For any long-run chosen output level, the firm will want to: Selected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to select an answer. a b с d produce up until diminishing returns begin. make sure it is experiencing economies of scale. choose the firm size that will result in the lowest average cost. use the least amount of capital possible which can still produce that level of output.

For any long-run chosen output level, the firm will want to: Selected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to select an answer. a b с d produce up until diminishing returns begin. make sure it is experiencing economies of scale. choose the firm size that will result in the lowest average cost. use the least amount of capital possible which can still produce that level of output.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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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

For any long-run chosen output level, the firm will want to:
Selected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to select an answer.
a
b
C
Question 15
d
produce up until diminishing returns begin.
make sure it is experiencing economies of scale.
choose the firm size that will result in the lowest average cost.
use the least amount of capital possible which can still produce that level of output.

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It costs a coat manufacturer $8750 to make 125 coats and it costs $6500 to make 80 coats. Each coat is sold for $250. a. How much is the marginal cost? Round to two decimal places if rounding is necessary. Do not enter a fraction. There is a $ sign next to the answer box, so do not type a $ sign in your answer. Only type a number (do not type any units on your answer). $ b. What is the slope of the Profit function, P(x)? Round to two decimal places if rounding is necessary. Do not enter a fraction. There is a $ sign next to the answer box, so do not type a $ sign in your answer. Only type a number (do not type any units on your answer). $ c. How many coats must be sold in order to break even? Round to the nearest whole number if rounding is necessary. Do not enter a fraction. Only type a whole number (do not type any units on your answer).
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Using the figure above, what is the total cost for the firm?
When a firm produces one unit, the variable cost is $3. When the firm produces two units, the variable cost is $6. What is the marginal cost associated with two units of production.
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how Marginal cost been calculated here. {MC=Change in ATC/Change in Q} please explian still not clear!!
fixed cost is the same at each output level except when no output is produced. when a firm produces no output,there are no fix cost. true or false? explain
Calculate Marginal cost if total cost changes from 80 to 160 and output rises from 1 to 3
Vinnie’s Painting Company specializes in painting houses. Their cost schedule is as follows:Output TFC TVC TC AFC AVC ATC MC 0. 10001. 1002. 1003. 4004. 4505. 16006. 32007 6400 A) Given the partial data available, finish the table and calculate all the costs. B)What is the minimum efficient scale of Vinnie’s company?C)What is the marginal cost of 6 houses?D)If Vinnie charges $825 per house, how many houses he should paint to maximize profit
Marginal cost can be calculated both from total cost and total variable cost and is not affected by total fixed cost True/False