Homework Answers
Option C.
- An efficient scale of the firm is the quantity of output that minimizes average total cost.
- A firm is said to have produced efficiently if it is able to produced the desired quantity of goods and services by minimizing the overall average total cost of production that was incurred by producing all the units of that output and also by the use of various factors of production.
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QUESTION 31 An efficient scale of the firm is the quantity of output that maximizes marginal product maximizes prof...
QUESTION 31 An efficient scale of the firm is the quantity of output that maximizes marginal product maximizes pro...
QUESTION 31 An efficient scale of the firm is the quantity of output that maximizes marginal product maximizes profit minimizes average total cost minimizes average variable cost QUESTION 32 If marginal cost is rising average variable cost must be falling average fixed cost must be rising marginal product must be falling marginal product must be rising QUESTION 33 Diminishing marginal product suggests that additional units of output beccome less costly as more output is produced marginal cost is upward sloping...
QUESTION 34 The efficient scale of the firm is the quantity of output that o maximizes...
QUESTION 34 The efficient scale of the firm is the quantity of output that o maximizes marginal product maximizes profit minimizes average total cost O minimizes average variable cost am QUESTION 35 The average fixed cost curve o always declines with increased levels of output O always rises with increased levels of output is flat with respect to output declines as long as marginal cost is going down
Question Completion Status: QUESTION 31 An efficient scale of the firm is the quantity of output...
Question Completion Status: QUESTION 31 An efficient scale of the firm is the quantity of output that maximizes marginal product • maximizes profit minimizes average total cost • minimizes average variable cost QUESTION 32 If marginal cost is rising - average variable cost must be falling average fixed cost must be rising marginal product must be falling • marginal product must be rising QUESTION 33 Diminishing marginal product suggests that additional units of output beccome less costly as more output...
QUESTION 26 2 points As tax laws become more complex compliance costs are likely to decrease...
QUESTION 26 2 points As tax laws become more complex compliance costs are likely to decrease the government will collect more tax revenue tax evasion and avoidance will decrease the administrative burden of taxes will increase An efficient scale of the firm is the quantity of output that maximizes marginal product maximizes profit minimizes average total cost minimizes average variable cost QUESTION 32 2 points if marginal cost is rising average variable cost must be falling average fored cost must...
20. Refer to Table 13-3. Gallo's cork factory experiences diminishing marginal product of labor with the additio...
20. Refer to Table 13-3. Gallo's cork factory experiences diminishing marginal product of labor with the addition of which worker? a. The third worker. b. The fourth worker. c. The fifth worker. d. The sixth worker. Average total cost equals a. 21. change in total costs divided by quantity produced. b. change in total costs divided by change in quantity produced. (fixed costs+ variable costs) divided by quantity produced. c. d. (fixed costs + variable costs) divided by change in...
marginal revenue A monopolist maximizes profit by choosing the quantity at which marginal revenue equals at...
marginal revenue A monopolist maximizes profit by choosing the quantity at which marginal revenue equals at that quantity because the demand curve is above the marginal-revenue curve. Profit equals mulitplied by the profit-maximizing quantity Price is and marginal cost average variable cost average cost marginal revenue. A monopolist maximizes profit by choosing the quantity at which marginal revenue equals Price is at that quantity because the demand curve is above the marginal-revenue curve. Profit equals the difference between the price...
22. Which of the following is true for a firm that enjoys economies of scale? a. Marginal cost is increasing as output i...
22. Which of the following is true for a firm that enjoys economies of scale? a. Marginal cost is increasing as output increases. b. Average total cost is falling as output increases. c. Marginal cost is constant as output increases. d. Marginal revenue is falling as output increases. 23. The figure below shows short-run average total cost curves for a firm under four different production technologies. Assume that there are only four different technologies that the firm could use. Refer...
e total cost 19. For a certain firm, the 10th unit of output marginal cost of...
e total cost 19. For a certain firm, the 10th unit of output marginal cost of Sto. It follows that the production of the 10th it fo r of outputut the firm produse marinat revenue of land them the firm's profi not the 100th unit of t h e firm's average total costs C. Firm's profit-maximize ve futut is less than 100 units. d. production of the 101st unit of output the lost unit of output must increase the firm's...
