4. On the graph, where do economies of scale exist? A. In the range of outputs from A to B. OB. In the range of outputs from B to C. OC. At point B only. OD. At point A only E. In the range of outputs from A to C. OF. At point C only. Long Run Average Costs B Output LRAC C
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- A small company that shovels sidewalks and driveways has 100 homes signed up for its services this winter. It can use various combinations of capital and labor: intensive labor with hand shovels, less labor with snow blowers, and still less labor with a pickup truck that has a snowplow on front. To summarize, the method Choices are: Method 1: 50 units of labor, 10 units of capital Method 2: 20 units of labor, 40 units of capital Method 3: 10 units of labor, 70 units of capital If hiring labor for the winter costs $100/unit and a unit of capital costs 400, what is the best production method? What method should the company use if the cost of labor rises to $20/unit?How does fixed cost affect marginal cost? Why is this relationship important?What shape of a long-run average cost curve illustrates economies of scale, constant returns to scale, and diseconomies of scale?
- Refer to the to graph on the right. Which level of output in the graph below represents the minimum efficient scale? O A. 1,000 books B. 20.000 books C. 40,000 books $22 00 D. 80,000 books 20.00 18.00 Long-run Average cost 1,000 20,000 Quantity of books sokd per month 40,00D,000 Average costWhat are diseconomies of scale? Diseconomies of scale is A. when the marginal product of labor is decreasing with output. B. when the marginal cost of production is increasingwith output. C. when a firm's long-run average costs decrease with output. D. when a firm's long-run average costs increase with output.6. Why does Marginal Cost rise?
- Use the figure below to answer the following questions. Average cost (dollars per sweater) 12 H Select one: OA. Plant A OB. Plant B O C. Plant C O D. Plant D O E. none of the above 10 8 6 4 2 0 5 10 ATCA ATCB ATCC ATCD 15 20 25 30 Output (sweaters per day) Figure 11.4.2 Refer to Figure 11.4.2, which illustrates the short-run average total cost curves for four different plant sizes. Which plant has the lowest average total cost for an output rate of 5 sweaters a day?Average fixed cost, average total cost a -Why does average fixed cost continuously fall as output increases? b. And why does total average cost first fall at initial level of production as produc increases, and then it increases as production increases.1. Distinguish between input and output. 2. Explain how input, output and cost are interrelated.
- Refer to the to graph on the right. Which level of output in the graph below represents the minimum efficient scale? OA 1,000 books B. 20,000 books C. 40,000 books $22 00 D. 80,000 books 20.00 18.00 Which size bookstore is more likely to expenence diseconomies of scale? Long-nun Average cost O A. Abookstore selling 1.000 books per month B. A bookstore seling 20,000 books per month C. Abockstore selling 40,000 books per month 40,00.000 OD. A bookstore seling 80 000 books per month 1,000 20,000 Quantry of books sold per monthChrist Embassy Complete the fallowing ceA schedules LoutPutiohalcost Average cost Marginal cost LCA CHURCH3 2. 14 3. 4. 20 6. 6. 48 a At ahat autput is Ac et fte mininum. 3.At what output is Mc at the mininum? C.At hat output does AC Start increasing dAt what ortput does Mc tart ho be qrea ter tan Ac ? e what s te maximum autput. LERDERS &. If total cost is increasing, marginal cost is positive. a. True O b. False