There is economies of scale if the average cost of production is lower for bigger scale of operations compared to the average cost of production for smaller scale of operations True False

Q: (Figure: Market Power) Based on the demand curves for four sellers, which of the following firms has…

A: Answer (20): Part 1:  A firm in perfect competition has no market power and they are price takers.…

Q: Define the term semi-variable costs?

A: The costs incurred by a producing agent in the procurement of factor inputs for the production of a…

Q: Explain the difference between increasing returns to scale and economies of scale. In what way are…

A: The aim of any firm to maximize the profits.  To maximize the profits firm has to increase the…

Q: Economies to scale refer to

A: Companies benefit from economies of scale as manufacturing gets more efficient.Economies of scale…

Q: Eliza works in a diner and creates luscious pies. She has the following average total cost schedule…

A: Microeconomics is concerned with persons, so, the interaction in a market between a firm and a…

Q: Consider the following scenario to understand the relationship between marginal and average values.…

A: The schedule can be completed as follows:

Q: Emco Company has an assembly line of fixed size A. Total output is a function of the number of…

A: Labor is the sum of material, emotional, and social activity utilized in a society to create the…

Q: Recently, the Chinese government has acknowledged that its GDP growth rate for 2015 will fall to 7%,…

A: The Production Function, as the name suggests is the mathematical function that describes the…

Q: Melvin manufactures a single product. Total cost per unit is $70 when production is 100 units per…

A: Total cost per unit if production is 100 units per week = $70 Total cost of 100 units per week =…

Q: What is the difference between economies of scope and scale. Also include in your discussion some…

A: Meaning of Microeconomics: The term macroeconomics refers to that situation under which the…

Q: Identify a fixed cost

A: A fixed cost is referred to as the cost which would not change due to an increase or decrease in the…

Q: (a) Marginal productivity of labor (b) Average productivity of labor (c) (d) Elasticity of…

A: No of workers (L) No of units (TP) MPL APL elasticity of production 0 0 - - - 1 10 10 10 1 2…

Q: True or false  The fixed cost does not alter with the level of output.

A: Cost is the amount of resources, usually expressed in monetary terms, which might be required to…

Q: You can think of the result in any one game as being Frances's marginal free-throw percentage. Based…

A: The performance of Frances a skilled basketball player has been evaluated below using the concept of…

Q: A short production run with frequent adjustments to machines is considered a(n). process of…

A: The inputs such as capital, labour and land are used to produce and output in the market are known…

Q: 8. A businessman is thinking of opening a factory in one of these places in Ethiopia: Bahir Dar, or…

A: Represent the table showing the fixed cost and variable cost as follows:

Q: In detail, What is one example of a non-linear cost function and explain what factors cause the…

A: A cost function whose graph of total cost within a relevant range is not a straight line is defined…

Q: how do you know the total variable is 50 when finding the total fixed cost

A: TC = AC * Q ------------------- MC is a change in TC due to changing quantity by one unit.  MCn =…

Q: (a) Find the marginal cost function C'(x). C'(x) Use it to estimate how fast the cost is increasing…

A: Answer: Given values: To find: Marginal cost function and marginal cost (at 60,000) Average cost…

Q: Define Average unit cost,

A: There are different types of cost in production, total cost, average cost and marginal cost. Total…

Q: Emco Company has an assembly line of fixed size A. Total output is a function of the number of…

A: Hello, thank you for the question. Since there are multiple sub-part questions asked here, only the…

Q: The differences between total costs and variable costs is given by sunk costs

A: ANSWER STEP-1 The Differences Between Total Costs And Variable Costs Is Given By Sunk Costs True…

Q: Compare and contrast economies of scale and economies of scope. Give an example of each from your…

A: Introduction Economies of scale: Economies of scale occur when the quantity of goods increases and…

Q: Show that the r/ship between production function and cost function.

A: Production function demonstrates the output level that can be produced using different quantities of…