Homework Answers
Short run costs (TE) includes fixed costs whereas Long run costs are all variable costs (TC)
for this firm is best represented by graph B below, which displays the fact that this industry exhibits diminishing returns to scale as the long run total cost curve is downward sloping
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please see the graphs as well! thank you! 3. Identifying returns to scale Aa Aa The following graph depicts the s...
3. Identifying returns to scale Aa Aa E The following graph depicts the short run total expenditures (TE) and long...
3. Identifying returns to scale Aa Aa E The following graph depicts the short run total expenditures (TE) and long-run total cost (TC) for a given firm with a capital. Use the drop-down menus on the graph below to properly label each curve. DOLLARS 50 100 150 200 250 The relationship between the short-run average expenditures and the long-run average cost for this firm is best represented by graph below, which displays the fact that this industry exhibits Graph A...
2. Short-run versus long-run costs and expenditures Aa Aa The following isoquants depict the technologically efficient...
2. Short-run versus long-run costs and expenditures Aa Aa The following isoquants depict the technologically efficient bundles of labor and capital for producing 100 and 150 units of output (labeled IQ (Q - 100), and IQ IQ - 150), respectively). Suppose the firm is initially using the cost-minimizing bundle of labor and capital for producing 100 units of output, represented by point A. T XL- HO ---- XT X JQ10 - 1501 - 1010 - 1001 A 0 10 20...
please help 2. Short-run versus long-run costs and expenditures Aa Aa - The following isoquants depict...
please help
2. Short-run versus long-run costs and expenditures Aa Aa - The following isoquants depict the technologically efficient bundles of labor and capital for producing 100, 150, and 175 units of output (labeled IQ IQ - 100), IQ IQ - 150), and IQ IQ = 175), respectively). Suppose the firm is initially using the cost-minimizing bundle of labor and capital for producing 150 units of output, represented by point CAPITAL 10 10 - 1751 100 - 1501 Ti 01...
4. Cost-curve shifters Aa Aa E The following graphs depict the costs and expenses in the...
4. Cost-curve shifters Aa Aa E The following graphs depict the costs and expenses in the short run and the long run for Albert's Pizza Place. Albert must pay $200 per month to rent pizza ovens (including sales tax) and $15 per hour for his workers. He also pays an additional $2,000 a month for a license that allows him to sell beer at his pizza parlor. Short Run Long Run DOLLARS DOLLARS OUTPUT OUTPUT Now, suppose that new legislation...
1. Shut down versus exit prices in the short and long run Aa Aa E The...
1. Shut down versus exit prices in the short and long run Aa Aa E The graph below represents the marginal cost (MC), average expenditure (AE), and average cost (AC) curves for a firm when it has committed to 100 units of capital. Suppose the market price of output is given by P on the vertical axis and that the firm is a price-taker. Use the black point (X symbol) to represent the short-run (SR) profit-maximizing level of output, then...
Please see the highlighted question in Yellow. (Needed to answer the dropdowns) Please answer the effects...
Please see the highlighted question in Yellow. (Needed to answer
the dropdowns)
Please answer the effects at the bottom.
the choices are as follows:
- shift upward
- shift downward
- no change
4. Cost-curve shifters Aa Aa The following graphs depict the costs and expenses in the short run and the long run for Brian's Pizza Place. Brian must pay $200 per month to rent pizza ovens (including sales tax) and $15 per hour for his workers. He also...
For the first drop down "Based on what you know of the relationship between short-run and...
For the first drop down "Based on what you know of the
relationship between short-run and long-run costs, the firm's long
run average cost curve will look most like (LRAC1 /OR/ LRAC2) on
the graph below"
For the last part Short Run / Long Run
Economic Profit Positive / negative OR zero
Action Produce Exit OR Shutdown
Thank you!!
1. Shut down versus exit prices in the short and long run Aa Aa The graph below represents the marginal cost...
Please Help. Thank you very much. 3. A firm producing hockey sticks has a production function...
Please Help. Thank you very much.
3. A firm producing hockey sticks has a production function given by f(11, 12) = 21112 In the short run, the firm's amount of input two is fixed at Tz. 3.1 Calculate the firm's short-run total cost curve as a function of y, w1, W2, 72. 3.2 Suppose that I2 = 100, the price for input one is w1 = 4, and the price of input two is w2 = 1. Draw a graph...
please answer the effects at the bottom. the choices are: - shift upward - shift downward...
please answer the effects at the bottom.
the choices are:
- shift upward
- shift downward
- no change
4. Cost-curve shifters Aa Aa E The following graphs depict the costs and expenses in the short run and the long run for Xavier's Pizza Place. Xavier must pay $200 per month to rent pizza ovens (including sales tax) and $15 per hour for his workers. He also pays an additional $2,000 a month for a license that allows him to...
