Homework Answers
ANSWER:
The correct answer is option b that is decreasing returns of scale (as the inputs have increased but the output have decreased.)
Add Answer to:
1 pts In a production process, all inputs are increased by 10%; but output increases less...
In a production process, all inputs are increased by 10%; but output increases less than 10%....
In a production process, all inputs are increased by 10%; but output increases less than 10%. This means that the firm experiences A) decreasing returns to scale. B) constant returns to scale. C) increasing returns to scale. D) negative returns to scale
__B__ 48. Economies of scale a. require inputs' MPP to fall as output increases (everything else...
__B__ 48. Economies of scale a. require inputs' MPP to fall as output increases (everything else equal). b. pertain to the long run only. c. refer to increased output generalized by an increase in the quantity of a single input. d. imply that the AC curve will fall continuously as output increases in the short run. __D__ 49. If in some production range average cost is rising, the firm is experiencing a. increasing returns to scale. b. decreasing returns to...
Morgan and Doyle have a business. The production function for that business can be described by the following expressi...
Morgan and Doyle have a business. The production function for that business can be described by the following expression: Y=LL2, where L = hours of work put in by Morgan and L2 = hours of work put in by Doyle. This production function exhibits: O constant returns to scale. increasing returns to scale, i.e., when doubling all inputs increases output by more than double. decreasing returns to scale, i.e., when doubling all inputs increases output by less than double. O...
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...
10. Consider a firm that increases its inputs by 15 percent. For each scenario, state whether...
10. Consider a firm that increases its inputs by 15 percent. For each scenario, state whether the firm experiences economies of scale, diseconomies of scale, or constant returns to scale. a) Outputs increase 15 percent b) Outputs increase by less than 15 percent: c) Outputs increase by greater than 15 percent: 11 A fim's lang-nus talcosts are even in the table below Long run average total cost(s) Long-run total cost ($) 24 28 30 34 40 48 Output 7 63...
Suppose a firm doubles the amount of all of its factors of production and, as a result, output increases from 100 to 300...
Suppose a firm doubles the amount of all of its factors of production and, as a result, output increases from 100 to 300 units. This firm is operating under Increasing cost Decreasing costs Long-run decreasing returns Decreasing total cost Diseconomies of scales Positive economic profit is The excess of revenues over implicit costs A signal for firms in other industries to expand their output A signal for resources to enter the industry in the long run The excess of revenues...
A firm uses two inputs x1 and x2 to produce output y. The production function is...
A firm uses two inputs x1 and x2 to produce
output y. The production function is given by f(x1, x2) = p
min{2x1, x2}. The price of input 1 is 1 and the price of input 2 is
2. The price of output is 10.
4. A firm uses two inputs 21 and 22 to produce output y. The production function is given by f(x1, x2) = V min{2x1, x2}. The price of input 1 is 1 and the price...
A production function exhibits constant returns to scale if: Doubling all inputs delivers exactly twice the...
A production function exhibits constant returns to scale if: Doubling all inputs delivers exactly twice the output. Doubling all inputs delivers exactly more than twice the output. Doubling all inputs delivers exactly less than twice the output. none of the above The marginal product of capital (MPK) is: The additional unit of output that is produced when both labor and capital are increased by one unit. The additional output that is produced when there is technological improvement. The additional output...
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...
2. Consider a firm with the following production function: Q = 3K2/3L2/3 2a. Calculate the marginal...
2. Consider a firm with the following production function: Q = 3K2/3L2/3 2a. Calculate the marginal product of labor. Show all work. 2b. Is the marginal product of labor increasing, decreasing or constant? Explain how you know. 2c. Calculate the output elasticity of labor. Show all work. 2d. Does the production process for this firm exhibit increasing returns to scale, decreasing returns to scale or constant returns to scale? Explain how you know.
Morgan and Doyle have a business. The production function for that business can be described by the following expression: Y=LL2, where L = hours of work put in by Morgan and L2 = hours of work put in by Doyle. This production function exhibits: O constant returns to scale. increasing returns to scale, i.e., when doubling all inputs increases output by more than double. decreasing returns to scale, i.e., when doubling all inputs increases output by less than double. O...
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...
10. Consider a firm that increases its inputs by 15 percent. For each scenario, state whether the firm experiences economies of scale, diseconomies of scale, or constant returns to scale. a) Outputs increase 15 percent b) Outputs increase by less than 15 percent: c) Outputs increase by greater than 15 percent: 11 A fim's lang-nus talcosts are even in the table below Long run average total cost(s) Long-run total cost ($) 24 28 30 34 40 48 Output 7 63...
A firm uses two inputs x1 and x2 to produce
output y. The production function is given by f(x1, x2) = p
min{2x1, x2}. The price of input 1 is 1 and the price of input 2 is
2. The price of output is 10.
4. A firm uses two inputs 21 and 22 to produce output y. The production function is given by f(x1, x2) = V min{2x1, x2}. The price of input 1 is 1 and the price...
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...
Most questions answered within 3 hours.
-
A distribution center for a sporting goods retailer places
orders with manufacturers for a variety of...
asked 5 minutes ago -
Suppose you have a bag of Skittles with 27 blue Skittles, 18
green
Skittles, 32 red...
asked 8 minutes ago -
Sketch the circuit diagram for an inverting amplifier, and give
component values that will produce a...
asked 11 minutes ago -
Develop in C language the function whose prototype is described
below. Please, send the entire code,...
asked 28 minutes ago -
What single payment today would replace a payment stream of
$50,000 that will be paid today,...
asked 22 minutes ago -
please c++ with functions *Modify the Guessing Game Write the
secret number to a file. Then...
asked 22 minutes ago -
Question about ACID/BASE. Equal volumes of 0.230 M weak base (Kb
= 4.0× 10–9) and 0.230...
asked 28 minutes ago -
The charges and coordinates of two charged particles held fixed
in an xy plane are q1...
asked 30 minutes ago -
A particle of mass M = 7.5 kg is at a position r = (-3 i...
asked 29 minutes ago -
Please answer the question below with complete explanation and a
light rays drawing of the concave...
asked 32 minutes ago -
On January 4th, Stevens Manufacturing received an
order for 30 uniforms. The following information pertained to...
asked 41 minutes ago -
what is the present value of a 3 year growing annuity with the
first payment of...
asked 49 minutes ago