MC AVC 8 d = MR 100 Units of output Figure 9.4 er to Figure 9.4. In the short run, if economic conditions do not change, this firm should produce units of output and will earn a total enue a. more than 100; > $800 b. 100; of $800 c. 0; of $0 d. less than 100; > $0 but < $800
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- Return to Figure 7.7. What is the marginal gain in output from increasing the number of batters from 4 to 5 and from 5 to 6? Does it continue the pattern of diminishing marginal returns? Figure 7.7 How output Affects Total costsAutomobile manufacturing is an industry subject to significant economies of scale. Suppose there are four domestic auto manufacturers, but the demand for domestic autos is no more than 2.5 times the quantity produced at the bottom of the long-run average cost curve. What do you expect will happen to the domestic auto industry in the long run?What is die difference between accounting and economic profit?
- Refer to the information provided in Figure 9.4 below to answer the question(s) that follow. MC AVC d%3 MR 100 Units of output Agure 9.4 Refer to Figure 9.4. In the short run, if economic conditions do not change, this firm should produce units of output and will earn a total revenue O a. 100; of $800 O b. 0; of S0 less than 100; > $0 but $800 Price per unitestions tu1et10r.07.099 O O Question 18 of 20 Which of the following statements is true? a. When marginal cost is below average cost, average cost rises; when marginal cost is above average cost, average cost falls. b. The marginal product is the output per unit of a variable input. c. When marginal productivity of a variable input is falling then marginal costs of production must be rising. d. Average variable cost and average fixed cost are U-shaped curves.IAN GE Student Resources - Faculty Resources - Academic Resources - Ime grupiI Delow IIUIUUES two piunt Sizes us musuuteu uy ACr UnU ACZ. AC1 AC2 AC1 AC2 LRAC Q1 02 Output per time period Refer to the graph above to answer this question. Which of the following statements is correct if a firm is operating at point a on AC1? Select one: O a. The firm is achieving MES. O b. Building a larger plant would result in lower long-run average cost. O c. Building a larger plant would not result in lower long-run average cost. od. The firm has achieved capacity output. O e. An increase in the output would not lower costs. Clear my choice Staut o gao
- Suppose the production function for high quality brandy is given by : Q = √KL Where q is the output of brandy per week and L is labor hours per week ., in the short run K is fixed at 100, so the short run production function is Q = 10√L a. Ifthecapitalrentsfor10$andthewageare5$perhour.,writetheshortruntotalcost function. b. How much will the firm produce at a price of 20$ per bottles of brandy ? c. Howmanylaborhourswillbehiredperweek?QUESTION 4 Answer the question on the basis of the following output data for a firm. Assume that the amounts of all nonlabor resources are fixed. Diminishing marginal returns become evident with the addition of the labor/s Output Labors (TP) 1. 90 126 4. 150 165 180 O A. Sixth B. Fourth CC. Third D. Second Click Save and Submit to save and submit. Click Save All Answers to save all ansuers. Save All AnsW DELL 40 3. 5.69 O Completed 17 out of 20 Question 7 of 20 Because P> MR, which equation applies to the value of a firm's marginal product? O VMPL = MRPL O VMPL > MRPL O MRPL = VMPL O VMPL < MRPL LAPTOP LOGIN acer r USERNAME: student PASSWORD: Broward1 TravelMate B F8 F10 F11 95
- 8. siuppose that the manager of a firm operating in a competitive market has estimated the firm's average variable cost function to be: AVC= 18-0.3Q Total fixed cost is $60 and the forecasted price of the firm's product is $12. 79 a. What is the corresponding marginal cost function? b. At what output is AVC at its minimum? C. How much outputs should the firm produce? d. How much profit or loss will the firm earn?,Cost SRATC, واج The crpés 1,2, and 3 for the SRATC on refer to different plant sares LRAC SRATC, SRATC₂ 9 a OA The fimm cannot produce at point C because there is no SRATC curve through this point OB. The tem may choose to remain at point B until the price of its output increases enough to justify building a new plant OC. If the firm continues to produce at point B for any period of time & must be because it is not proft-maximizing OD. If this em continues to produce at point B for any period of time it must be because it is not cost-minimizing OE There can be a significant time delay while the fim readjusts to plant size, during which time remains at point BThe Calculus of a Firm's Cost Structure Calculus Appendix Figure li Out: Question 3 of 4 Steve and Sons Solar Panels has a production function of Q4KLd faes a wage re of S per hour and al e of capital of S10 per hour. Assume that, in the short re, capital is fised a 10 Derive the long-run total cost curve for the firm. Give the coefficient in the functio decial plac TC 140 What is the long-run total cost of podcing O-20 nit Give your arthe mwleaher 127 TC S