Instacart offers consumers a convenient form of home delivery service for groceries. Units of output (q) are individual grocery deliveries/day. Grocery deliveries are achieved through the use of delivery trucks (K) and workers (L). The price of labor (w) is $10/worker. Use the provided graph to answer the question below. K 16 15 mannp98 14 13 12 11 10 7 6 5 4 3 2 1 B C D q=50 12 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 q=100 L Instacart is currently operating in the short run with its capital stock (its trucks) fixed at ( K = 3 ). Let's say it wants to expand its production up to 100 grocery deliveries/day. Which of the following statements is true about Instacart's average fixed costs of production when making 100 deliveries/day, as opposed to 50 deliveries/day AFC is higher when q = 100, relative to AFC when q 50 AFC is the same at both q = 100 and q = 50 AFC is lower when q = 100, relative to AFC when q = 50 O More information is needed to answer this question

Instacart offers consumers a convenient form of home delivery service for groceries. Units of output (q) are individual grocery deliveries/day. Grocery deliveries are achieved through the use of delivery trucks (K) and workers (L). The price of labor (w) is $10/worker. Use the provided graph to answer the question below. K 16 15 mannp98 14 13 12 11 10 7 6 5 4 3 2 1 B C D q=50 12 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 q=100 L Instacart is currently operating in the short run with its capital stock (its trucks) fixed at ( K = 3 ). Let's say it wants to expand its production up to 100 grocery deliveries/day. Which of the following statements is true about Instacart's average fixed costs of production when making 100 deliveries/day, as opposed to 50 deliveries/day AFC is higher when q = 100, relative to AFC when q 50 AFC is the same at both q = 100 and q = 50 AFC is lower when q = 100, relative to AFC when q = 50 O More information is needed to answer this question

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Instacart offers consumers a convenient form of home delivery service for groceries. Units of output (q) are individual grocery deliveries/day. Grocery deliveries are achieved through the use of delivery trucks (K) and workers (L). The price of labor (w) is $10/worker. Use the provided graph to answer the question below. K 16 15 14 13 12 11 10 9 8 7 6 5 4 32 1 A B q=50 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 Long Run Total Cost Curve L Let's say you drew a curve that passed through all of the long run cost minimizing input mixes associated with each of Instacart's isoquants. What is the name of this curve? O Input Expansion Curve C Output Expansion Curve q=100 O Short Run Firm Supply Curve