit, and your firm's fixed costs are $25. Your firm's short-run production function is given in the table below: Labor Input Marginal Average Output Product of Product Labor of Labor Total Cost Average Average Total Variable Cost Cost Marginal Cost 12 3 20 28 34 43 46 48
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