9:15 AM O Y O65Micro15 - Savedd. RighiwardA_ 15. When returns to scale are decreasing, total outputa. Increasesb. Deсreasesc. Does not changed. VariesIV.Match The term (column B) that best fits the phrases (Column A below.Column AColumn Ba. Marginal productA_1. Describe the functional relationship of input andoutputv_2. Production functionb. Least-cost combination_C_3, Infinitesimal changec. Isocost line4. Output yielded from the last unit of inputd. isquant5. TP divided by the number of variable inputse. Production function6. Refers to the declining trend to MPf. Counterproductiveconditions7. Illustrates the varied combinations of inputs atthe same level of plant capacityg Finite change8. Contains combinations of inputs that the samebudget can purchase given constant pricesh. Marginal rate of substitution9. Price of labor inputs over price of capital inputsi. Economies of scale10. Ration between output and inputj. Diseconomies of scalek. Maximum output11. Change in capital inputs over change in laborinputs12. Combination of resources that yields output atthe lowest possible cost1. Improved production13."same quantity"m. Isoquant map14. Any downward sloping portion of a long-runaverage cost curven. Average product15. Any upward sloping portion on the sameo. Returns to scaleaverage cost curve in #1416. Illustrated by the TP, MP, and AP curvesp. Law of diminishing returnsshifting upward9. Resource inputs17.% change in plant capacity over % change inresource input__18. An eventual result of expansion of plant sizer. An infinitely small change5. Theory of production.t. Productivity19. Units of increase in TPS 20. Measures the change between output andinput as their levels vary in the hierarchy productionfunctionsu. utilizationv. production isoquant12 of 22 43 Words...

Since you have asked multiple questions, we will solve first question for you. If you want any…

Answered: A_15, When returns to scale are…

Business

Economics

A_15, When returns to scale are decreasing, total output a. Increases b. Decreases c. Does not change d. Varies

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Related questions

Q: The accompanying table shows the total daily output for a firm producing specialty cakes operating…

A: Total fixed cost (TFC) is that cost which does not change with a change in the level of output.…

Q: A production process uses two inputs, labor and capital. If the marginal product of labor per dollar…

A: Marginal productivity refers to the additional output produced by using one more unit of input while…

Q: Use the following table to ccalculate TFC - keep your calculation for follow up questions: Total…

A: Fixed cost is the cost that is not affected by the level of production of a firm; it is a cost that…

Q: Economics Question: Explain the concept of "economies of scale." How does it influence a firm's…

A: This question asked us to explain the concept of "economies of scale," its influence on a firm's…

Q: Use the information in the graph to the right to find the values for the following at an output…

A: Since you have posted a question with multiple sub-parts, we will provide the solution to only the…

Q: If the slope of the total productivity line is decreasing as output increases, what does that say…

A: Marginal product is the increase in units if goods due to the additional unit of worker. Marginal…

Q: charlie is running a coffe shop and are currently selling 200 coffees. it cost them 2,0000 to hire a…

A: Fixed cost is the part of total cost that does not depend on output produced. It remains fixed even…

Q: 5. Costs in the short run versus in the long run Ike's Bikes is a major manufacturer of bicycles.…

A: As per the question, the short run is the period where the firm would not be able to adjust with…

Q: Beth is a hard-working college senior. One Sunday, she decides to work nonstop until she has…

A: Marginal means an addition. Here marginal gain means additional problem's solution by berth for 1…

Q: 50 years ago Ford Motor Company spent $1 Billion building a manufacturing plant in Ohio. The company…

A: In a market, people may consider fixed cost and sunk costs are synonyms to each other, but there is…

Q: What is wrong with this graph? a. It gives no information about the units for the variables. b.…

A: Figure illustrates the relationship between the two variables. This figure supposed to shows the…

Q: 01. What is the per-unit opportunity cost of product Y as production moves from point F to point A?…

A: From the given graph, Point F and point A lie on the production possibility curve. At point F, 12…

Q: Define marginal physical product of labor (MPP) and marginal cost of product (MC). How are these two…

A: The law of diminishing marginal product states that when more and more variables factors are used,…

Q: Table: Cakes Number of mixers 1 2 01 Fixed Costs 2 $1,000 1,500 2,500 Use Table: Cakes. Pat is…

A: Number of Cake Fixed Cost AVC 1 1000 10 2 1500 7 3 2500 4

Q: Your cousin Vinnie owns a painting company with fixed costs of $150 and the following schedule for…

A: Average Fixed Cost, AFC = Fixed Cost / Output Average Variable Cost, AVC = Variable Cost / Output…

Q: Which of the following is true of the relationship between Average Cost and Marginal Cost Select…

A: Average Cost refers to the per-unit cost of production, it means both fixed and variable costs are…

Q: The short run average variable cost curve Explain answer a. Is always downward-sloping b. Starts at…

A: Production cost is the cost occurred on factors of production used in the process of production.…

Q: Average Fixed Average Average Total Total Product Cost Variable Cost Cost Marginal Cost $ 25.00 1 $…

A: Question first:The firm producer at MC=P if P>AVCP=68.10, MC=68.07 then AVC=33 so the firm…

Q: K Matt's candle factory rents equipment for making candles and hires students Matt pays $140 a day…

A: Total cost is the sum of fixed cost and variable cost. Variable costs are the cost that changes…

Q: If a technology displays increasing returns to scale, then: a. The ATC curve is increasing at an…

A: Returns to scale refer to how the output of a production process changes as all inputs are increased…

Q: Describe three stages of the returns to the scale

A: According to the given question The return to scale refers to the response of the total output of…

Q: help please answer in text form with proper workings and explanation for each and every part and…

A: Option a: This option is incorrect because(a) Economies of scale: This refers to the cost…

Q: When a firm experiences increasing returns to scale a. its AFC will decrease. b. its AFC will…

A: Total cost (TC): - it is the sum of fixed and variable costs incurred in the production process.…

Q: What is a likely reason that a small but growing firm may experience economies of scale? Selected…

A: Economies of scale refer to the cost advantage experienced by a firm when it increases its level of…

Q: A measure calculated by taking the ratio of output to input.

