Operations Strategy Question: Which of the following is not a component of the production process? a) Inputs b) Outputs c) Operations strategy d) Transformation process
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- 1Quantity of output (# of cookies per hour) Total product curve Quantity of Input (# of workers) . Refer to the above figure. With regard to cookie production, what does the figure imply? (1 mark) a diminishing marginal product of workers b diminishing marginal cost of cookie production c decreasing marginal cost of cookie production d increasing marginal product of workers Q Search OTopic: : Cost function, economies of scale, technological change
- Microeconomic Question (c) Use well labelled diagrams to show how production isoquant can be used to explain: i) Increasing returns to scale. ii) Constant returns to scale, and iii) Decreasing returns to scaleMatch each of the following graphs to the correct cost behavior. 6 Total Cost ($) Total Cost ($) Graph a Graph b Graph c Graph d Graph e Activity Activity Cost Behavior Total Cost ($) Cost/Unit Activity Activity Cost/Unit ActivityQ1. Which cost increases continuously with the increase in production? (a) Average cost. (b) Marginal cost. (c) Fixed cost. (d) Variable cost.
- image 1 : the following average-total-cost schedule: Quantity Average Total Cost (Number of players) (Dollars) 600 300 601 301 Your current level of production is 600 devices, all of which have been sold. Someone calls, desperate to buy one of your music players. The caller offers you $550 for it. You ( should , or should not ) ? accept the offer. image 2 : Quantity Total Cost Variable Cost (Dozens of pizzas) (Dollars) (Dollars) 0 280 0 1 320 40 2 350 70 3 380 100 4 420 140 5 470 190 6 530 250 The pizzeria's fixed cost is ? .The table below shows the total production of a firm as the quantity of labor employed increases. The quantities of all other resources employed are constant. Compute the marginal and average products and enter them in the table. (a) At what levels are there increasing returns to labor and at what levels are there decreasing returns to labor? (b) Describe the relationship between the total product and marginal product. (c) Describe the relationship between marginal and average product. B) For the following three cases, use a midpoints formula to calculate the coefficient for the cross elasticity of demand and identify the type of relationship between the two products. (a) The quantity demanded for product A increases from 30 to 40 as the price of product B increases from $0.10 to $0.20. Elasticity: ______ Relationship: ________________ (b) The quantity demanded for product A decreases from 3000 to 1500 as the price of good B increases from $5 to…Need this asap thank you
- Question 9 Which of the following relationship is correct? When marginal cost (MC) starts to increase; average variable cost (AVC) starts to decrease When marginal product (MP)starts to decrease, marginal cost (MC) starts to increase When marginal product (MP) starts to decrease, marginal cost (MC) starts to decrease O When marginal product (MP) starts to increase; marginal cost (MC) starts to increaseQuestion 3 NOTE: Economists distinguish between two types of costs: Accounting cost and Economic cost. Google search "accounting vs economic cost" and answer the following questions. A: What does Economic cost include that accounting cost does not take into consideration?Match the descriptions below to the appropriate concept: A. Diseconomies of Scale B. Economies of Scale C. Constant Returns to Scale D. Efficient Scale 1. Quantity produced where average total cost is minimized 2. When increasing production results in lower cost per unit produced ? v 3. When increasing production leads to cost per unit produced remaining the same 4. When increasing production results in higher cost per unit produced ? ? ? V