The following graph of long-run changes in a competitive market indicate that it is exhibitingPrice ($)1098765432100Constant returns to scale1O External diseconomies of scale2ONeither economies nor diseconomies of scaleThe law of increasing marginal returnsO Internal economies of scale of the firms3O Internal diseconomies of scale of the firms45слD651 52 537 8D₂9D310Quantity

Internal economies of scale are cost advantages that a firm can achieve through its own growth and…

The following graph of long-run changes in Price ($) 10 9 8 7 6 5 4 3 2 1 0 0 Constant returns to scale 1 2 O External diseconomies of scale ONeither economies nor diseconomies of scale O The law of increasing marginal returns O Internal economies of scale of the firms 3 O Internal diseconomies of scale of the firms 4 a competitive market indicate that it is exhibiting 5 D₁ 6 51 52 53 7 8 D₂ 9 D3 10 Quantity

The following graph of long-run changes in Price ($) 10 9 8 7 6 5 4 3 2 1 0 0 Constant returns to scale 1 2 O External diseconomies of scale ONeither economies nor diseconomies of scale O The law of increasing marginal returns O Internal economies of scale of the firms 3 O Internal diseconomies of scale of the firms 4 a competitive market indicate that it is exhibiting 5 D₁ 6 51 52 53 7 8 D₂ 9 D3 10 Quantity

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

Question 32 Refer to Figure 3 in Question 29. The quantity of output at which the MC and ATC curves cross is the O efficient scale of the firm. O short-run equilibrium quantity of output for the firm. long-run equilibrium quantity of output for the firm. O All of the above are correct.
which one is not true please
3.30 3.00 2.70 2:40 2.10 1.80 1,50 1.20 0.90 0.60 0.30 50 100 150 If price is $2.40, what is the output choice for the firm? O a. 200 O b. 250 O c. 150 O d. 300 200 250 300 Marginal Cost 350 Average Total Cost Average Variable Cost 400
On the preceding graph, use the blue rectangle (circle symbols) to fill in the area that represents profit or loss of the firm given the market price of $20 and the quantity of production from your previous answer. Note: In the following question, enter a positive number regardless of whether the firm earns a profit or incurs a loss. The rectangular area represents a short-run thousand per day for the firm. of
The table below shows cost data for WipeOutSki Company which manufactures skis for beginners. If the company's fixed costs are $30, what is the marginal cost of five units of output? Variable Cost Fixed Cost Total Cost Average Variable Cost Average Total Cost Marginal Cost Quantity $30 1 $10 $30 $25 $30 $45 $30 $70 $30 $100 $30 B. $135 $30 O $45.00 O S30.00 O S25.00 2) 3. 4) 69
Suppose that firm is currently producing 15 units of a good at a market price of $12. The firm has a MC of $12 and an average total cost of $8. What is the firm's economic profit and is it maximizing profits? O $0, yes O $60, no $60, yes O $0, no Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
When firms in a competitive market are experiencing zero economic profits, one can assume that O they should be producing a different product. s there is currently no better way to use society's scarce resources. O they will eventually go bankrupt. O accounting losses are being experienced by these firms.
Suppose there are economies of scale in the production a specialized memory chip that is used in manufacturing microwaves. This suggests that the microwave industry is a decreasing - cost industry. O True O False
37)
Sam's Club can sell identical items at a lower price than Macy's because of Sam's Club's: O government assistance. O lower average fixed costs. O higher variable costs. higher rent costs.
5. Problems and Applications Q10 Consider the following table of long-run total costs for three different firms: Quantity 1 2 3 4 5 6 7 Firm A 25 30 40 60 90 120 150 95 100 Firm B Firm C 70 75 80 85 15 40 65 90 90 115 140 170 Indicate whether each firm experiences economies of scale or diseconomies of scale. (Note: If a firm experiences economies of scale in one region and diseconomies of scale in another, make sure to select both columns.) Firm Economies of Scale Diseconomies of Scale A B C 0 st Hand written asap
Zero economic profit is not as bad as it sounds because when the firm earns zero economic profit: O It earns enough revenue to cover both its explicit and implicit costs O It has been able to earn total revenue equal to price times quantity sold It covers all of its explicit costs and at least half of its implicit costs O It is earning accounting profit O None of the above