15. Use the following figure for a firm in a perfectly competitive market. a What is the output that maximizes...
15. Use the following figure for a firm in a perfectly competitive market. a What is the output that maximizes the firm's profit? b. At the profit-maximizing output, calculate total revenue and total cost. C. If the firm maximizes profit, how much profit does it earn? d. What will likely happen to market demand or market supply in the long run? e. What will likely happen to the market price in the long run? Price (s) d = P =...
QUESTION 12 61-0.2L, where Q is output and L is labor force. Find the size of...
QUESTION 12 61-0.2L, where Q is output and L is labor force. Find the size of the labor force that A firm's short-run production function is Q = maximizes this firm's output The labor force that maximizes output is: QUESTION 13 A firm's short-run average cost function is ATC a=100,000 +75,000 + 1,000q, where q is output and ATC is average total cost The output that minimizes average total cost is: QUESTION 14 글어 +6Q+ A firm faces an inverse...
QUESTION 31 An efficient scale of the firm is the quantity of output that maximizes marginal product maximizes profit minimizes average total cost minimizes average variable cost QUESTION 32 If marginal cost is rising average variable cost must be falling average fixed cost must be rising marginal product must be falling marginal product must be rising QUESTION 33 Diminishing marginal product suggests that additional units of output beccome less costly as more output is produced marginal cost is upward sloping...
QUESTION 34 The efficient scale of the firm is the quantity of output that o maximizes marginal product maximizes profit minimizes average total cost O minimizes average variable cost am QUESTION 35 The average fixed cost curve o always declines with increased levels of output O always rises with increased levels of output is flat with respect to output declines as long as marginal cost is going down
Question Completion Status: QUESTION 31 An efficient scale of the firm is the quantity of output that maximizes marginal product • maximizes profit minimizes average total cost • minimizes average variable cost QUESTION 32 If marginal cost is rising - average variable cost must be falling average fixed cost must be rising marginal product must be falling • marginal product must be rising QUESTION 33 Diminishing marginal product suggests that additional units of output beccome less costly as more output...
QUESTION 26 2 points As tax laws become more complex compliance costs are likely to decrease the government will collect more tax revenue tax evasion and avoidance will decrease the administrative burden of taxes will increase An efficient scale of the firm is the quantity of output that maximizes marginal product maximizes profit minimizes average total cost minimizes average variable cost QUESTION 32 2 points if marginal cost is rising average variable cost must be falling average fored cost must...
20. Refer to Table 13-3. Gallo's cork factory experiences diminishing marginal product of labor with the addition of which worker? a. The third worker. b. The fourth worker. c. The fifth worker. d. The sixth worker. Average total cost equals a. 21. change in total costs divided by quantity produced. b. change in total costs divided by change in quantity produced. (fixed costs+ variable costs) divided by quantity produced. c. d. (fixed costs + variable costs) divided by change in...
marginal revenue A monopolist maximizes profit by choosing the quantity at which marginal revenue equals at that quantity because the demand curve is above the marginal-revenue curve. Profit equals mulitplied by the profit-maximizing quantity Price is and marginal cost average variable cost average cost marginal revenue. A monopolist maximizes profit by choosing the quantity at which marginal revenue equals Price is at that quantity because the demand curve is above the marginal-revenue curve. Profit equals the difference between the price...
e total cost 19. For a certain firm, the 10th unit of output marginal cost of Sto. It follows that the production of the 10th it fo r of outputut the firm produse marinat revenue of land them the firm's profi not the 100th unit of t h e firm's average total costs C. Firm's profit-maximize ve futut is less than 100 units. d. production of the 101st unit of output the lost unit of output must increase the firm's...
15. Use the following figure for a firm in a perfectly competitive market. a What is the output that maximizes the firm's profit? b. At the profit-maximizing output, calculate total revenue and total cost. C. If the firm maximizes profit, how much profit does it earn? d. What will likely happen to market demand or market supply in the long run? e. What will likely happen to the market price in the long run? Price (s) d = P =...
QUESTION 12 61-0.2L, where Q is output and L is labor force. Find the size of the labor force that A firm's short-run production function is Q = maximizes this firm's output The labor force that maximizes output is: QUESTION 13 A firm's short-run average cost function is ATC a=100,000 +75,000 + 1,000q, where q is output and ATC is average total cost The output that minimizes average total cost is: QUESTION 14 글어 +6Q+ A firm faces an inverse...
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