88) The figure below shows a family of cost curves for a firm. The subscripts 1, 2, and 3 for the SRATC curves refer to different plant sizes. Cost FIGURE 8-2 B SRATC₁ D E SRATC₂ Select one: O a. technically inefficient methods of production, given that they lie above the LRAC. SRATC3 O b. the lowest cost attainable, given that the plant size is the largest it can possibly be. O c. the output that is possible when all factors of production are fixed. O d. the lowest cost attainable for any given plant size. O e. optimal plant sizes in the long run. F Q5 Refer to Figure 8-2. The points of tangency between each of the three SRATC curves and the LRAC curve show Output LRAC

88) The figure below shows a family of cost curves for a firm. The subscripts 1, 2, and 3 for the SRATC curves refer to different plant sizes. Cost FIGURE 8-2 B SRATC₁ D E SRATC₂ Select one: O a. technically inefficient methods of production, given that they lie above the LRAC. SRATC3 O b. the lowest cost attainable, given that the plant size is the largest it can possibly be. O c. the output that is possible when all factors of production are fixed. O d. the lowest cost attainable for any given plant size. O e. optimal plant sizes in the long run. F Q5 Refer to Figure 8-2. The points of tangency between each of the three SRATC curves and the LRAC curve show Output LRAC

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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shows the long-run average costs for Inmode, a manufacturer of Internet modems. Quantity per Day Average Cost ($) 1 2 3 85 65 60 45 4 5 6 7 55 60 75 95 120 82 a) At what output is minimum efficient scale achieved? Output: b) With what output do diseconomies of scale begin? Output: |
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9. For the cost function CO) = 100 - 20 - 302, the marginal cost of producing 2 units of outout is a. 2 b. 3 c. 12 D. 14
COST PER UNIT LRATC OTX Y Z OUTPUT According to the diagram above, output OY represents the firm's: Select one: O a. market potential O b. break-even point O c. minimum physical product O d. technical optimum plant size
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If you know that average variable cost is at a minimum, then you can deduce that marginal cost is higher than average variable cost. O marginal cost is equal to average variable cost. O marginal cost is lower than average variable cost. none of the available choices are correct. Note:- Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism. Answer completely and accurate answer. Rest assured, you will receive an upvote if the answer is accurate.
In the table, the average variable cost at 2 units of output is Output (balloons per hour] Total Cost (dollars per hour) $4.00 $7.00 $8.00 $12.50 $17.20 $22.00 $29.00 5 O A. $1.00. OB. $2.00. OC. $4.00. OD. $4.80. 1234t n6
Output TFC TVC TC MC АТС A 25 25 ---- -- ---- -- B 1 25 25 50 25 50 C 2 25 40 65 32.5 3 25 70 95 E 4 25 110 33.75 F 5 25 160 50 What is the total cost at point E? 135 125 185 Cannot be determined
3) Which of the following is not true about the marginal cost? Oo The marginal cost (MC) curve is U shaped. It can be calculated by dividing the change in the total cost by the change in the output. It is the additional cost incurred by a firm from changing output by a certain amount. It can be calculated by dividing the total cost by the quantity.
If a firm decides to produce no output in the short term, which of the following costs will be zero: O Variable cost O Total cost Fixed cost O Capital Cost
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Total fixed cost for this firm: