Homework Answers
The short run and the long run in economics shows the time frame. In the short run the there is at least one input is variable and other remaining inputs are fixed. But in the long run all the inputs are variable the firm can decide which inputs are to be varied and which are not. In the short run, the firms will get emough time to change their variable inputs, in most cases this will be the labours. According to the production plans the firms may increase or decrease the number of workers.
Ans: Its variable inputs.
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O excessive fixed costs D I Question 6 During the short run, a firm has enough...
SHOW ALL WORK A profit-maximizing firm in the short run has total fixed costs of $200....
SHOW ALL WORK A profit-maximizing firm in the short run has total fixed costs of $200. Its variable costs are as below. Output Total Variable Cost 0 $0 1 $190 2 $360 3 $510 4 $650 5 $800 6 $990 7 $1,190 8 $1,420 9 $1,770 10 $2,170 (A) (3 pts.) Calculate average total cost when output is 5 units....
QUESTION 1 A firm uses two inputs in production: capital and labor. In the short run,...
QUESTION 1 A firm uses two inputs in production: capital and labor. In the short run, the firm cannot adjust the amount of capital it is using, but it can adjust the size of its workforce. -- If the cost of renting capital increases, which of the following curves will be affected? (Check all answers that apply). -- A) Average fixed cost B) Marginal cost C) Average total cost D) Average variable cost QUESTION 2 If the cost of hiring...
9:10 + Exit Question 7 2 pts Accounting costs represent explicit costs paid by the firm....
9:10 + Exit Question 7 2 pts Accounting costs represent explicit costs paid by the firm. opportunity costs. both sunk and future costs. long run costs only. Question 8 2 pts Explicit costs are the opportunity costs of all resources used by the firm. the costs associated with the resources that the firm owns. O actual expenditures that a firm must make. all costs associated with the short run. 9:10 + As a firm's production increases in the short run,...
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...
Which of the following statements is TRUE? a. A firm plans in the short run and...
Which of the following statements is TRUE? a. A firm plans in the short run and operates in the long run. b. In the long run a firm can change all but one input. c. In the long run all inputs are variable. d. In the short run all inputs are fixed.
1. The long run is a period that is: A. long enough to vary the quantities...
1. The long run is a period that is: A. long enough to vary the quantities of all factors of production. B. long enough to vary all factors of production except for the amount of capital available. C. at least one year. D. more than one month. 2. In the long run: A. the firm has time to change the level of all inputs. B. all inputs are more expensive. C. inputs are neither variable nor fixed. D. at least...
A firm is seeing a $500 loss in the short run. The fixed cost of operation...
A firm is seeing a $500 loss in the short run. The fixed cost of operation for this firm is $1,000. What is the best decision for this frm in the short run? e This firm should shut down production immediately o This firm should produce more than what it is aurrently producing O This firm should not shut down production in the short run. eThere is not enough information provided to answer. 1 pts Question 16 A firm is...
Question 11 Economic profit equals total revenue minus total costs including explicit fixed costs, explicit variable...
Question 11 Economic profit equals total revenue minus total costs including explicit fixed costs, explicit variable costs, implicit fixed costs, and implicit variable costs. True False Question 12 4 pt If Economic profit equals zero, then the firm should shut down in the short run and go out of business in the long run. True e False The period of time long enough to allow a firm to vary all of its inputs, to adopt new technology, and to increase...
If a firm is earning economic losses,
1. If a firm is earning economic losses, a. it also has an accounting loss. b. the owner could be earning more in some other occupation. c. the firm must go out of business in the short run. d. new firms will want to get into that industry. 2. Economists say that a firm has a normal profit when a. it earns a return of at least 10 percent. b. its accounting profit exceeds its implicit costs. c. it can pay all its variable costs. d....
Figure: Short-Run Costs I Reference: Ref 22-6 (Figure: Short-Run Costs I) Examine the figure Short-Run Costs...
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9:10 + Exit Question 7 2 pts Accounting costs represent explicit costs paid by the firm. opportunity costs. both sunk and future costs. long run costs only. Question 8 2 pts Explicit costs are the opportunity costs of all resources used by the firm. the costs associated with the resources that the firm owns. O actual expenditures that a firm must make. all costs associated with the short run. 9:10 + As a firm's production increases in the short run,...
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...
A firm is seeing a $500 loss in the short run. The fixed cost of operation for this firm is $1,000. What is the best decision for this frm in the short run? e This firm should shut down production immediately o This firm should produce more than what it is aurrently producing O This firm should not shut down production in the short run. eThere is not enough information provided to answer. 1 pts Question 16 A firm is...
Question 11 Economic profit equals total revenue minus total costs including explicit fixed costs, explicit variable costs, implicit fixed costs, and implicit variable costs. True False Question 12 4 pt If Economic profit equals zero, then the firm should shut down in the short run and go out of business in the long run. True e False The period of time long enough to allow a firm to vary all of its inputs, to adopt new technology, and to increase...
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