The implications of diminishing marginal returns is that: Group of answer choices beyond some point, the extra utility derived from additional units of a product will yield the consumer smaller and smaller extra amounts of satisfaction. as extra units of a variable resource are added to a fixed resource, marginal product will decline beyond some point. because of economies and diseconomies of scale, a competitive firm's long-run average total cost curve will be U-shaped. the demand for goods produced by purely competitive industries is downsloping.

Q: Douglas Fur is a small manufacturer of fake-fur boots in Chicago. The following table shows the…

A: Average total cost (ATC) is calculated by dividing total cost by the total quantity produced.…

Q: [This question concerns long-run equilibrium so all variables in the questions are long-run.]…

A: ANSWER

Q: A firm is jointly owned by Juan and Roda. The firm’s production function requires two inputs: effort…

A: Given , Cost of effort for Juan = Cost of effort for Roda = 2Price of output = 2 Production function…

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A: Understanding the Firm's Production and CostsThis analysis explores a firm's production process and…

Q: 1/2 K = (min (= 1 = a))" Y

A: 1. Demand Function:  where is quantity and is price.2. Production Function: , where is output, is…

Q: conomist estima Cost function of a single-product firm C(Q) = 100 + 20Q + 15Q2 + 10Q³ Based on this…

A: Variable costs are any expenses that change based on how much a company produces and sells. This…

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Q: Problem 3* A competitive firm has the following production function: f(L,K) = min {L, K}. Suppose…

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A: 1. Total cost: Total cost refers to the complete expenditure accured by a firm during the production…

Q: What is the value of the firm's average fixed cost (AFC)of producing 10 units of output?   What is…

A: The average fixed cost refers to the output’s per unit fixed cost. The average variable cost refers…

Q: Problem 06-04 For the pizza seller whose marginal, average variable, and average total cost curves…

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Q: You are economic consultant for Jack, who farms raw cotton in a perfectly competitive market. One…

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Q: The table below provides revenue and cost information for a perfectly competitive firm producing…

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Q: Question 18 A firm has a long-run cost function, C(q) = 4q² + 100. In the long run, this firm will…

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Question (4): Consider a firm, where there is competition, looking to maximize its profits and the…

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Q: double check once you accept

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Q: Problem 2.5    The cost function for Acme Laundry is  TC(q) = 10 + 10q + q^2 so its marginalprod…

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Q: depict a ATC curve, one where the firm has negative profits (π < 0) at the profit maximizing output…

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Q: Let's consider a company that produces a good Z, in a perfectly competitive market. The expression…

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A: A competitive firm in a market is typically characterized as a price taker, meaning it accepts the…