You have the following information about long-run total cost for the following firms: Quantity Arnold’s Apples LRATC Belle’s Bananas LRATC Cam’s Cantaloupes LRATC 1 120 33 42 2 140 72 68 3 160 117 98 4 180 168 132 5 200 225 170 6 220 288 212 7 240 357 258 Do any of these firms experience economies of scale? How do you know?

Q: Hamburg Variable Fixed Total Average ers Average Variable Cost Marginal Cost Costs Costs Costs Total…

A: The sum total of all production costs divided by the total quantity of output is known as the…

Q: In the short-run, if the marginal cost of a firm in a competitive industry is upward sloping while…

A: The short-run is the time period where at least one variable is fixed and others are variable. In…

Q: Use the following table to answer the questions that follow. Total Output    Cost      TFC…

A: Total​ output Costs TFC TVC AFC AVC ATC MC 0 20 20 0 - - - - 10…

Q: Using the numbers representing short run costs in the chart below, calculate the number that belongs…

A: We have blank for MC at q=5.

Q: How can a company have a competitive advantage without scale?

A: Differentiation Strategy.Being distinctive is a great approach for businesses to differentiate…

Q: QUESTION 2 The following graph shows the average variable cost (AVC), average total cost (ATC) and…

A: The following formulas would be required to solve the question: The value of MC, AVC, and ATC could…

Q: Marcel leases a garage. He must pay $400 every week for his lease regardless of how many cars he…

A: TC (Total Cost): The overall cost of production, combining both fixed (TFC) and variable costs…

Q: 4. Various measures of cost Suppose the imaginary company of Panthera is a small, Cedar Rapids-based…

A: The cost of production is one of the most important concepts in economics. It is the total…

Q: The figure above illustrates the long-run average cost curve for a firm that produces picture…

A: The average cost refers to the per-unit cost of production. The minimum efficient scale is reached…

Q: The following graph shows per unit costs - marginal costs, average total costs, and average variable…

A: Total cost is the sum of fixed cost and variable cost.=> TC = FC + VC Average variable cost (AVC)…

Q: A price-taking firm makes air conditioners. The market price of one of its new air conditioners is…

A: Airconditioner per day to maximize profit= 2 per day Marginal costs are follow as presented in the…

Q: There are big efficient farms in Brazil that use lots of machinery competing against many small…

A: In the coffee industry, big farms in Brazil have a significant advantage over small farmers because…

Q: Consider the following table: What is average total costs at 6 units of output?

A: Total Cost (TC) refers to the number of units produced by a firm in a given year. Total Fixed Cost…

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: As a firm expands its output, its average fixed cost does which of the following? O It declines…

A: Average Fixed Cost is the total fixed cost per unit of output.  AFC = TFC/Q

Q: One A4 page please  Explain why there are no fixed costs in the long run

A: In long run, all the fixed costs that exist in short run becomes variable hence, there is no fixed…

Q: The curves below reflect information about the average total cost, average fixed cost, average…

A: Average fixed cost is a measure of fixed cost which gives value of fixed cost per unit of…

Q: The figure illustrates the short-run cost curves for a company that produces cell phones Identify…

A: The total cost curve represents the relationship between total cost and the level of output. The…

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: 2.9 [Related to the Apply the Concept: “Fixed Costs in the Publishing Industry" D] A Federal Reserve…

A: Meaning of Cost: The term "cost" describes the circumstances in which a business incurs different…

Q: 3.8 On the following graph for a purely competitive industry, Scale 1 represents the short-run…

A: Short run Cost is the cost price that has immediate effects on the production processes, i.e., they…

Q: Quantity of cars Oa Ob Oc Od 1-8 6-8 1 2 46 3 4 5 6 7 8 LRATC of car $30,000 20,000 The wagon is a…

A: A firm which is long-run average total cost (LRATC) shows the average cost per unit of output over a…

Q: Each graph below illustrates three short run cost curves for firms, where ATC is Average Total Cost…

A: Marginal Cost is the additional cost received by selling one more unit of output. MC is the…

Q: PProblem 3-Page (174): The following table gives you information on the total cost of Mac's ice…

A: Average total cost is alluded to as the entirety of all production costs divided by the total…

Q: Plant sizes get larger as you move from Plant 1 to Plant 4. In the long run, the firm should use…

A: Cost functions are derived functions. Cost is derived from production, which describes the available…

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: 4. Bob produces flower pots for sale, which he designs and manufactures using 3-D printing…

A: Rent on building = $30,000 and rent on machinery is $20,000 per month. Total fixed cost =…

Q: In the following table, complete the marginal cost, average variable cost, and average total cost…

A: Total cost is the sum of variable cost and fixed cost.Fixed cost remains constant and does not…

Short-Run Costs and Long-Run Costs

Cost of short-run and the long-run is an economic term that describes the cost involved in the production of goods in a firm in the short as well as long period.