If a firm triples its output in the long run and costs per unit increase, we can conclude that: Group of answer choices technological progress has occurred. economies of scale are being realized. the firm is encountering diminishing returns. diseconomies of scale are being encountered.

Q: The table shows the marginal cost for a company's product at various production levels. Marginal…

A: Given data,

Q: Diminishing marginal returns occur when: Group of answer choices the size of the plant is increased…

A: Diminishing marginal returns occur when the addition of one more unit of a variable input leads to a…

Q: Suppose a company sells a product for $50 per unit. The variable cost per unit is $20 and the…

A: The break-even point in business is the point at which total cost (including fixed and variable…

Q: The long-run average total cost curve Multiple Choice O can be derived by summing horizontally the…

A: The long-run average total cost (LRATC) curve is a curve that shows the lowest cost at which a firm…

Q: 7) When a firm becomes so large it is difficult to coordinate and control, it is most likely that A)…

A: Diseconomies of scale is a situation where the growth of the business becomes extremely large. As it…

Q: Marginal product will eventually go down because of  the law of diminishing marginal utility.  the…

A: The marginal product of a factor input is the additional output that is generated when an…

Q: Which of the following results from bureaucratic red tape, breakdown of top-to-bottom communication,…

A: When the size of the firm becomes too large, it becomes unmanageable and thus experiences…

Q: Long-run average total cost (Multiple Choices )     might have an upward-sloping segment that…

A: Long run average total cost is the long run cost per unit. Economies of scale refer to the situation…

Q: This is a graph of our firm’s costs. Label the lines on the graph using the following labels:…

A: Cost of production is those costs which are incurred by the manufacturer for manufacturing the…

Q: In the long run, the total cost function will be: Selected answer will be automatically saved. For…

A: Long run is the time period where no inputs are fixed instead all inputs are variable.  In short run…

Q: The accompanying table gives cost data for a firm that is selling in a purely competitive market.…

A: One of the primary concepts in economics is the concept of marginal cost, which is the extra expense…

Q: Average fixed costs of production will rise at a fixed rate as more is produced. appear as a…

A: In microeconomics, the average fixed expense is the fixed expenses associated with the production…

Q: T have equipment that makes it most efficient to have two or three people to help with bottling…

A: The total output or quantity increases at an increasing rate at first when the number of labor…

Q: High AFC High ATC High MC High ATC MC ATC Minimum of ATC Diminishing marginal product sets in AFC…

A: The total fixed cost (TFC) per unit of production is referred to as average fixed cost (AFC). AFC =…

Q: A firm with fixed cost (FC) of $150, average variable cost (AVC) of $2.5 and average total cost…

A: Fixed cost is the cost that does not change with the change in output.  Average fixed cost is the…

Q: In the short run, the average total cost curve is U-shaped because of Oooo diminishing marginal…

A: In general, when talking about a competitive firm, it can be seen that a firm is facing a U-shaped…

Q: Which cost concept is used to determine the level of output at which a firm neither makes a profit…

A: While inspecting the monetary parts of a business, different cost ideas become an integral factor.…

Q: nal cost Multiple Choice O equals both average variable cost and average total cost at their…

A: The marginal cost measures the change in the total cost when one additional unit of output is…

Q: Increases in long-run average cost that occur as output increases is the law of diminishing marginal…

A: Understanding the relationship between output and cost is crucial for businesses to make informed…

Q: A firm has the following total revenue and total cost schedules: TR = $2Q. TC = $5,500 + $1.3Q.…

A: Given:- TR=$2Q TC=$5500+$1.3Q To calculate:- Break even output level and profit at 8600 unit sale=?…

Q: Fixed costs are best defined as costs that do not vary with output. the amount that one more unit of…

A: Fixed Cost: It is the cost that is incurred for purchasing fixed factors of production. It is…

Q: A firm has a production function f(x, y) = 1.80(x0.10 + y0.10)2 whenever x > 0 and y > 0. When…

A: The objective of the question is to determine the returns to scale of the firm's production…

Q: For the following industries, state whether the long-run average cost curve has an extended range…

A: Returns to scale is the quantitative change in outputs of an industry or firm in response to an…

Q: Short-run average total cost      shows the minimum average total cost for each level of output…

A: Answer: Correct option: option 4 (might have a flat portion that indicates a constant average cost…

Q: Diseconomies of scale occur mainly because

A: Diseconomies of scale is associated with the increasing cost per unit with increase in the scale of…

Q: The table below shows the weekly cost of producing cowboy hats. Complete the table by filling in the…

A: Total Cost = Total Variable cost + Total Fixed CostAverage Fixed cost = Total Fixed Cost / Quantity…

Q: Long Run Costs curves [are | are not ] always U-shaped. One way to prove this is to look at…

A: LRAC depicts the lowest possible average production cost, allowing entire production inputs to vary…

Q: Note: Plot your points in the order in which you would like them connected. Line segments will…

A: Approach to solving the question: The value for the short-run average total cost can be identified…

Q: Output Total Cost 0 $400 1 $900 2 $1,300 3 $1,600 4 $2,000 5 $2,500 6 $3,100 The above cost data are…

A: Average variable cost (AVC) is calculated by dividing total variable cost by the quantity of output.…

Q: The minimum efficient scale of a firm Multiple Choice is realized somewhere in the range of…

A: We can calculate long run average total cost by dividing long run total cost by output. Long run…

Q: Scale economies are said to be present when

A: The average cost curve determines the average cost of producing a given level of output.  The…

Q: Q1. If fixed cost (FC) is $50, variable cost (VC) is $100, and output (quantity) is 3, what is…

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

Q: Give business examples of short-run costs, economies of scale, and minimum efficient scale (MES).

A: At the Mininum effiecient scale point, the company could achieve the economies of scale being…

Q: Which of the following statements is correct?

A: The returns to scale represents by how much the total output increases if all the inputs used in…

Q: Fixed cost is

A: Please check the solution below

Q: Fill in the missing data using the cost calculations for short run costs

A: Calculate TVC by subtracting TFC from TC. TVC=TC-TFC Calculate MC by subtracting TCn from TC n-1.…

Q: What is the term for the change in total cost resulting from a one-unit increase in production?…

A: please find the answer below.

Q: The accompanying table gives cost data for a firm that is selling in a purely competitive market. We…

A: Total cost is the sum of fixed and variable costs.