6. Long-run production costs Aa Aa Ike's Bikes is a major manufacturer of bicycles. Currently, th...
6. Long-run production costs Aa Aa Ike's Bikes is a major manufacturer of bicycles. Currently, the company produces bikes in one factory. However, it is considering expanding production to two or even three factories. The following table shows the company's short-run average total cost each month for various levels of production if it uses one, two, or three factories. (Note: Qequals the total quantity of bikes produced by all factories.) Average Total Cost (ATC) 300 240 240 240 Q400 360...
3. Identifying returns to scale Aa Aa E The following graph depicts the short run total expenditures (TE) and long-run total cost (TC) for a given firm with a capital. Use the drop-down menus on the graph below to properly label each curve. DOLLARS 50 100 150 200 250 The relationship between the short-run average expenditures and the long-run average cost for this firm is best represented by graph below, which displays the fact that this industry exhibits Graph A...
2. Short-run versus long-run costs and expenditures Aa Aa The following isoquants depict the technologically efficient bundles of labor and capital for producing 100 and 150 units of output (labeled IQ (Q - 100), and IQ IQ - 150), respectively). Suppose the firm is initially using the cost-minimizing bundle of labor and capital for producing 100 units of output, represented by point A. T XL- HO ---- XT X JQ10 - 1501 - 1010 - 1001 A 0 10 20...
please help
2. Short-run versus long-run costs and expenditures Aa Aa - The following isoquants depict the technologically efficient bundles of labor and capital for producing 100, 150, and 175 units of output (labeled IQ IQ - 100), IQ IQ - 150), and IQ IQ = 175), respectively). Suppose the firm is initially using the cost-minimizing bundle of labor and capital for producing 150 units of output, represented by point CAPITAL 10 10 - 1751 100 - 1501 Ti 01...
4. Cost-curve shifters Aa Aa E The following graphs depict the costs and expenses in the short run and the long run for Albert's Pizza Place. Albert must pay $200 per month to rent pizza ovens (including sales tax) and $15 per hour for his workers. He also pays an additional $2,000 a month for a license that allows him to sell beer at his pizza parlor. Short Run Long Run DOLLARS DOLLARS OUTPUT OUTPUT Now, suppose that new legislation...
1. Shut down versus exit prices in the short and long run Aa Aa E The graph below represents the marginal cost (MC), average expenditure (AE), and average cost (AC) curves for a firm when it has committed to 100 units of capital. Suppose the market price of output is given by P on the vertical axis and that the firm is a price-taker. Use the black point (X symbol) to represent the short-run (SR) profit-maximizing level of output, then...
Please see the highlighted question in Yellow. (Needed to answer
the dropdowns)
Please answer the effects at the bottom.
the choices are as follows:
- shift upward
- shift downward
- no change
4. Cost-curve shifters Aa Aa The following graphs depict the costs and expenses in the short run and the long run for Brian's Pizza Place. Brian must pay $200 per month to rent pizza ovens (including sales tax) and $15 per hour for his workers. He also...
For the first drop down "Based on what you know of the
relationship between short-run and long-run costs, the firm's long
run average cost curve will look most like (LRAC1 /OR/ LRAC2) on
the graph below"
For the last part Short Run / Long Run
Economic Profit Positive / negative OR zero
Action Produce Exit OR Shutdown
Thank you!!
1. Shut down versus exit prices in the short and long run Aa Aa The graph below represents the marginal cost...
Please Help. Thank you very much.
3. A firm producing hockey sticks has a production function given by f(11, 12) = 21112 In the short run, the firm's amount of input two is fixed at Tz. 3.1 Calculate the firm's short-run total cost curve as a function of y, w1, W2, 72. 3.2 Suppose that I2 = 100, the price for input one is w1 = 4, and the price of input two is w2 = 1. Draw a graph...
please answer the effects at the bottom.
the choices are:
- shift upward
- shift downward
- no change
4. Cost-curve shifters Aa Aa E The following graphs depict the costs and expenses in the short run and the long run for Xavier's Pizza Place. Xavier must pay $200 per month to rent pizza ovens (including sales tax) and $15 per hour for his workers. He also pays an additional $2,000 a month for a license that allows him to...
6. Long-run production costs Aa Aa Ike's Bikes is a major manufacturer of bicycles. Currently, the company produces bikes in one factory. However, it is considering expanding production to two or even three factories. The following table shows the company's short-run average total cost each month for various levels of production if it uses one, two, or three factories. (Note: Qequals the total quantity of bikes produced by all factories.) Average Total Cost (ATC) 300 240 240 240 Q400 360...
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