Draw an isoquant-isocost diagram consistent with points A and B on the long-run average cost curve below. Be sure to identify the quantities and costs in your graph. What kind of returns to scale do you think this firm experiencing? How can you tell? $/Q 6 B 6 5 9 0 LAC

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

A: Given: To Find: The short-run total cost if Ike's Bikes is currently producing 600 bikes: The…

Q: The long-run is a period of time long enough so that all inputs, including facility and equipment,…

A: PLEASE FIND THE ANSWER BELOW.

Q: Explain difference between Returns to Scale Returns to Factor.

A: The difference between returns to scale and returns to factors is as follows:-

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A: ATC, or average total cost, is a term used in economics and business. It's a statistic used to…

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A: TPL = 180L2 - 3L3 APL = TP/L = 180L - 3L2 MPL = CHANGE IN TP/CHANGE IN L = 360L - 9L2

Q: Long-Run Q 10 90 AC $

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A: Production function is the mathematical expression in economics that postulates the relationship…

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A: An isoquant depicts all the possible combinations of inputs (labor or L and capital or K in the…

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A: Economies of scale is when the increase in output decreases the long run average cost.Diseconomies…

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A: A firm which is long-run average total cost (LRATC) shows the average cost per unit of output over a…

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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…

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Q: 4. Questions and Diseconomies of scale The law of diminishing marginal returns erence between the…

A: Law of diminishing marginal return applies to short run where at least one factor is fixed

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A: here we calculate the total cost and break even quantity  so the calculation as follow-

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A: Answer: Introduction: The steady-state level of output: steady-state capita is the state where…