A: Inputs are the resources hired for running the production process and it includes resources like…

Q: Ike's Bikes is a major manufacturer of bicycles. Currently, the company produces bikes using only…

A: When an increase in input leads to a proportional increase in output, this is known as a constant…

Q: Find all Nash equilibria using the table method. Use / for column dominance and \ for row dominance.…

A: A Nash equilibrium is a concept in recreation principle that represents a strong nation in a…

Q: Create a table describing input combinations of labor and wheat flour in producing a certain cake.…

A: An isoquant depicts all possible combinations of elements that result in a specific outcome.

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: t nces Output 0 1 2 3 $ 4 5 6 7 8 9 Total Cost $2,500 3,410 4,040 4,480 4,900 5,220 5,540 6,310…

A: Disclaimer- “Since you have asked multiple questions, we will solve the first three questions for…

Q: UNITS OF VARIABLE TOTAL MARGINAL AVERAGE PRICE OF INPUT PRODUCT PRODUCT PRODUCT INPUT TOTAL VARIABLE…

A: f. The relationship between marginal product and marginal costMarginal product is the additional…

Concept explainers

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.

Question

9:15 AM O Y O
65
Micro15 - Saved
d. Righiward
A_ 15. When returns to scale are decreasing, total output
a. Increases
b. Deсreases
c. Does not change
d. Varies
IV.
Match The term (column B) that best fits the phrases (Column A below.
Column A
Column B
a. Marginal product
A_1. Describe the functional relationship of input and
output
v_2. Production function
b. Least-cost combination
_C_3, Infinitesimal change
c. Isocost line
4. Output yielded from the last unit of input
d. isquant
5. TP divided by the number of variable inputs
e. Production function
6. Refers to the declining trend to MP
f. Counterproductive
conditions
7. Illustrates the varied combinations of inputs at
the same level of plant capacity
g Finite change
8. Contains combinations of inputs that the same
budget can purchase given constant prices
h. Marginal rate of substitution
9. Price of labor inputs over price of capital inputs
i. Economies of scale
10. Ration between output and input
j. Diseconomies of scale
k. Maximum output
11. Change in capital inputs over change in labor
inputs
12. Combination of resources that yields output at
the lowest possible cost
1. Improved production
13."same quantity"
m. Isoquant map
14. Any downward sloping portion of a long-run
average cost curve
n. Average product
15. Any upward sloping portion on the same
o. Returns to scale
average cost curve in #14
16. Illustrated by the TP, MP, and AP curves
p. Law of diminishing returns
shifting upward
9. Resource inputs
17.% change in plant capacity over % change in
resource input
__18. An eventual result of expansion of plant size
r. An infinitely small change
5. Theory of production.
t. Productivity
19. Units of increase in TP
S 20. Measures the change between output and
input as their levels vary in the hierarchy production
functions
u. utilization
v. production isoquant
12 of 22 43 Words
...

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1-

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

Average Cost (dollars) 0 SRATC B SRATC2 points A and B. Quantity of Output points A and C. Save points B and C. points B and D. SRATC 3 Refer to Exhibit 22-5. Economies of scale are present between points C and D. SRATC SRATCs 4. LRATC D
using an isoquant/isocost diagram explain the difference between diminishing returns to a variable factor and decreasing returns to a scale
Which of the curves in the following graph is the average total cost curve?
Section 11.5 The Short-Run and Long-Run Average Total Cost Curves exhibit 1 SRATC for small plant SRATC for medium plant SRATC tor large plant LRATC B $500 $400 Economies of Scale Constant Returns to Saie 1,000 1,200 Quantity of Computers (per day) Notice that the long-run average total cost (LRATC) curve is much flatter than the short-run average total cost (SRATC) curve. This is because firms can be more flexible in the long run-they can choose which short-run cost curve they want to operate along, by choosing their plant scale. But they cannot do this in the short run, during which they are stuck with their existing short-run cost curve. That is, in the short run, the firm operates with the short-run curve it has based on past decisions. However, in the lang run, the firm is able to choose the short-run curve it wants to use. In Exhibit 1 above, explain why the curve between A and B looks different than the curve from A to C. Provide an example of how a firm could opt to follow the…
Isoquant curves The Firm can trade two doctors for five gardeners and output remains constant What is the shape is the isoquant curve for the firm? (doctors on x axis) Find slope of curve at: (20,15) (5,25) (5,15)
Calculate and plot the following: No of units Total cost 0 2 1 9 2 12 3 15 4 20 5 30 6 42 Variable cost Fixed cost Average fixed cost Average variable cost Marginal cost
Average total cost, average variable cost marginal cost and marginal product a. Why is the gap or difference between average total cost and average variable cost larger at initial level of production ction and then the gap is decreasing as output increases? Explain.
10. Explain why economies of scale is important.