Answer and give 1 sentence explanation. 8) Refer to the graph shown. The least-cost method of producing 1,000 units of output isshown at point:8)Units of Capital127.22.41BA (Q = 1000)1234Number of workersB) B.C) C.10) Economies of scale are associated with:A) the short run.C) diminishing marginal productivity.5A) A.D) D.9)9) At one time, sea lions were depleting the stock of steelhead trout. One idea to scare sealions away from the Washington coast was to launch fake killer whales, which arepredators of sea lions. The cost of making the first whale is $16,000 ($5,000 formaterials and $11,000 for the mold). The mold can be reused to make additionalwhales, and so additional whales cost $5,000 each. Based on these numbers, theproduction of fake killer whales exhibits:A) diminishing marginal product.C) constant returns to scale.B) increasing returns to scale.D) decreasing returns to scale.B) zero setup costs.D) indivisible setup costs.10)

An isoquant represents all the combinations of two factors of production that can produce a given…

Answered: 8) Refer to the graph shown. The…

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8) Refer to the graph shown. The least-cost method of producing 1,000 units of output is shown at point:

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Answer and give 1 sentence explanation.

8) Refer to the graph shown. The least-cost method of producing 1,000 units of output is
shown at point:
8)
Units of Capital
12
7.2
2.4
1
B
A (Q = 1000)
1
2
3
4
Number of workers
B) B.
C) C.
10) Economies of scale are associated with:
A) the short run.
C) diminishing marginal productivity.
5
A) A.
D) D.
9)
9) At one time, sea lions were depleting the stock of steelhead trout. One idea to scare sea
lions away from the Washington coast was to launch fake killer whales, which are
predators of sea lions. The cost of making the first whale is $16,000 ($5,000 for
materials and $11,000 for the mold). The mold can be reused to make additional
whales, and so additional whales cost $5,000 each. Based on these numbers, the
production of fake killer whales exhibits:
A) diminishing marginal product.
C) constant returns to scale.
B) increasing returns to scale.
D) decreasing returns to scale.
B) zero setup costs.
D) indivisible setup costs.
10)

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