If a factory produces 100 TV sets per year, each TV will be quite expensive to make. However, if a factory produces 20,000 TV sets each year, then it can set up an assembly line with huge machines and workers performing specialized tasks, and the average cost of production per TV will be lower. What is this an example of? Select the correct answer below: O specialization O division of labor O productivity Oeconomies of scale

If a factory produces 100 TV sets per year, each TV will be quite expensive to make. However, if a factory produces 20,000 TV sets each year, then it can set up an assembly line with huge machines and workers performing specialized tasks, and the average cost of production per TV will be lower. What is this an example of? Select the correct answer below: O specialization O division of labor O productivity Oeconomies of scale

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Suppose Jackie runs an apple farm. Jackie has one fixed factor of production. Suppose that Jackie's short run average total cost curve is text-book typical. Suppose that this cost curve's minimum value occurs when she produces 120 tons of apples per year. Which one of the following is true? O When Jackie produces 120 tons of apples per year, her short run marginal cost equals her short run average total cost. O When Jackie produces 200 tons of apples per year, her short run marginal cost is smaller than her short run average total cost. When Jackie produces 90 tons of apples per year, her short run marginal cost is greater than her short run average total cost. When Jackie produces 120 tons of apples per year, her short run variable cost equals her short run average total cost.
If you are calculating it correctly, what should happen to AVERAGE fixed cost per pizza as you produce more and more pizza? O It should stay the same because fixed costs never change so fixed cost per pizza will not change. O It will decrease as fixed costs are spread out over a larger and larger number of pizzas produced. No idea.
4) Consider a firm that has just built a plant, which cost $2,000. Each worker costs $6.00 per hour. Based on this information, fill in the table below.Consider a firm that has just built a plant, which cost $2,000. Each worker costs $6.00 per hour. Based on this information, fill in the table below. Number of Worker Output Hours 0 50 100 150 200 250 300 350 0 400 900 1300 1600 1800 1900 1950 Marginal Fixed Variable Total Marginal Product Cost Cost Cost Cost Average Variable Cost Average Total Cost -- Consider a firm that has just built a plant, which cost $2,000. Each worker costs $6.00 per hour. Based on this information, fill in the table below.
The N.M. Corporation has exactly the same costs of production as last year except for fixed costs, which are $50,000 this year compared to $30,000 last year. Which of the following statements is false? O The total cost curve will be the same this year as last year. O The fixed cost curve will have the same slope this year as last year. O The variable cost curve will be the same this year as last year. O The marginal cost curve will be the same this year as last year.
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hi Suppose you build bird houses. One day, you double the time you spend building and double the wood, nails, paint, and all the other inputs in order to build twice as many bird houses. What kind of production function is this? options: increasing returns to scale constant returns to scale decreasing returns to scale zero returns to scale
Moris just opened a chocolate place, it costs her $500 per day to pay for workers’ wages and an additional $2 for each chocolate they make. a. What are the total cost and average cost functions for Moris chocolates b. If Moris chocolate place is open 6 days a week and sells chocolates for $5 each, how many chocoolates does Moris place need to sell each week to break even on its accounting cost?
Suppose that Bill owns an automobile collision repair shop and the table below shows the quantity of cars repaired per month according to how many workers Bill hires. Assume he pays each worker $5,000 per month and his fixed cost equals $8,000 per month. Using the information provided, complete the table given below. (Enter your responses rounded to two decimal places.) Quantity of Workers Quantity of Cars per Month Average Total Cost Fixed Cost Variable Cost Total Cost $8,000 1 20 $ 30 3 40 50 55
What is a diseconomy of scale and what is an economy of scale? What modifications would you make to your current home gardening production if you intended to achieve economies of scale? Clarify why
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The following is a table of cost for a toy manufacturing firm. The variable input is labor. Use this table to answer the following question. Average variable Average fixed cost Average Variable Quantity of toys Total costs cost total cost costs $0 $20 $10 A $40 В In the cell B, which number is correct? 10 O 5 none of these options is correct O 15