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i need help with question 10 and 11 and then the rest of
question 5
Figure...
Figure: Short-Run Costs Cost curves (dollars) $200 В A 150 100 50 F 1 9 10...
Figure: Short-Run Costs Cost curves (dollars) $200 В A 150 100 50 F 1 9 10 11 Quantity of output (per day) 2 5 6 7 8 Please, look at the above figure, which represents short run costs curves. Curve A curve. represents the total cost average total cost average variable cost marginal cost Figure: Short-Run Costs Cost curves (dollars) $200 B 150 100 5 67 Quantity of output (per day) 1 234 8 9 10 11 Please, look at...
11. In drawing an isoquant curve, what is measured on the axes? a. the prices of...
11. In drawing an isoquant curve, what is measured on the axes? a. the prices of the inputs b. price and output c. the physical quantities of the two inputs d. expenditure on the two inputs e none of the above 12. Learning by doing doctrine suggests that: a. MC shifts upward as current output increases b. an increase in this period's output will cause future periods' long-run average cost curves to be lower c. The long-run average cost curve...
TR MR MC Profit 0 $10 2 3 4 5 6 PTC $5 $9 $5 $5 $12 $5 $15 $5 $19 $5 $24 $5 $30 $5 $45 Look at the above table....
TR MR MC Profit 0 $10 2 3 4 5 6 PTC $5 $9 $5 $5 $12 $5 $15 $5 $19 $5 $24 $5 $30 $5 $45 Look at the above table. Based on these numbers, the marginal cost, MC, for producing six units, quantity, Q. level 6, is equal to: $6,00 $3.00 $1.00 $7.00 La company, which is perfectly competitive, will respond to losses by In the short run; reducing production or shutting down In the short run; increasing...
Section 2: Please answer the following question as True/False/Uncertain and fully explain the rationale for your...
Section 2: Please answer the following question as True/False/Uncertain and fully explain the rationale for your answer. 1. Producers maximize profits by maximizing revenue and minimizing costs of production. Specifically, they determine the least cost combination of inputs based on their production function and second, they set output where revenue is maximized. (20 Points) 2. Because firms can freely choose the level of the capital and labor in the long run, long run marginal and average costs will always be...
Q P 0 TR MR MC Profit $5 2 3 4 5 6 $5 $5 $5...
Q P 0 TR MR MC Profit $5 2 3 4 5 6 $5 $5 $5 $5 $5 TC $9 $10 $12 $15 $19 $24 $30 $45 Look at the above table. Based on these numbers, the marginal cost, MC, for producing six units, quantity, Q, level 6, is equal to: $6.00 $3.00 $1.00 $7.00 a company, which is perfectly competitive, will respond to losses by In the short run; reducing production or shutting down In the short run; increasing...
I need help with 19 and 20. I tried my best on 19 but I don't...
I need help with 19 and 20. I tried my best on 19 but I don't
know if the answer I circled is correct. Thank you.
Use the graph below to answer the next two questions MC ATC $Price $12 Z MR SIO $9.75 opinion planosno is asheviote/i / l Avc AZ MR s ni b u dardi songsdl. alle / svo / hos olla lubivibilons Sans que lo 20onnalisa moss andia-aong nominovano sodninaluubi ne b allo 50 60 ob...
14) Which company is most likely to be less efficiently managed? a) U.S. Postal Service b) UPS c)...
Please answer all multiple choices . i would be very
thankful
14) Which company is most likely to be less efficiently managed? a) U.S. Postal Service b) UPS c) FedEx d) AppleS IC AC AVC 30 20 4 10 20 30A 40 50 60 70 80 67 OUTPUT 34 79 The following questions 14 to 16 are based on the above graph 15) The profit-maximizing output is: a) 30 b) 54. c) 60 d) 67 e) 79 16) At the...
7. Assume that the long-run production function can be expressed as Q-SKL? Where Q is quantity...
7. Assume that the long-run production function can be expressed as Q-SKL? Where Q is quantity of output, K is the quantity of capital and L is the quantity of labor. If capital is fixed at 10 units in the short run then the short-run production function is: Q=10KL b. Q=50KL? Q=10L? d. 0=50L Q=500KL 8. For a linear total cost function: a. MC will be downward sloping b. MC = AVC c. AVC is upward sloping and linear d....
