Refer to the figure below. What can we conclude from this figure? Graph of Per Unit Costs What is importance of MC points a, b, and c? ATC AVC AFC a b AFC Q1 Q2 Q3 Q4 Quantity O A. Marginal product equals average product at Q1. O B. Marginal product equals average product at Q3. OC. Marginal product exceeds average product after Q2. O D. Marginal product equals average product until we reach Q1.

Refer to the figure below. What can we conclude from this figure? Graph of Per Unit Costs What is importance of MC points a, b, and c? ATC AVC AFC a b AFC Q1 Q2 Q3 Q4 Quantity O A. Marginal product equals average product at Q1. O B. Marginal product equals average product at Q3. OC. Marginal product exceeds average product after Q2. O D. Marginal product equals average product until we reach Q1.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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As output rises, which of the following always increases? variable cost only marginal cost only total cost and variable cost total cost only O fixed cost only
• Calculate TC, AC, MC, AVC, AFC, and graphically shows the calculated and given costs. Quantity Fixed Costs S Variable Costs $ 300 1 300 50 300 90 300 120 300 150 300 190 300 240 300 290 8. 300 350 N3 4 56 70
Using the graph on the right, determine the output range over which increasing returns to scale occur. Increasing returns to scale occur over the output range OA. beyond Q, only. OB. 0 to Q₂ only. OC. Q, to Q₂ only. OD. 0 to Q, only OE. Q₂ to Q₂ only G Q₁ 0₂ SRATC, SRATC, LRAC 16 Output
The difference between accounting profit and economic profit total revenue. O marginal product. O explicit costs. O implicit costs.
f production, C be the total cost, MC be the marginal cost, AFC, the average fixed cost, AVC, the aver ecimal places.) Output (q) VC C MC AFC AVC AC 1 $100 $64 112 $164 $64 48 $100.00 $64.00 $164.00 50.00 56 00 106.00 2 100 212 3. 100 144 244 32 33.33 48.00 4. 100 160 16 25.00 40.00 65.00 100 192 292 -32 20.00 58 40 9. 100 340 48 16.67 40.00 56.67 7. 100 -304 404 14.29 4343 57.71 100 -384 484 80 48.00 60.50 53.33 59.20 9. 100 480 580 96 11.11 64.44 10 100 592 112 10.00 F.
B. the rodu g one m Average Variable Cost C. fixed costs divided by output D. total cost divided by output v Marginal Cost QUESTION 5 20 points Save Answer Match each of the following terms and descriptions Constant returns to scale when the average cost of producing each individual unit A. declines as total output increases Diseconomies of scale average cost of producing each individual item increases as В. output increases economies of scale average cost of producing each individual unit remains C. constant as output increases Long Run Average Total Cost Curve the relationship between output and costs over the life of a D. business Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save All Answers Save and Submit ype here to search W 63°F Ca ) ENG 8:10 PM 10/18/2021 hp
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QUESTION 2 Figure and Table: Variable, Fixed, and Total Costs Total cost $2,500 2,000 1,500 1,000 500 Points on Graph A B C E 0 G H I A B₁ Reference: Ref 6-11 с 20 1 1 1 40 60 80 100 Quantity of wheat (bushels) DEFGH Total cost, TC Quantity of Labor (workers), L 0 1 2 3 4 6 8 Quantity of Wheat (bushels), Q 0 PORTARI 19 36 51 64 75 84 91 96 Variable Cost, VC $ 0 200 400 600 800 1,000 1,200 1,400 1,600 Fixed Cost, FC $400 400 400 400 400 400 400 400 400 Total Cost, TC $ FC + VC 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 (Figure and Table: Variable, Fixed, and Total Costs) The marginal cost of increasing production from 0 to 19 bushels of wheat is: OA. $22.22. B. $11.76. OC. $10.53 D. $11.11. OE. $23.53.
Read the question and given information carefully. Show all necessary steps and reasoning that lead to the answers. You nead to draw graphs. a-Define diseconomies of scale and draw the long run average cost curve of a company that demonstrates diseconomies of scale b-List 2 reasons of diseconomies of scale and (in no more than 50 words for each reason) explain how each reason can contribute to diseconomies of scale
Cost Per Year O O O 1 At what level of output does average total cost equal marginal cost? ♂ Q4 QQQQ Q8 TC VC FC Output
Table 13-12 Quantity 1 2 3 5 6 7 Long-Run Total Cost (Dollars) Firm 1 180 350 510 660 800 930 1,050 Firm 2 120 250 390 540 700 870 1,050 Firm 3 150 300 450 600 750 900 1,050 Firm 4 210 340 490 660 850 1,060 1,290 Refer to Table 13-12. Which firm has constant returns to scale over the entire range of output? a. Firm 1 b. Firm 2 c. Firm 3 d. Firm 4