Inputs of Total Marginal Average Labor Product Product Product 15 2 34 3 51 4 65 5 74 6 80 7 83 8 82

Q: Explain in words why the Law of Diminishing Marginal Returns implies that there are increasing…

A: Law of diminishing marginal returns states that, as the production is continuous using factor of…

Q: Average total cost, average variable cost marginal cost and marginal product b. The relationship…

A: Average Total Cost or Average Cost is the total cost (TC) divided by the number of units produced…

Q: An entrepreneur invests $10,000 of her personal savings in her new business venture. Furthermore,…

A: Opportunity cost: - opportunity cost is a forgone benefit that we could have earned by applying all…

Q: What does the Long Run Average Cost (LRAC) curve imply when it is horizontal? There are diseconomies…

A: Answer - Need to find- What does the long run Average cost curve imply when it is horizontal…

Q: In Modules 3 and 4 we explained how consumers and businesses are better able to adjust purchases and…

A: Short run is the time period where at least one of the factors of production remains fixed. For eg.…

Q: Which of the following statements about average product and marginal product is correct? (A) If…

A: Average product is the total product which is produced divide by the total number of variable inputs…

Q: xplain the relationship between total product, marginal product, and average product. How does the…

A: Microeconomics is a branch of economics that deals with the behavior, consumption, and allocation…

Q: Discuss the connection between returns to scale and diminishing marginal product. Provide graphs to…

A: Definitions In the short run, increasing input after reaching maximum capacity while keeping at…

Q: When average product increases, which short-run cost variable also changes? The output range over…

A: Marginal cost refers to the change in total cost with respect to change in output. Average total…

Q: Define economies of scale and explain why they might arise. Define diseconomies of scale and explain…

A: Hello. Since your question has multiple parts, we will solve the first question for you. If you want…

Q: Explain the difference between fixed and variable costs, and giveexamples of each.

A: Fixed and variable costs are the types of production cost that a producer incurs while producing a…

Q: Interpret the diagram below and discuss your understanding of the concept of the inflexibility of…

A: In different time the behaviour of input changes like in short run only one factor is changeable…

Q: Suppose that a small family farm sold its output for $100,000 in a given year. The family spent…

A: Given: Fuel=$25000 seed, fertilizer, and pesticides=$40000 Equipment=$25000 Other occupations=$20000

Q: 37) If production displays economies of scale, the long-run average cost curve is A) above the…

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

Q: Note: Plot your points in the order in which you would like them connected. Line segments will…

A: Suppose Ike's Bikes is currently producing 100 bikes per month in its only factory. Its short run…

Q: ing to the long-run average cost cur

A: The cost of per unit output is known as the average cost. It directly depends on returns which…

Q: If a firm has economies of scale, it must have increasing returns to scale. True or false?

A: Economies of scale and returns to scale are two sides of the same coin.

Q: Which statement is nottrue regarding the total variable cost curve? Select one A. It shows the…

A: Hey, Thank you for the question. According to our policy, we can only answer 1 question per session.…

Q: Long-run average c Number of units produced Figure 8.9 Which segment in the diagram represents the…

A:

Q: Use your knowledge of cost functions to calculate the missed cost data in the accompanying table.…

A:

Q: (a) Will the envelope curve be tangential to the bottom of each of the short-run average cost…

A: 3. (a)Long run average cost (LAC) is called envelop curve because it  envelops all short run average…

Q: Q50 The point of tangency between the short-run average total cost (SRATC) curve and the long-run…

A: Answer: The long-run average total cost curve is tangent to the minimum points of the short-run…

Q: What is average fixed cost? O the price of a fixed factor of production the total cost divided by…

A: please find the answer below.

Q: These occur when doubling all of the inputs to a production process doubles the output. The shape of…

A: Returns to scale denote the relationship between inputs and outputs.

Q: Solve for and graph this firm’s isoquant at q = 10. Please label three points along this isoquant…

A: Given q=x113x223            ...........  (1)

Q: 22. What does the Long Run Average Cost curve depict? a) It depicts the relationship between Average…

A: Long-run average total cost (LRATC) is a business metric that addresses the average cost per unit of…

Q: Consider the following information on long run total costs: Output 1 2 3 4 5 6. 7 Total Costs 50 90…

A: Output Total Cost Marginal Cost ATC 0 0 0 0 1 50 50 50 2 90 40 45 3 123 33 41 4 160 37 40…

Q: Describe in detail how Diminishing Marginal Product arises from the assumption that some of a…

A: When additional variable inputs are used, the marginal product from the extra use of the variable…

Q: AVERAGE TOTAL COST (Dollars per bike) 640 560 480 400 320 240 160 80 0 0 100 200 300 400 QUANTITY…

A: Short-run is such a period in which at least one of the factors of production is fixed whereas the…

Q: Diminishing returns* characterize all stages of production. eventually occur in all short-run…

A: Disclaimer: “Since you have asked multiple questions, we will solve the first question for you. If…

Q: a) Explain what is meant by the terms marginal cost and decreased cost in production theory, and…

A: a) Marginal Cost The marginal cost of production is the difference in total production costs that…

Q: Suppose a firm has a short-run cost function: C(9) = 1000 + 200g Question 3. 5q + 0.5g. What are the…

A: Variable costs are any expenses that change based on how much a company produces and sells. This…

Q: Consider the following total cost function: where represents output and are constants. What can we…

A: Answer: (b) The firm experiences falling average fixed costs, but rising average variable costs.

Q: What does the long run average cost curve exhibit? It defines the least cost per unit of output when…

A: Answer: The long-run average cost (LRAC) curve shows the lowest cost per unit of output produced…

Q: Explain the three categories of rreturns to scale relating to the long-run average cost curve

A: Returns to scale shows how the proportion by which output change in response to the change in all…

Q: what is the Explicit and Implicit cost? find the accounting profit and the economic profit Suppose…

A: Explicit cost are those cost which is hired by producer from outside' Implicit cost also known as…

Factors of Production

Factors of production – in simple words means the factors that are used for producing any product or service. This includes the resources which are necessary for the manufacturing of products. Factors of production are also known as the building blocks of the economy.