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How would the long-run equilibrium output change if new natural resource (energy) was discovered? Decrease, Increase or No change?
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- Is this a long run equilibrium? Why or why not?What factors account for a fall in the long-run cost curve?What stage of production is the increase in output that results from increase in a firm's outputs by some proportion? If the firm is operating efficiently, how can it reduce cost in the short run?
- A firm produces identical outputs at two different plants. If the marginal cost at the first plant exceeds the marginal cost at the second plant, how can the firm reduce costs while maintaining the same level of overall output? Explain.Explain why an increase in the price of an input must typically cause an increase in the long-run total cost of producing any particular level of output.Is it true that in a short-run production process,the marginal cost curve eventually slopes upwardbecause firms have to pay workers a higher wagerate as they produce more output? Explain your answer.
- What is the increase in output that results from an increase in all of a firm’s outputs by some proportions? In long run production, a change in output necessitates the what?For an increase in output, average costs change by more in the short run than in the long run, but for a decrease in output, the opposite is true. Explain why the above statement is True, False, or Uncertain according to economic principles.For an increase in output, average costs change by more in the short run than in the long run, but for a decrease in output, the opposite is true. Explain why the above statement is True, False, or Uncertain according to economic principles. Use diagrams where appropriate.
- “Short-Run Production Theory is the mirror opposite of Short-Run Cost Theory,” Is this statement true or false? Take a position and support it using appropriate graphs and outside sources. Please remember to cite sources. Note: Your graphs should be neatly sketched by hand, scanned, and uploaded with your typed response in Canvas.What would happen to output if one input would increase and the other would not?What does a firm’s LRAC curve show? How is it related to the firm’s short-run ATC curves?
