MICROECONOMICS (LL)-W/ACCESS >CUSTOM<
11th Edition
ISBN: 9781264207718
Author: Colander
Publisher: MCG CUSTOM
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Question
Chapter 12.1, Problem 3Q
To determine
Explain why larger production runs often cheaper than the smaller production.
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Explain how a decrease in input prices or an increase in efficiency would affect costs.
If the marginal cost of production is greater than the average variable cost, what does this tell you about the nature of the average variable cost
Would you please tell me how the economies of scale can spread out the cost of production, so that the average cost of each product is reduced?
Chapter 12 Solutions
MICROECONOMICS (LL)-W/ACCESS >CUSTOM<
Ch. 12.1 - Prob. 1QCh. 12.1 - Prob. 2QCh. 12.1 - Prob. 3QCh. 12.1 - Prob. 4QCh. 12.1 - Prob. 5QCh. 12.1 - Prob. 6QCh. 12.1 - Prob. 7QCh. 12.1 - Prob. 8QCh. 12.1 - Prob. 9QCh. 12.1 - Prob. 10Q
Ch. 12.A - Prob. 1QECh. 12.A - Prob. 2QECh. 12.A - Prob. 3QECh. 12.A - Prob. 4QECh. 12.A - Prob. 5QECh. 12.A - Prob. 6QECh. 12.A - Prob. 7QECh. 12 - Prob. 1QECh. 12 - Prob. 2QECh. 12 - Prob. 3QECh. 12 - Prob. 4QECh. 12 - Prob. 5QECh. 12 - Prob. 6QECh. 12 - Prob. 7QECh. 12 - Prob. 8QECh. 12 - Prob. 9QECh. 12 - Prob. 10QECh. 12 - Prob. 11QECh. 12 - Prob. 12QECh. 12 - Prob. 13QECh. 12 - Prob. 14QECh. 12 - Prob. 15QECh. 12 - Prob. 16QECh. 12 - Prob. 17QECh. 12 - Prob. 1QAPCh. 12 - Prob. 2QAPCh. 12 - Prob. 3QAPCh. 12 - Prob. 4QAPCh. 12 - Prob. 5QAPCh. 12 - Prob. 1IPCh. 12 - Prob. 2IPCh. 12 - Prob. 3IPCh. 12 - Prob. 4IPCh. 12 - Prob. 5IPCh. 12 - Prob. 6IP
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- The most likely explanation for economies of scale isarrow_forwardWhat is the relationship between average variable cost and marginal cost? a) They are always equal b) Marginal cost is always higher than average variable cost c) Marginal cost is always lower than average variable cost d) The relationship varies depending on the production levelarrow_forwardIs it true or false ? And why ? Thank youarrow_forward
- Where average costs of production are lowest when all output is produced by a single firm.arrow_forwardGive business examples of short-run costs, economies of scale, and minimum efficient scale (MES).arrow_forwardCalculate a cost function from a production function and explain how economic costs differ from accounting costs.arrow_forward
- True or False The slope of the total cost curve is equal to marginal cost, or the change in variable cost divided by the change in output.arrow_forwardYou are told that the marginal cost of production is increasing. Is it possible to determine whether the average variable cost is increasing or decreasing? Use a diagram to explain your answer.arrow_forwardyou increase the production to infinitely higher level , the average variable cost and average total cost will merge.arrow_forward
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