Macmillar How many bracelets can be produced by 5 workers? bracelets from 5 workers: bracelets Between which levels of bracelet production does Betsy's firm experience increasing marginal returns and diminishing marginal returns? O Marginal returns increase from 27 to 47 bracelets then diminish from 47 to 51 bracelets. There is insufficient information to answer the question. Marginal returns increase from 0 to 27 bracelets, then diminish from 39 to 51 bracelets. O Marginal returns increase from 0 to 1 bracelets then diminish from 27 to 47 bracelets.

Macmillar How many bracelets can be produced by 5 workers? bracelets from 5 workers: bracelets Between which levels of bracelet production does Betsy's firm experience increasing marginal returns and diminishing marginal returns? O Marginal returns increase from 27 to 47 bracelets then diminish from 47 to 51 bracelets. There is insufficient information to answer the question. Marginal returns increase from 0 to 27 bracelets, then diminish from 39 to 51 bracelets. O Marginal returns increase from 0 to 1 bracelets then diminish from 27 to 47 bracelets.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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A firm has a fixed production cost of $1,000 and a constant marginal cost of production of $700 per unit produced. What is the firm's total cost function? O A. TC = 1,000 + (700q) O B. TC = 1,000 + (700q). OC. TC = 700q. O D. TC = 1,000. The firm's average total cost (ATC) of production is O A. ATC = 1,000 + (700q). OB. 1,000 + (700q) ATC = Oc. 1,000 ATC = O D. ATC = 700q. O E. ATC = 700. If the firm wanted to minimize the average total cost, would it choose to be very large or very small? Explain. OA. very small because the average total cost of production rises with output. O B.- very large because the average variable cost of production falls with output. OC. very small because the average fixed cost of production rises with output. O D. very small because the total cost of production rises with output. O E. very large because the average total cost of production falls with output.
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4) Suppose that a firm's production function is Q = Lº.4K0.6. The cost of a unit of labor is $8 and the cost of a unit of capital is $12. Write firm's long run cost function. Calculate the slope of isocost line. Calculate marginal rate of technical substitution. d. Suppose firm decides to produce 50 units, what is the cost minimizing combination of these two resources (labor and capital)? a. b. C.
The short run is defined as the period of time: Select one: O a. in which all inputs are fixed O b. in which at least one input is fixed O c. O d. none of the answers provided is correct in which no inputs are fixed
Suppose you are given the following table (note: labor is the only variable input and all workers are paid equally): Labor Quantity Fixed Costs Variable Costs Total Costs 0 units $10 0 1 2 3 10 units 18 units 20 units $50 What is the value of this company's fixed costs? O a. $0 O b. $10 O C. $20 O d. $30 O e. $50