Homework Answers
Ans: Increasing marginal costs.
Explanation:
When marginal cost increases then there will be diminishing marginal return.
Ans: economies of scale
Explanation:
Average cost curve falls due to economies of scale and increases due to diseconomies of scale.
Ans: The marginal cost of producing the fifth scooter is $700.
Explanation:
MC = change in TC/ change in Q
=( $3800 - $3100) / ( 5- 4) = $700
Ans: Variable cost of producing 4 scooters total $2100
Explanation:
TC = FC + VC
Total VC of 4 scooters = TC - FC
= $3100 - $1000 =$2100
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Consider a farmer who can increase the amount of wheat he grows per acre by using more fertilizer. If the farmer f...
A purely competitive wheat farmer can sell any wheat he grows for $10 per bushel. His...
A purely competitive wheat farmer can sell any wheat he grows for $10 per bushel. His five acres of land show diminishing returns because some are better suited for wheat production than others. The first acre can produce 1,000 bushels of wheat, the second acre 900, the third 800, and so on. a. Fill in the table below to answer the following questions. How many bushels will each of the farmer’s five acres produce? How much revenue will each acre...
QUESTION 30 A downward-sloping portion of a long-run average total cost curve is the result of:...
QUESTION 30 A downward-sloping portion of a long-run average total cost curve is the result of: economies of scale. diseconomies of scale. diminishing returns. the existence of fixed resources. 2.5 points QUESTION 31 In the long run, firms in many industries often experience a falling average total cost curve as a result of: gains through trade. increasing marginal returns. economies of scale. lower fixed costs. 2.5 points QUESTION 32 A large aircraft manufacturer, like Boeing, may have a...
4. How many haircuts can be produced if a total of four labor hours are used?...
4. How many haircuts can be produced if a total of four labor hours are used? a) 14 b) 19 c) 19x4 d) 19+ 4 e) You can't tell from this graph. 5. During the fourth hour, how many haircuts are produced? a) 14 b) 19 c) 4 d) 5 c) You can't tell from this graph. mhe rodued? a) 19 b) 23 c) 4 d) 5 e) You can't tell from this graph. 7. Moving from three to five...
8. Adding more workers in a Subway store will eventually decrease marginal product of labor. This...
8. Adding more workers in a Subway store will eventually decrease marginal product of labor. This can be explained by a. Constant returns of scale b. Law of diminishing marginal product of labor Law of decreasing returns to scale d. c. Economies of scale Say, you are an entrepreneur, making designer T-shirts in your garage for questions 9-11. Your firms tota cost (TC) is given as TC 250+ 10 Q. Here, Qrefers to quantity of t-shirts. 9. Your fixed costs...
Any number of these can be correct, please only respond if you know the answer. QUESTION 7 Long-run average total cost...
Any number of these can be correct, please only respond if you
know the answer.
QUESTION 7 Long-run average total cost might have an upward-sloping segment that indicates dis-economies of scale might have a downward-sloping segment that indicates economies of scale might have a flat portion that indicates a constant average cost over that range of output. shows the minimum average total cost for each level of output that can be produced has a minimum point at the firm's minimum...
Which of the following statements is (are) correct? (x) The average variable cost curve declines as...
Which of the following statements is (are) correct? (x) The average variable cost curve declines as quantity increases because variable costs always decrease as output increases. (y) The average variable cost curve and average total cost curve will eventually intersect as output increases because average fixed cost eventually becomes negative. (z) The marginal cost curve crosses the average total cost curve at the efficient scale, which occurs at the minimum point on the average total cost curve. A. (x), (y)...
can you pls do these two 7 and 8, thank you 7. Consider a firm whose...
can you pls do these two 7 and 8, thank you
7. Consider a firm whose total cost equals $18 when output is zero. The following table shows average variable cost for this firm at several output levels AVC $20 $22 $25 a. Find the marginal cost of producing the first second, and third unit of output. Show your work clearly b. Assuming that this firm starts experiencing diminishing returns to labor as soon as the second unit of output...
A:OA pomoc 1. The demand for petrol rises from 500 to 600 barrels when the price...
A:OA pomoc 1. The demand for petrol rises from 500 to 600 barrels when the price of a particular scooter is reduced from $375 to $330. Then Gros elasticity of demand for the two goods is: b) -2.22 c) 0.14 d) 0.70 2. In the above example, scooter and petrolare: a) Substitute goods b) Complementary goods c) Inferior goods d) Superior goods Answer Questions 3-6 based on the information available in the following Output (0) Total Cost (TC)$ 311 3....
A University's food services produces 'square meals' (SM) using only one input, 'unmentionable' (U), and a...
A University's food services produces 'square meals' (SM) using only one input, 'unmentionable' (U), and a remarkable production process. The production function is: SM = U2 Part 1. This production function exhibits Increasing, Decreasing/Diminishing or Constant returns to scale? Part 2. How many Units does it take to produce 100 square meals? Part 3. How many square meals can be produced with 20 units of unmentionable? Part 4. If the input costs 6 per unit, what is the average cost...
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....
4. How many haircuts can be produced if a total of four labor hours are used? a) 14 b) 19 c) 19x4 d) 19+ 4 e) You can't tell from this graph. 5. During the fourth hour, how many haircuts are produced? a) 14 b) 19 c) 4 d) 5 c) You can't tell from this graph. mhe rodued? a) 19 b) 23 c) 4 d) 5 e) You can't tell from this graph. 7. Moving from three to five...
8. Adding more workers in a Subway store will eventually decrease marginal product of labor. This can be explained by a. Constant returns of scale b. Law of diminishing marginal product of labor Law of decreasing returns to scale d. c. Economies of scale Say, you are an entrepreneur, making designer T-shirts in your garage for questions 9-11. Your firms tota cost (TC) is given as TC 250+ 10 Q. Here, Qrefers to quantity of t-shirts. 9. Your fixed costs...
Any number of these can be correct, please only respond if you
know the answer.
QUESTION 7 Long-run average total cost might have an upward-sloping segment that indicates dis-economies of scale might have a downward-sloping segment that indicates economies of scale might have a flat portion that indicates a constant average cost over that range of output. shows the minimum average total cost for each level of output that can be produced has a minimum point at the firm's minimum...
can you pls do these two 7 and 8, thank you
7. Consider a firm whose total cost equals $18 when output is zero. The following table shows average variable cost for this firm at several output levels AVC $20 $22 $25 a. Find the marginal cost of producing the first second, and third unit of output. Show your work clearly b. Assuming that this firm starts experiencing diminishing returns to labor as soon as the second unit of output...
A:OA pomoc 1. The demand for petrol rises from 500 to 600 barrels when the price of a particular scooter is reduced from $375 to $330. Then Gros elasticity of demand for the two goods is: b) -2.22 c) 0.14 d) 0.70 2. In the above example, scooter and petrolare: a) Substitute goods b) Complementary goods c) Inferior goods d) Superior goods Answer Questions 3-6 based on the information available in the following Output (0) Total Cost (TC)$ 311 3....
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