(a) Find the total profit or total loss of the firm shown in Figure 8. (b)...
(a) Find the total profit or total loss of the firm
shown in Figure 8.
(b) Is the firm not he short run or the long run?
(c) How much is the firm's most efficient output?
(d) What is the lowest price the firm would accept in the long
run?
MC 14 12 2 10 ATC D, MR 4 8 12 16 20 24 Output Figure 8
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?
Figure: Short-Run Costs Cost curves (dollars) $200 В A 150 100 50 F 1 9 10 11 Quantity of output (per day) 2 5 6 7 8 Please, look at the above figure, which represents short run costs curves. Curve A curve. represents the total cost average total cost average variable cost marginal cost Figure: Short-Run Costs Cost curves (dollars) $200 B 150 100 5 67 Quantity of output (per day) 1 234 8 9 10 11 Please, look at...
11. In drawing an isoquant curve, what is measured on the axes? a. the prices of the inputs b. price and output c. the physical quantities of the two inputs d. expenditure on the two inputs e none of the above 12. Learning by doing doctrine suggests that: a. MC shifts upward as current output increases b. an increase in this period's output will cause future periods' long-run average cost curves to be lower c. The long-run average cost curve...
TR MR MC Profit 0 $10 2 3 4 5 6 PTC $5 $9 $5 $5 $12 $5 $15 $5 $19 $5 $24 $5 $30 $5 $45 Look at the above table. Based on these numbers, the marginal cost, MC, for producing six units, quantity, Q. level 6, is equal to: $6,00 $3.00 $1.00 $7.00 La company, which is perfectly competitive, will respond to losses by In the short run; reducing production or shutting down In the short run; increasing...
Section 2: Please answer the following question as True/False/Uncertain and fully explain the rationale for your answer. 1. Producers maximize profits by maximizing revenue and minimizing costs of production. Specifically, they determine the least cost combination of inputs based on their production function and second, they set output where revenue is maximized. (20 Points) 2. Because firms can freely choose the level of the capital and labor in the long run, long run marginal and average costs will always be...
Q P 0 TR MR MC Profit $5 2 3 4 5 6 $5 $5 $5 $5 $5 TC $9 $10 $12 $15 $19 $24 $30 $45 Look at the above table. Based on these numbers, the marginal cost, MC, for producing six units, quantity, Q, level 6, is equal to: $6.00 $3.00 $1.00 $7.00 a company, which is perfectly competitive, will respond to losses by In the short run; reducing production or shutting down In the short run; increasing...
I need help with 19 and 20. I tried my best on 19 but I don't
know if the answer I circled is correct. Thank you.
Use the graph below to answer the next two questions MC ATC $Price $12 Z MR SIO $9.75 opinion planosno is asheviote/i / l Avc AZ MR s ni b u dardi songsdl. alle / svo / hos olla lubivibilons Sans que lo 20onnalisa moss andia-aong nominovano sodninaluubi ne b allo 50 60 ob...
Please answer all multiple choices . i would be very
thankful
14) Which company is most likely to be less efficiently managed? a) U.S. Postal Service b) UPS c) FedEx d) AppleS IC AC AVC 30 20 4 10 20 30A 40 50 60 70 80 67 OUTPUT 34 79 The following questions 14 to 16 are based on the above graph 15) The profit-maximizing output is: a) 30 b) 54. c) 60 d) 67 e) 79 16) At the...
7. Assume that the long-run production function can be expressed as Q-SKL? Where Q is quantity of output, K is the quantity of capital and L is the quantity of labor. If capital is fixed at 10 units in the short run then the short-run production function is: Q=10KL b. Q=50KL? Q=10L? d. 0=50L Q=500KL 8. For a linear total cost function: a. MC will be downward sloping b. MC = AVC c. AVC is upward sloping and linear d....
(a) Find the total profit or total loss of the firm
shown in Figure 8.
(b) Is the firm not he short run or the long run?
(c) How much is the firm's most efficient output?
(d) What is the lowest price the firm would accept in the long
run?
MC 14 12 2 10 ATC D, MR 4 8 12 16 20 24 Output Figure 8
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?
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