At higher levels of output, total cost begins to slope upward more steeply because: Of diminishing marginal returns. Fixed costs are increasing more rapidly. Variable costs are no longer changing. All of the above. None of the above. Question 8 The firm doesn't make a profit: On cloudy days. When it is raining outside. At any level of output. At every level of output. Or a tractor.

At higher levels of output, total cost begins to slope upward more steeply because: Of diminishing marginal returns. Fixed costs are increasing more rapidly. Variable costs are no longer changing. All of the above. None of the above. Question 8 The firm doesn't make a profit: On cloudy days. When it is raining outside. At any level of output. At every level of output. Or a tractor.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question 21 Average fixed cost decreases as quantity increases. True False
d- With help of hypothetical MC, ATC and Demand curves of a perfectly competitive firm, illustrate a profit for the firm.
In the short run, a firm's total costs of producing 100 units of output equal $10,000. If it produces one more unit, its total costs will increase to $10,150. a. What is the marginal cost of producing 101 instead of 100 units of output? b. What is the firm's average total cost of producing 100 units? c. What is the firm's average total cost of producing 101 units?
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Which of the following represents a long-run decision for the firm? a. rehiring workers who were previously laid off. b. determining what price to charge for a given level of output. c. deciding how much output to supply to the market at the current market price. d. building another wing on the plant in order to add a new assembly line. answer. (d. building another wing on the plant in order to add a new assembly line.) Please help me explain this questions. Thanks in advance
Can you help solve the rest of these?
What is the term for the lowest level of output at which a firm's goods are produced at minimum long-run average total cost? the point of diminishing returns the minimum total product the minimum efficient scale the point of zero marginal cost
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