Determine the table value of total cost and average total cost .

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Answer 1

Question

Chapter 12, Problem 8QE

(a)

To determine

Determine the table value of total cost and average total cost.

(b)

To determine

Explain whether the production of fake whales exhibits economies of scale, diseconomies of scale, or constant returns to scale.

(c)

To determine

Explain the fixed cost of producing fake whales.

(d)

To determine

Explain the variable cost of producing fake whales.

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3. Consider the case of everyone being wealthier in the future, such as from a positive productivity shock (computers, internet, robotics, AI). A. Begin from the baseline preferences and endowments. Give both people an endowment of 1000 pounds for the first period and 1100 pounds for the second. AI increases the supply of second period goods by 10%. Note that there is now a total of 2000 pounds in the first period and 2200 pounds in the second. Determine the equilibrium interest rate. r = % B. Begin from the baseline preferences and endowments. Give both people an endowment of 1100 pounds for the first and 1100 pounds for the second periods. AI increases the supply in all periods by 10%. Note that there are now 2200 pounds in the first period and 2200 pounds in the second. Determine the equilibrium interest rate. r = % C. Explain how productivity and the real rate are connected. Write at least five sentences.

Answer 2

Question

Chapter 12, Problem 8QE

(a)

To determine

Determine the table value of total cost and average total cost.

(b)

To determine

Explain whether the production of fake whales exhibits economies of scale, diseconomies of scale, or constant returns to scale.

(c)

To determine

Explain the fixed cost of producing fake whales.

(d)

To determine

Explain the variable cost of producing fake whales.

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Answer 3

Question

Chapter 12, Problem 8QE

(a)

To determine

Determine the table value of total cost and average total cost.

(b)

To determine

Explain whether the production of fake whales exhibits economies of scale, diseconomies of scale, or constant returns to scale.

(c)

To determine

Explain the fixed cost of producing fake whales.

(d)

To determine

Explain the variable cost of producing fake whales.

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Answer 4

Question

Chapter 12, Problem 8QE

(a)

To determine

Determine the table value of total cost and average total cost.

(b)

To determine

Explain whether the production of fake whales exhibits economies of scale, diseconomies of scale, or constant returns to scale.

(c)

To determine

Explain the fixed cost of producing fake whales.

(d)

To determine

Explain the variable cost of producing fake whales.

Expert Solution & Answer

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Answer 5

Chapter 12, Problem 8QE

(a)

To determine

Determine the table value of total cost and average total cost.

(b)

To determine

Explain whether the production of fake whales exhibits economies of scale, diseconomies of scale, or constant returns to scale.

(c)

To determine

Explain the fixed cost of producing fake whales.

(d)

To determine

Explain the variable cost of producing fake whales.

Answer 6

Chapter 12, Problem 8QE

(a)

To determine

Determine the table value of total cost and average total cost.

Answer 7

Chapter 12, Problem 8QE

(a)

To determine

Determine the table value of total cost and average total cost.

Answer 8

(b)

To determine

Explain whether the production of fake whales exhibits economies of scale, diseconomies of scale, or constant returns to scale.

Answer 9

(b)

To determine

Explain whether the production of fake whales exhibits economies of scale, diseconomies of scale, or constant returns to scale.

Answer 10

(c)

To determine

Explain the fixed cost of producing fake whales.

Answer 11

(c)

To determine

Explain the fixed cost of producing fake whales.

Answer 12

(d)

To determine

Explain the variable cost of producing fake whales.

Answer 13

(d)

To determine

Explain the variable cost of producing fake whales.

Answer 14

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Answer 15

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Answer 16

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Answer 17

Ch. 12.1 - Prob. 1Q Ch. 12.1 - Prob. 2Q Ch. 12.1 - Prob. 3Q Ch. 12.1 - Prob. 4Q Ch. 12.1 - Prob. 5Q Ch. 12.1 - Prob. 6Q Ch. 12.1 - Prob. 7Q Ch. 12.1 - Prob. 8Q Ch. 12.1 - Prob. 9Q Ch. 12.1 - Prob. 10Q

Determine the table value of total cost and average total cost .

Solution Summary: The author explains how the table value of total cost and average total costs can be calculated using the following formula: cAvrage total

Determine the table value of total cost and average total cost.

Explain whether the production of fake whales exhibits economies of scale, diseconomies of scale, or constant returns to scale.

Explain the fixed cost of producing fake whales.

Explain the variable cost of producing fake whales.

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Chapter 12 Solutions