Homework Answers
18. Option 4
Minimum efficient scale is at a point where the average cost is minimised so that firms can engage in specialisation.
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18. Which of the following is most accurate about the Minimum Efficient Scale (MES) of a firm? O Because a firm has var...
Question 18 1 pts 18. Which of the following is most accurate about the Minimum Efficient...
Question 18 1 pts 18. Which of the following is most accurate about the Minimum Efficient Scale (MES) of a firm? O 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. O MES 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...
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 the correct statement 0 AfoA firm's minimum efficient scale increases when the number of people...
Choose the correct statement 0 AfoA firm's minimum efficient scale increases when the number of people employed increases. O B. A firm's minimum efficient scale is the smallest quantity of output at which long-run average cost reaches its lowest level. C. D. At outputs greater than the minimum efficient scale, a firm experiences economies of scale. At outputs less than the minimum efficient scale, a firm experiences diseconomies of scale.
4) It's time for a beer (question). The graphic below depicts the minimum efficient scales of the U.S. beer-brewing ind...
4) It's time for a beer (question). The graphic below depicts the minimum efficient scales of the U.S. beer-brewing industry for the years 1950 and 2000, as well as the implied long-run average total cost (LRATC) curve. On the graph, sketch reasonable U-shaped SHORT-RUN ATC curves for brewers in the years 1950 and 2000. Average cost of production, various brewers, 2000 160 Minimum Efficient Scale (MES) 140 Long-run ATC Cost per barrel (2000$ MES, 1950 100.000 bls MES, 2000 18...
(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...
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...
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...
Long-run cost relationships The following graph shows the short-run average total cost curves and the long-run average total cost curve for a publishing firm.
7. Long-run cost relationships The following graph shows the short-run average total cost curves and the long-run average total cost curve for a publishing firm. The five marked quantities indicate points of tangency between each short-run average total cost curve (SRATC) and the long-run average total cost curve (LRATC); for example, Q1 marks the point of tangency between SRATC1 and LRATC The orange point on SRATCs indicates the firm's current output level in the short run (Q5). SRATC SRATC SRATC4...
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)...
In the short run, there are many U-shaped cost curves. Which of the following explains why...
In the short run, there are many U-shaped cost curves. Which of the following explains why the ATC is that way in the short run? It is U-shaped because the minimum efficient scale is achieved. It is U-shaped because the AFC declines as more goods are produced. It is U-shaped because of economies and diseconomies of scale. It is not U-shaped. It is U-shaped because of increasing and decreasing returns. If a firm is experiencing economies of scale, what is...
Question 18 1 pts 18. Which of the following is most accurate about the Minimum Efficient Scale (MES) of a firm? O 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. O MES 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...
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 the correct statement 0 AfoA firm's minimum efficient scale increases when the number of people employed increases. O B. A firm's minimum efficient scale is the smallest quantity of output at which long-run average cost reaches its lowest level. C. D. At outputs greater than the minimum efficient scale, a firm experiences economies of scale. At outputs less than the minimum efficient scale, a firm experiences diseconomies of scale.
4) It's time for a beer (question). The graphic below depicts the minimum efficient scales of the U.S. beer-brewing industry for the years 1950 and 2000, as well as the implied long-run average total cost (LRATC) curve. On the graph, sketch reasonable U-shaped SHORT-RUN ATC curves for brewers in the years 1950 and 2000. Average cost of production, various brewers, 2000 160 Minimum Efficient Scale (MES) 140 Long-run ATC Cost per barrel (2000$ MES, 1950 100.000 bls MES, 2000 18...
(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...
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...
7. Long-run cost relationships The following graph shows the short-run average total cost curves and the long-run average total cost curve for a publishing firm. The five marked quantities indicate points of tangency between each short-run average total cost curve (SRATC) and the long-run average total cost curve (LRATC); for example, Q1 marks the point of tangency between SRATC1 and LRATC The orange point on SRATCs indicates the firm's current output level in the short run (Q5). SRATC SRATC SRATC4...
In the short run, there are many U-shaped cost curves. Which of the following explains why the ATC is that way in the short run? It is U-shaped because the minimum efficient scale is achieved. It is U-shaped because the AFC declines as more goods are produced. It is U-shaped because of economies and diseconomies of scale. It is not U-shaped. It is U-shaped because of increasing and decreasing returns. If a firm is experiencing economies of scale, what is...
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