true or false:suppose a company has short term productionfunction is1.3y = x;xso, total output of company isy* :3w1=2

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Answered: true or false: suppose a company has…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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9. For the cost function CIO) = 100 - 20 - 302, the marginal cost of producing 2 units of outout is a. 2 b. 3 C. 12 D. 14
6 In the production process, both the average product and marginal product of the variable input rise first, then fall, and then * rise to infinity True O False O
1,200 B TC 1,000 850 700 TVC A 500 2 3 Number of microwave ovens 6. Refer to the figure above. Based on the information shown, the average fixed costs of producing two units of output are: 500 Cost in dollars
H13). Importance of Understanding Cost Behavior Patterns Recognizing and understanding cost behavior patterns serve multiple purposes within a company. What are at least 4 of them and explain.
6. The production function at Weedy's Grainery is Q=L¹/4K¹/2. If Weedy increases the scale of his operation from 16 units of labor and 1 unit of capital to 81 units of labor and 4 units of capital, how much does output expand? Does the firm exhibit increasing, decreasing or constant returns to scale? a. Output increases from Q=4 to Q= 36. The firm exhibits increasing returns to scale. b. Output increases from Q=4 to Q= 36. The firm exhibits diminishing returns to scale. c. Output increases from Q=2 to Q= 6. This firm exhibits increasing returns to scale. d. Output increases from Q=2 to Q= 6. This firm exhibits diminishing returns to scale.
shows the long-run average costs for Inmode, a manufacturer of Internet modems. Quantity per Day Average Cost ($) a) At what output is minimum efficient scale achieved? Output: b) with what output do diseconomies of scale begin? Output: 1 95 2 85 3 75 4 70 5 65 6 65 7 75 8 100
10K L%. 1). Consider the production function Q = (a) What is the output when K = 100000 and L = 243? (b) Use the marginal analysis to estimate Q(99995, 243) and Q(100000, 245). (c) Use a calculator to compute these two values of Q to three decimal places and compare these values with your estimates in (b). (d) How big must AL be in order for the difference between Q(100000, 243+AL) and its linear approximation Q(100000, 245) + -DAL, to differ by more than two units?
4. Jake's Free Runoff Bottled Water Company Produces with the Long Run Production Function Q=K¹/³L2/3 Currently K = 4 and L = 4. Suppose Jake doubles inputs to K=8 and L=8, as a result of this increase in input use a. Jake realizes constant returns to scale. b. Jake realizes increasing returns to scale c. Jake suffers decreasing returns to scale d. Jake realizes he is operating at minimum efficient 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
estions tu1et10r.07.099 O O Question 18 of 20 Which of the following statements is true? a. When marginal cost is below average cost, average cost rises; when marginal cost is above average cost, average cost falls. b. The marginal product is the output per unit of a variable input. c. When marginal productivity of a variable input is falling then marginal costs of production must be rising. d. Average variable cost and average fixed cost are U-shaped curves.
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
Fill in the missing data to solve this problem. Variable Total Average MarginalInput Product Product Product4 ? 70 ----5 ? ? 406 350 ? ? What is the total product for 5 units of input, and what is the marginal product for 6 units of input?

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true or false: suppose a company has short term production function is 1 1 y = xx .3 so, total output of company is y* 3w1 12