Given the production function, the portion of the total product curve,  which is concave upward illustrates a.     diminishing returns to scale b.     negative returns to scale c.     increasing returns to scale d.     constant returns to scale

Q: Which of the following statements best represents a difference between short-run and long-run cost?…

A: In the production function, different inputs are used to produce the final output. Each input has…

Q: The physical relationship between pipe flow-through and pipe circumference can be an explanation for…

A: This is used in chemical firm where there is Direct relationship between pipe flow capacity and…

Q: Order the following components of a long run average cost curve as output expands based on which…

A: In the long-run, an average cost curve shows different phases of production when average cost…

Q: Which of the following is NOT an assumption of the production function?   Labor used in production…

A: A production function is a unique relationship between inputs and outputs that shows the maximum…

Q: Long-run total cost (dollars) Quantity 20 100 40 160 60 180 80 190 The cost data in the above table…

A: Economies of scale are cost advantages that the company enjoys in the form of decrease in average…

Q: The total cost of producing one unit is $50. The total cost of producing two units is $75. At a…

A: Given information: Total Cost  to produce 1 unit = $50 Total Cost  to produce 2 unit = $75

Q: Explain every point with graph. 1. Economic and business cost . 2. Short run production analysis /…

A: Hi! Thank you for the question, As per the honor code, we are allowed to answer three sub-parts at a…

Q: ($/Unit) Marginal Cost Q1 Quantity (Units per time period) In the above diagram, marginal cost…

A: Concept: Marginal cost refers to the cost incurred by a firm to produce an additional unit of…

Q: The long run is a period of time, or a time frame, in which        all resources are fixed.…

A: A long run in the economics is the time when the manufacturers and producers have the flexibility of…

Q: If all resources used in the production of a product are increased by 20 percent and output…

A: In economics, the cost of production is outlined because the expenditures incurred to get the…

Q: Question 4 Marginal product is NOT... Group of answer choices the change in the total product…

A: "Marginal product indicate the change in total output from employing one more unit of input (keeping…

Q: The government extend assistance to business who had been compliant and diligent in paying taxes to…

A: Government support that decreases costs, makes firms increase production. This increases supply,…

Q: Explain the general shape of the long run cost curves in relation to economies and diseconomies of…

A: The shape of long run cost curve changes depending on the returns to scale.

Q: Answer all the following seven parts. (a) Show the conditions for a Cobb-Douglas production function…

A: The term "long-run" refers to a period during which the production function is determined solely by…

Q: The law of diminishing marginal returns will occur in a competitive firm as labor input is varied…

A: According to the law of diminishing marginal return, marginal return of labor will decline if we…

Q: If a firm has economies of scope, which of the following would best decribe what the firm is…

A: Economies of scope is defined as a situation where the production of one good lowers or reduces the…

Q: The short run production function is q = 10*L. The wage rate is $10 per unit of labor, then AVC:

A: AVC is total cost divided by output.

Q: When a firm doubles its inputs and finds that its output has more than doubled, this is known as а.…

A: Inputs and output are important for business. Inputs are raw materials, equipment, and machinery…

Q: ) The short run is a time period in which: (a) all resources are fixed.…

A: In economics, we study the interaction and the decision-making of the economic agents at the…

Q: (а) Show the conditions for a Cobb-Douglas production function under (i) increasing returns to scale…

A: The study of production is completely different according to the time frame which is very important…

Q: Distinguish between the short-run and long-run production decisions and illustrate their impact on…

A: Meaning of Production Function: The term production function refers to the situation under when a…

Q: If a firm has a constant returns to scale production function F(K,L), then the break even price does…

A: Return to scale: Returns to scale is a term used in economics that shows when the output level of a…

Q: which of the following statements about the short-run production is true   A. Total product starts…

A: We have to find true statement of short run production function.

Q: The portion of a long run average cost curve that is downward sloping is called the range of: Group…

A: The long-run average cost curve is the cost curve which helps to analyze the cost function of the…

Q: If average total costs increase when the output level increases, then there are diseconomies of…

A: The expenses that are being incurred for running a business and carrying out its various…

Q: Refer to the above diagram. Diseconomies of scale?

A: Diseconomies of scale or decreasing returns to scale is the situation of increasing total cost…

Q: Question 11 Refer to the Long Run Average Total Cost curve below to answer the following questions:…

A: Hi. since there are multiple questions we will answer only the first three questions.

Q: verage fixed cost (AFC) A) rises as output rises. B) rises as output falls. C) falls as output…

A: Average fixed cost (AFC): - it is the per-unit fixed cost or we can say the average value of fixed…

Q: The production function is y = (L^0.5)(C^0.5), this technology exhibits constant returns to scale.…

A: Production function can exhibit constant returns to scale, decreasing returns to scale or increasing…

Q: firm aims at minimizing its cost. Which of the following statement is TI A. The firm's technology…

A: In economics, market structure describes how enterprises are distinguished and classified depending…

Q: 71. Diminishing returns can be caused by: the physical limitations of variable inputs the physical…

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Given the Cobb Douglas Production Function of F(K,L) = AKtalphaLt(1-alpha) and assume that A = 3, t…

A: 1) F(K,L) = AKtalphaLt(1-alpha)  F(K,L) = 3K0.5L0.5 Let F(K,L) =Q   For short run minimum cost…

Q: The feature that distinguishes short-run from the long-run is the*

A:

Q: Distinguish between short-run and long-run production decisions and illustrate their impact on costs…

A: Average cost is total cost divided by total production while marginal cost is the change in total…

Q: The production function q = K1.2 + 3L1.2 exhibits [increasing return to scale, constant return to…

A: production function, in financial matters, is a condition that communicates the connection between…

Q: Original per unit cost of a hat New cost after the price decrease in labour if insufficient time to…

A: Originally 10 hats are produced using 16 capital and 7 labour. cost of capital = $10  cost of…

Q: For a constant returns to scale production function a. marginal costs are constant but the average…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: When a firm triples its inputs and finds that its output has less than tripled this is known as:…

A: Production function is a definite mathematical relation between factor inputs and output generated,…

Q: A firm’s production function is - y = f(X1, X2)= X11/2 + X1X2 , Where X1≥0, X2≥0 1. Find its…

A: The returns of scale are of three types 1. Increasing returns of scale 2. Constant returns of scale…

Q: Q1. In the theory of production, diminishing marginal returns to labour holds in the short run…

A: Since you asked multiple questions, we will solve the first question for you. If you want any…

Q: When production is at level zero then the value of ___________ cost is always zero.

A: Total cost = fixed cost + variable cost Fixed cost always remain constant even when output is zero.…

Q: Which of the following results when an increase in all inputs results in a more-than-proportionate…

A: Answer - a) Diseconomics of Scale -  It is the opposite of economics of scale . Diseconomics of…

Q: A downward-sloping portion of a long-run average total cost curve is the result of a.the existence…

A: The total cost is the sum of fixed cost and variable cost in the production process. When the total…

Q: The output level at which long-run costs are minimised is known as: (a)  Average fixed cost; (b)…

A: Total cost is the cost incurred by the firm on hiring factors of production to produce the final…