Which are the following are short-run and which are the long-run adjustment? Explain in your own words with the help of examples. Wendy’s builds a new restaurant Harley-Davidson corporation hires 200 more production workers. A farmer increase the amount of fertilizer used on his corn crop An Alcoa aluminum plants add a third shift of workers

Q: IPCSB.52 A yoga studio has two big costs: rent and labor. They decide that they want to move to a…

A: A short-run production function tells us how a firm makes use of its variable factors to facilitate…

Q: Explain how a firm can have constant returns to scale in production and economies of scale in cost.

A: Constant Returns to scale refers to the situation where with the change in the production, the cost…

Q: In the long run * O all inputs are variable. O all inputs are fixed. O some inputs are variable and…

A: The long run is a concept in which there is equilibrium in all the markets and prices and quantities…

Q: What factors affect the cost of production in the long-run? Pick all that apply Multiple answers:…

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

Q: onsider the production process for a Vending Machine Service. Identify the fixed costs associated…

A: Small business can be described as a partnership, privately-owned company, or sole proprietorship…

Q: Why can the distinction between fixed costs and variable costs be made in the short run?

A: Understanding the difference between fixed costs and variable costs is important for settling on…

Q: You have the following information about long-run total cost for the following firms: Quantity…

A: The long-run average cost curve represents the least average cost to produce any given level of…

Q: In the short run, a firm has constant marginal returns to its variable input. Draw a graph…

A: In economics, marginal cost refers to the change in the total cost of production that arises when…

Q: Fresh Veggie is one of many small farms in Florida operating in a perfectly competitive market. Farm…

A: The marginal productivity will be calculated as an extra amount produced when one extra unit of a…

Q: the short run, a firm's average variable cost will increase as its output increases because

A: The variable cost refers to the cost which changes with change in the level of output.  AVC = TVC/Q.

Q: Fill out the entries in the table below.   Quantity Total Cost Fixed Cost Variable Cost Average…

A: Total cost is the total expense a company incurs to produce a particular level of production. The…

Q: Discuss the impact of long run on cost of doing business.

A: Meaning of Cost: The term cost refers to the situation under which a firm occurs various expenses…

Q: Macmillan Learning Suppose Ralph own a chicken processing plant with the total cost function shown…

A: 1. Determine Ralph's Fixed Cost: The fixed cost is the cost incurred when no output is produced…

Q: Your company sells Beyonce concert DVDS. Total fixed costs for your operation are $10,000 a year.…

A: Shut down When a corporation chooses to shut down, it means that production will be put on hold for…

Q: Use the cost curves below to answer the following questions. 120 90 80 70 40 30 200 250 300 500 MC…

A: In perfect competition,  A firm will produce where P = MC  P is the market price MC is the marginal…

Q: Explain the difference between the short and long run

A: Short run It represents the time period in which input quantity of at least one input is fixed…

Q: ke's Bikes is a major manufacturer of bicycles. Currently, the company produces bikes using only one…

A: Given information: Ike Bikes is a manufacturer of bikes, currently producing bikes in its only one…

Q: Diminishing returns occurs in the short run because: A.There are variable inputs to production in…

A: According to the law of diminishing marginal returns, the marginal product decreases as more and…

Q: The table below provides information about the cost of inputs and value of output for the production…

A: To calculate the value added at each stage of production and the total contribution of the bike to…

Q: Short Run Production Relationships         List and explain the 3 Short Run Production…

A: Production function is neoclassical production function. It is upward sloping, concave and marginal…

Q: Ty grows pumpkins. When Ty leases 1 field for $60 a day and capital for $40 a day, his average total…

A: Total cost shows the total cost incurred on the production of a good. Total cost includes fixed cost…

Q: 22. What does the Long Run Average Cost curve depict? a) It depicts the relationship between Average…

A: Long-run average total cost (LRATC) is a business metric that addresses the average cost per unit of…

Q: Solve for the missing entries in the above table. Enter whole dollar values for Total and Marginal…

A: Average fixed cost refers to the fixed cost per unit of output produced by a firm.Average variable…