Homework Answers
Answer: B. A firm's minimum efficient scale is the smallest quantity of output at which lung run average cost reaches its lowest level. This is the lowest level of output at which the firm has economies of scale. After this point, the firm has constant returns to scale. Also there may be a range of output for which the long run average cost curve is minimum.
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Choose the correct statement 0 AfoA firm's minimum efficient scale increases when the number of people...
(Click to select) economies of scale a. Long-run average total cost falls as the firm realize: rises when the firm...
(Click to select) economies of scale a. Long-run average total cost falls as the firm realize: rises when the firm experiences [ (Click to select) diseconomies of scale diminishing marginal returns increasing marginal returns b. The minimum efficient scale is the level of output produced by the smallest firm in the industry. smallest level of output at which a firm can produce. only level of output where long-run average total costs are minimized. smallest level of output needed to attain...
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...
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
Economies of scale refers to when: In the long run when average total cost does not...
Economies of scale refers to when:
In the long run when average total cost does not depend on the
quantity of output, this is called:
Commodities:
We assume that in the long run in a perfectly competitive
market:
Multiple Choice an increase in the quantity of output increases average total cost in the long run. None are correct. average total cost does not depend on the quantity of output in the long run. an increase in the quantity of output...
13. As output (plant size) increases, economies of scale occur when the A) long-run average cost...
13. As output (plant size) increases, economies of scale occur when the A) long-run average cost increases. B) long-run average cost decreases. C) short-run average total cost decreases. D) long-run average cost stays constant 14. Economies of scale can occur as a result of which of the following? A) increasing marginal costs as the firm increases its size B) higher fixed cost as the firm increases its size C) management difficulties as the firm increases its size D) greater specialization...
Choose abcd 8. Diseconomies of scale exist when A) the firm's total cost falls as the...
Choose abcd
8. Diseconomies of scale exist when A) the firm's total cost falls as the level of output increases. B) the firm's total cost increases as the level of output increases. C) the firm's average cost decreases as the level of output decreases D) the firm's everage cost decreases as the level of output increases.
18. Which of the following is most accurate about the Minimum Encient Scale (MES) of arm? Because a firm has variou...
18. Which of the following is most accurate about the Minimum Encient Scale (MES) of arm? Because a firm has various short-run average cost curves. It also has various MES scales. MES is the scale of operation at which diseconomies of scale starts to dominate. OMES is the scale of operation where at least one short run average cost starts to increase Specialization of labor can contribute to a firm's productivity only after it has reached its MES. D Question...
Choose a,b,c,d 8. Diseconomies of scale exist when A) the firm's total cost falls as the...
Choose a,b,c,d
8. Diseconomies of scale exist when A) the firm's total cost falls as the level of output increases. B) the firm's total cost increases as the level of output increases. C) the firm's average cost decreases as the level of output decreases. D) the firm'sqverage cost decreases as the level of output increases. i . on were a is outnut and all fixed costs
4 Alumni dengan selama ini Tele--en onder mense 4. A firm's long-run total cost curve is...
4 Alumni dengan selama ini Tele--en onder mense 4. A firm's long-run total cost curve is TCQ)= 40 Q-10Q' + Overwh output does the production function exhibit economies of scale? Over what range does it exhibit diseconomies of scale? At what quantity is minimum efficient scale?
Part 1: When a firm operates with economies of scale, average production costs: 1) rise when...
Part 1:
When a firm operates with economies of scale, average production
costs:
1) rise when the firm gets larger.
2) fall as the firm gets larger.
3) fall as the firm gets smaller.
4) are unaffected by firm size.
Part 2:
“U-shaped” long-run average cost curves show that as firms get
larger, they usually experience:
1) economies of scale.
2) constant returns to scale.
3) diseconomies of scale.
4) a, b, and c, in that order.
Part 3:
This...
(Click to select) economies of scale a. Long-run average total cost falls as the firm realize: rises when the firm experiences [ (Click to select) diseconomies of scale diminishing marginal returns increasing marginal returns b. The minimum efficient scale is the level of output produced by the smallest firm in the industry. smallest level of output at which a firm can produce. only level of output where long-run average total costs are minimized. smallest level of output needed to attain...
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...
Economies of scale refers to when:
In the long run when average total cost does not depend on the
quantity of output, this is called:
Commodities:
We assume that in the long run in a perfectly competitive
market:
Multiple Choice an increase in the quantity of output increases average total cost in the long run. None are correct. average total cost does not depend on the quantity of output in the long run. an increase in the quantity of output...
13. As output (plant size) increases, economies of scale occur when the A) long-run average cost increases. B) long-run average cost decreases. C) short-run average total cost decreases. D) long-run average cost stays constant 14. Economies of scale can occur as a result of which of the following? A) increasing marginal costs as the firm increases its size B) higher fixed cost as the firm increases its size C) management difficulties as the firm increases its size D) greater specialization...
Choose abcd
8. Diseconomies of scale exist when A) the firm's total cost falls as the level of output increases. B) the firm's total cost increases as the level of output increases. C) the firm's average cost decreases as the level of output decreases D) the firm's everage cost decreases as the level of output increases.
18. Which of the following is most accurate about the Minimum Encient Scale (MES) of arm? Because a firm has various short-run average cost curves. It also has various MES scales. MES is the scale of operation at which diseconomies of scale starts to dominate. OMES is the scale of operation where at least one short run average cost starts to increase Specialization of labor can contribute to a firm's productivity only after it has reached its MES. D Question...
Choose a,b,c,d
8. Diseconomies of scale exist when A) the firm's total cost falls as the level of output increases. B) the firm's total cost increases as the level of output increases. C) the firm's average cost decreases as the level of output decreases. D) the firm'sqverage cost decreases as the level of output increases. i . on were a is outnut and all fixed costs
4 Alumni dengan selama ini Tele--en onder mense 4. A firm's long-run total cost curve is TCQ)= 40 Q-10Q' + Overwh output does the production function exhibit economies of scale? Over what range does it exhibit diseconomies of scale? At what quantity is minimum efficient scale?
Part 1:
When a firm operates with economies of scale, average production
costs:
1) rise when the firm gets larger.
2) fall as the firm gets larger.
3) fall as the firm gets smaller.
4) are unaffected by firm size.
Part 2:
“U-shaped” long-run average cost curves show that as firms get
larger, they usually experience:
1) economies of scale.
2) constant returns to scale.
3) diseconomies of scale.
4) a, b, and c, in that order.
Part 3:
This...
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