14. A firm’s long-run total costs are given in the table below.   Output Long Run Total Cost Long Run Average Total Cost 0 18   1 24   2 28   3 30   4 34   5 40   6 48   7 63   8 80     Fill in the long-run average total cost column. Over what production range does this firm experience economies of scale? Over what production range does this firm experience constant returns to scale? Over what production range does this firm experience diseconomies of scale?

Q: Cups of FroYo Workers Labo r Cost Other Variable Input Variable Total Average Average Average Cost…

A: total cost is defined as the sum of all the expenses incurred by the producer to produce goods.…

Q: What are economies of scale? Give an example. What are the diseconomies of scale? Give an example.

A: Production cost includes all the direct and indirect costs. With the increase in the firms, the…

Q: The firm Multimax, Inc. operates in a competitive market because OMultimax, Inc. is one of a few…

A: There are a large number of firms operating in the competitive market.  All firms produce homogenous…

Q: What are the average total cost, average variable cost, average fixed cost, and marginal cost of…

A: Q=4 TC=140 TFC=50 ∆TC=140-110         =30 ∆Q =4-3       =1

Q: Question:  What are the kinds of cost which firm face in short run. Explain theoretically and…

A: Short run is the time period wherein some inputs are held fixed while other inputs are variable. In…

Q: 2.7 The concept of economies of scale refers to lower per- unit production costs at higher levels of…

A: Adam Smith is considered the father of economics. He was the first individual to notice that as long…

Q: Douglas Fur is a small manufacturer of fake-fur boots in Philadelphia. The following table shows the…

A: The marginal cost (MC) is the additional cost incurred when a firm produces one more output unit.…

Q: 19

A: In order to get the marginal cost of producing additional bottles of mineral water, we need to…

Q: Define Economies of Scale, Diseconomies of Scale, Constant returns to scale.

A: Economies of scale: Economies of scale  are the cost advantage happens due to increase in…

Q: A firm have fixed cost of 70$ and a variable cost as indicated in the table. complete the table…

A: We have given a table in which variable cost (TVC) is mentioned and the total fixed cost is 70 We…

Q: Labor (workers) Output 1 20 50 3 70 4 80 85 The table shows daily output for small pizzeria based on…

A: Labor refers to the complete group of people who labour for a living in economics. The phrase…

Q: Price SRAC1 100 SRAC2 200 300 SRAC3 400 LRAC Output In the long run, which plant size should be used…

A: The LRAC curve shows the lowest long-run average cost of production that a company can achieve with…

Q: Use the graph below to answer the following question. 10 8 Long Run Average Total Costs

A: The long run average total cost curve (LRATC) shows the per unit total cost incurred by the firm in…

Q: Graph the total cost curves as well as the average and marginal cost curves.

A: Total cost is the sum of fixed cost and variable cost.  Total cost is the cost of producing all the…

Q: a. Complete the following cost schedule by computing marginal cost, average fixed cost, average…

A: a. we will calculate the values in the table: Output TC ($) TFC ($) TVC ($) MC ($) AFC ($) AVC ($)…

Q: Which long-run average total cost (LRTC) graph exhibits diseconomies of scale? LRATC LRATC

A: "Correct option is the first graph which is upward sloping."

Q: a. What is true about output levels 350, 700, 1,050, 1,400, and 1,750?Choices below. (Economic…

A: Right plant is that where the average cost is minimum.Economic of scale refers to the phenomenon…

Q: 800 Is 720 640 SRATC, 560 480 SRATC, 400 320 SRATC, 240 160 LRATC 80 100 200 300 400 500 600 700…

A:

Q: Long-run average c Number of units produced Figure 8.9 Which segment in the diagram represents the…

A:

Q: Assume a firm has the long run total cost presented in the table below. Output TC $8 $14 $18 4. $20…

A: The total cost of production is defined as the amount in monetary terms a firm incurs when it…

Q: Question 6 The table below describes the cost functions for a food manufacturer. Total Fixed…

A: Total cost is the sum of fixed cost and variable cost. Fixed cost does not depend on output and…

Q: The table shows daily output for small pizzeria based on the number of workers hired. Suppose fixed…

A: Average Total Cost (ATC) is the total cost per unit of output. ATC = TC/Q where,  TC is the Total…

Q: Quantity TC 200 12345 a. Complete the table below 6 660 TVC 100 240 AFC 24 ATC MC 20 160 AVC

A: Question-4) The fixed costs will not vary with volume of production while the variable costs will…

Q: If a firm triples inputs and produces twice the output, then there are constant returns to scale.…

A: Return to scale is a long-run concept that states the proportional change in output due to a…

Q: Refer to the table below which shows the total cost of producing various output levels in the long…

A: Diseconomies of scale refers to the increase in average cost of production when firm increases…

Q: Please help for this mcq

A: In order to find the marginal cost of producing additional bottles of mineral water, we need to…

Q: 4. Firm's Costs Your cousin Vinnie owns a painting company with fixed costs of $200 and the…

A: Quantity (Q)Variable Cost (VC)Average Fixed Cost (AFC = FC/Q)Average Variable Cost (AVC)Average…

Q: Question 55 (2 points) Table 13-13 Listed in the table are the long-run total costs for three…

A: Option a) True: This option is incorrect because Firm C is not experiencing economies of scale.…

Q: d. Using the table below indicate which firm has (i) diseconomies of scale and (ii) constant returns…

A: Diseconomies of scale is occurs when the per unit cost of output increases as output level increases…

Q: Suppose Sarah's pottery studio produces 5 units of output, its average cost is $100, average…

A: Fixed costs refers to those costs of production that are incurred at the time of starting up of the…

Q: 2.7 The concept of economies of scale refers to lower per- unit production costs at higher levels of…

A: The economies of scale takes place when there is reduction in the cost of production with the…

Q: Paige runs a ferret farm in Athens, Georgia. Paige pays $1500 a week for equipment and $800 a week…

A: Total cost is a sum of fixed cost and variable cost. Variable cost here is the labor cost and fixed…

Q: 22. What does the Long Run Average Cost curve depict? a) It depicts the relationship between Average…

A: Long-run average total cost (LRATC) is a business metric that addresses the average cost per unit of…

Q: Consider the following information on long run total costs: Output 1 2 3 4 5 6. 7 Total Costs 50 90…

A: Output Total Cost Marginal Cost ATC 0 0 0 0 1 50 50 50 2 90 40 45 3 123 33 41 4 160 37 40…

Q: When diseconomies of scale occur: CA. the long-run average total cost B. marginal cost intersects…

A: The average total cost (AC) is the per unit cost of production of the firm. The long run average…

Q: 2 3 4 Quantity Labor Total Product Fixed Cost 0 1 Table I 0 10 18 24 28 $30 $1.25 $130.00 $5.42 $100…

A: Total Cost is the sum total of both fixed cost and variable cost  Total Cost = Fixed Cost + Variable…

Q: Consider the following graph: Average Total Cost (S) ATCA ATC ATCC ATC₂ Q3 At which points does the…

A: In economics, economies of scale is a concept that helps to understand the nature of a firm and its…

Q: 4. The shape of a firm's long-run average cost curve depends o how costs vary with scale of…

A: Return to Scale: The return to scale refers to the behavior of output when all the inputs or factors…

Q: Mr. Jack is in the process of expanding his manufacturing business. He decided to open a plant in…

A: Total cost is the total amount of expenditures a business incurs to produce a particular level of…

Short-Run Costs and Long-Run Costs

Cost of short-run and the long-run is an economic term that describes the cost involved in the production of goods in a firm in the short as well as long period.