1) When Jasper LLC produces 500 units, the total cost is $8750; what is the average...
1) When Jasper LLC produces 500 units, the total cost is $8750; what is the average total cost?
- 21.20
- 21.00
- 17.50
- 19.21
- none of the above
2) Jasper LLC's total cost is $10500 and the average total cost is $17.50; how many units are they producing?__________
3) When Jasper LLC produces Q=700, ATC=17.50; what is TC? ______
4)Refer to questions #5, #6, and #7. Jasper LLC is experiencing
- economies of scale.
- constant returns to scale.
- diseconomies of scale
- a labor shortage
5) Suppose a consumer of oranges and tangerines is currently in equilibrium. If the price of tangerines falls, the consumer will attempt to restore equilibrium by:
A) buying more oranges
B )buying fewer tangerines
C) buying more tangerines
D) A and B
E) None of the above
Homework Answers
1) ATC = TC/Q
= 8750/500 = 17.5
2) TC=10500
ATC=17.5
Q = 10500/17.5 = 600
3) Q=700
ATC=17.5
TC = ATC*Q = 700*17.5 = 12250
4) Since ATC remains the same, Jasper LLC is experiencing:-
Constant returns to scale.
Add Answer to:
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Figure 13-9
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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...
Figure 13-9
The figure below depicts average total cost functions for a firm
that produces automobiles.
Refer to Figure 13-9. At output levels greater
than N, the firm experiences
Group of answer choices
economies of scale.
diseconomies of scale.
minimum efficient scale.
constant returns to scale.
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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...
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