Discuss five avdvantages and disadvantages of the following subtitles in theory of the firm: a. Division of labor b. Demand and supply factors of production  c. Law of Return to scale

Q: Define economies of scale and explain why they might arise. Define diseconomies of scale and explain…

A: Economies of Scale: Reduction of average and marginal costs in the long run due to an increase of a…

Q: What are the kinds of cost which firm face in short run. Explain theoretically and graphically the…

A: Cost is the money that is used to produce goods and services.

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: Cost LRAC 40 30 20 10 100 200 400 800 Output c. What is the firm experiencing as it increased it…

A: The graph shows the long run average cost curve.  c) If the firm increases the scale of operations…

Q: Define Economies of Scale, Diseconomies of Scale, Constant returns to scale.

A: Economies of scale: Economies of scale  are the cost advantage happens due to increase in…

Q: what is meant by the term Cost of production? Distinguish between fixed and variable cost. Why short…

A: One of the important motives for the firms operating in a market is profit. Profit is the difference…

Q: How would the scale economies determine the shape of the long run Average cost curve(LAC) What are…

A: Economies of scale refers to a situation in which as the level of output for a firm increases, its…

Q: 1) In the following market, Marginal Product Marginal cost Workers Output Total Cost Average Total…

A: marginal product = change in total product/change in labor TFC is independent of output produced…

Q: When a firm experiences declining long-run average total costs as it produces more output, there are…

A: In the LR, the costs depend on the output level, the factor cost, and the factor's quantity which is…

Q: 1. Define the following terms: production function, average product, marginal product, law of…

A: Note:- Since you have posted multiple subparts, as per the guidelines we can solve only first 3…

Q: able 11-6 Quantity of workers Quantity of foot massages per day Fixed cost Variable cost Total…

A: We have per day fixed cost of message booth..

Q: a. What is true about output levels 350, 700, 1,050, 1,400, and 1,750?Choices below. (Economic…

A: Right plant is that where the average cost is minimum.Economic of scale refers to the phenomenon…

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: Define economics of scale and explain they might arise. Define diseconomies of scale and explain why…

A: Economies of scale apply to the property that as the quantity of product increases, the long-run…

Q: stlon 24 One of these intersects the horizontal axis and may reach the negative area: O Total…

A: Question 24 The answer is Option 2 - Marginal Product Therefore, Marginal product intersect the…

Q: Why does the marginal product curve have an inverted “U” shape?

A: Total product is the total no. of units produced by using the inputs.  Marginal product is the…

Q: The fllowing Table describes the costs of production for a local firm Quantity vc TC APC AVC ATC MC…

A: Recall the following concepts:  Variable Cost (VC): Costs which increase with increase in quantity…

Q: Quantity of Labor workers) Total Product (units er hour) 0 1234 56 0 259 15|18 17 he table above…

A: Marginal product of labor refers to change in total output when one more unit of labour is hired.

Q: SECTION B: IDENTIFICATION OF COST CURVES From Figure 1 Identify the cost curves 41, 42, 43, and 44.…

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

Q: Define economies of scale and explain why they mightarise

A: Economics of scale are the result of production efficiency. It can be a reason for a larges firms to…

Q: Write a paper based on The Theory of the firm, under these two subtitles: 1. Division of labor, 2.…

A: Title: The idea of the firm: An analysis of division of labor, demand and supply factors of…

Q: a-Define diseconomies of scale and draw the long run average cost curve of a company that…

A: A graphical depiction of the relationship between the average cost (AC) of production and the level…

Q: a. Why is the gap or difference between average total cost and average variable cost larger at…

A: Cost is a metric of the possibilities foregone when one product or task is chosen over another.

Q: explain short run and long run cost of production analysis with graphs

A: This can be defined as a cost that shows the type of cost that an individual, business, or any other…

Q: A) What is the differences between marginal product and marginal cost. Write short note and support…

A: