Many businesses taco increasing marginal costs because___ O A. in order to increase output, you have to purchase more inputs. O B. a business may have to shift to more expensive sources of inputs in order to increase output. O C. most businesses are not near capacity. OD. when the price falls, output increases.
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Many businesses taco increasing marginal costs because___
O A. in order to increase output, you have to purchase more inputs.
O B. a business may have to shift to more expensive sources of inputs in order to increase output.
O C. most businesses are not near capacity.
OD. when the price falls, output increases.
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Solved in 2 steps
- Consider a factory that produces iPhones. This factory relies on both employees (labor) and machines (capital). Which of the following would decrease the demand forlabor?O a. Public taste shifts away from iPhones towards AndroidsO b. The price of capital falls and labor is easily substituted for capital.O c. The factory has trouble hiring competent workers (workers become less productive).O d. (b) and (a)O e. all of the above5:23 The amount that a firm pays for all of the inputs that go into producing goods and services is the: O average cost. O total revenue. O total price. O total cost.Question 1) a) According to economic theory, the difference between the long run and the short run is: O. not relevant for executive decision makers. O. about two years. O. about two months. O. the ability for a firm to vary all resources. O. strictly theoretical so that in practice there is no difference between them. b) From a social viewpoint, when price = marginal cost: O. the economy as a whole would be better off if less was produced. O. firms would be better off by producing less. O. the consumers would be better by consuming less. O. the economic efficiency would be attained as a whole. O. the economy as a whole would be better off if more was produced.
- Suppose the cost of machines increases to 55, while the cost of labor stays at 40. How would that affect the total cost of the three methods? Which method should the film choose now?A firms marginal cost curve above the average variable cost curve is equal to the films individual supply curve. This means that every time a firm receives a price from the market it will be willing to supply the amount of output where the price equals marginal cost. What happens to the films individual supply curve if marginal costs increase?Place the orange line (square symbol) on the following graph to show the most likely long-run supply curve for pistachios. (Note: Place the points of the line either on Y and V or on Y and S.) PRICE (Dollars per pound) 48 40 32 16 8 O 0 4 S V Short-Run Supply 2 6 8 10 QUANTITY (Thousands of pounds of pistachios) 12 Long-Run Supply ? Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
- WW is a small automobile manufacturer. The table below shows WW’s long-run average total cost: Quantity of cars LRATC of car 1 $60,000 2 40,000 3 30,000 4 24,000 5 24,000 6 24,000 7 28,000 8 36,000 which levels of output does WW experience economies of scale? ___________ which levels of output does WW experience diseconomies of scale? ___________ which levels of output does WW experience constant returns to scale? ___________In the short run production function O a. All inputs are variable O b. All inputs are fixed O C. There are fixed and variable inputs Od. Technology alone is variablea. Why will firms in most markets be located at or close to the bottom of the longrun average cost curve? b. Distinguish between implicit and explicit costs. How is it possible to havepositive accounting profit and negative economic profit concurrently? c. Distinguish between economies of scale and constant returns to scale. What shape will the long-run average cost curve have for economies of scale andconstant returns to scale. d. What is the difference between production in the short run and production in the long run? Explain the shape of the long-run cost curve in relation to shortrun cost curves?
- 1. If your price is greater than MC (P>MC) will you continue increasing your production? Explain 2. When the TC = TR can you say that you are breakeven or not? Why or why notConsider a firm that is perfectly competitive in the market for inputs and outputs. Thefirm hires two types of workers: low-skill (high school graduates and high school dropouts) andhigh-skill (undergraduate and postgraduate degree) workers. The firm compensates high-skilledworkers at the rate wH and low-skill workers at the rate wL. It produces the output subject to aCobb-Douglas production technologyF(L,H) = (AH)α(L)β,where H - is the amount of high-skill hours, L - the amount of low-skill hours, and A - thetechnology parameter that augments the productivity of the high-skill labour. 4. In the short run, the firm cannot increase the amount of high-skill labour . Derive the1short-run demand for low-skill labour.5. What is the substitution effect of the wage increase in the short-run?6. Derive the long-run cost-minimizing demands for high- and low-skilled labour. Show thesolution to the cost-minimization problem on the graphHomework 2.1 Suppose a business manager of the factory wants to assess in terms of elasticity of demand, whetherthe products that his business is producing are complement goods or substitute goods inconsumption. So please explain which are the factors need to consider the long-run average cost curve in terms of usage of input?