The period of time for which there are no fixed factors of production is O Market period O Long Run O Short-Run O When firms can neither enter nor exit an industry
Q: Which of the following statements best describes the economic short run? O It is a period of one…
A: Every firm has two types of resources fixed and variable resources. The fixed resources are the…
Q: The following table shows a firm’s input, output, and costs in the short run. The price of each unit…
A: MPn=TPn-TPn-1MP1=TP1-TP0=4-0=4MP2=TP2-TP1=8-4=4
Q: Explain how a firm can have constant returns to scale in production and economies of scale in cost.
A: Constant Returns to scale refers to the situation where with the change in the production, the cost…
Q: For a producer under complete competition, the following production function applies. Q = F (K, L)…
A: Q = 4L L = 0.25Q When Q = 50, L = 12.5 Total cost (TC) = wL + rK TC = 10 x 12.5 + 5 x 4 TC = 125 +…
Q: a) Why is the marginal product of a variable input like labour likely to increase initially in the…
A: Ans. (a). Marginal Product is defined as the change in total out total output caused due to an…
Q: If the current capital is fixed at 1,600 units, how much labor should the firmn employ in the short…
A: Meaning of Production Function: The term production refers to the situation when the product…
Q: 19,) In the short run, when the firm produces zero units of output, which of the following is always…
A: The firms, and businesses are considered to be one of the most important entities in the economy.…
Q: When both factor and non-factor input change, the period of production is O a. Mid-run O b. Long run…
A: Factors of inputs are used to produce finals goods for the consumers. since multiple questions are…
Q: According to the law of diminishing return in short run O as we hire more labors, while other inputs…
A: the law of diminishing return is when the marginal product of the output decreases as a single…
Q: Capital (K) Labor (L) Output (q) 8 0 0 8 1 6 8 2 13.5 8 3 23.5 8 4 31 8 5 37 8 6 42 8 7 46 8 8 49 8…
A: Given information
Q: The entrepreneur's sole function is to combine other resources (land, labor, and capital) in the…
A: The resources which are used for the production of a good or a service are called factors of…
Q: A firm's total product curve in the short-run may first increases at rate due to marginal returns,…
A: According to the law of variable proportions, when there is increase in marginal product, total…
Q: Complete the following table: Assuming the price of capital (k) is $4 and the price of labor (L) is…
A: Price of capital(K)= $4 Price of labor(L)= $6 Total cost(TC)= Price of capital * K + Price of labor…
Q: Which of the following does not change with the level of output? O Marginal cost O Total fixed cost…
A: Marginal cost is the change in total cost with respect to change in output. Average Fixed cost is…
Q: The marginal product intersects average product at the point where average product is maximum.…
A: Marginal product is the change in the total product due an increase in the one unit of additional…
Q: Ike's Bikes is a major manufacturer of bicycles. Currently, the company produces bikes using only…
A: To produce 100 bikes using 1 factory, short run average cost is $360.
Q: Which of the following does not change with the level of output? O Total variable cost O Total fixed…
A: There is an inverse relationship between output and average fixed cost. When an increase in output…
Q: WW is a small automobile manufacturer. The table below shows WW’s long-run average total cost:…
A: Theory and definitions- There are three types of returns to scale- Economies of scale The constant…
Q: Ike's Bikes is a major manufacturer of bicycles. Currently, the company produces bikes using only…
A: * SOLUTION :- Given that ,
Q: Which are the following are short-run and which are the long-run adjustment? Explain with the help…
A: The long-run is the situation when there are no fixed factors (every factor is considered as a…
Q: 1. (Production) Jasmine has just inherited a restaurant. In the short run, she has to stick with the…
A: The short-run is a notion that states that at least one input is fixed while the others are variable…
Q: Which of the following is not a variable cost at the sandwich shop? O Cost of labor
A: We have to find which is not a variable cost at the sandwich shop.
Q: Сapital 3 ------ ------ 2 ----- -- ------- Q = 900 1 ----- ----- --- Q = 600 Q = 300 10 20 30 Labor…
A: Returns to scale are the changes that the production faces with the increase in the output, the…
Q: 1. (Production) Jasmine has just inherited a restaurant. In the short run, she has to stick with the…
A: The short-run is a notion that states that at least one input is fixed while the others are variable…
Q: onsider the following short-run production function, where bor (L) is the variable input and capital…
A: Given Q(L) =(6L2 −0.4L3) We need to calculate maximum value of labor (L),
Q: Explain the difference between the short and long run
A: Short run It represents the time period in which input quantity of at least one input is fixed…
Q: Why does the marginal cost of production typically increase as the amount of output produced…
A: Marginal cost is the additional cost incurred to produce an additional unit of output.
Q: Ike's Bikes is a major manufacturer of bicycles. Currently, the company produces bikes using only…
A: There are 3 possibilities in short run: If the firm uses only 1 factory then its short run will be…
Q: M/c question - Micro 21)For a firm, what does the production function represent? A. the…
A: 21) option c is the correct answer option-c quantity of inputs and quantity of output…
Q: 600 2100 2500 2600…
A: Capital is a fixed factor. A fixed amount is assumed to be invested, the interest on which is 10%…
Q: Firm Beta finds that when it triples all of its inputs, output doubles. Firm Beta's production…
A: In a market, firm produces output using the combination of input resources. The change in output…
Q: THEMATICAL ECONOMICS (IKT216) IZ EXAM -APRIL 27, 2022-16:00 RATION: 65 MINUTES ERE ARE 10 QUESTIONS.…
A:
Q: In the short run production function O a. All inputs are variable O b. All inputs are fixed…
A: The variability of certain inputs depends on the span of the period.
Q: Which of the following must be true if a fim is experiencing diminishing retums? O Average product…
A: The stage of diminishing returns is characterized by falling total product, average product and…
Q: How does the firm increase its production in the long-run? What input/s can it use to increase…
A: The process of production is the transformation of the raw materials into the final finished goods…
Q: The period of time for which firms can neither enter nor exit an industry O Long Run O Short-Run O…
A: Option B In the short run, firms are not flexible enough which would allow them to enter or exit an…
Q: The short run is a period of time in which: The quantities of some resources (inputs) are fixed. The…
A: The short-run is the period of time in which at least one factor of production (FOP) cannot be…
Q: The following table shows a firm’s input, output, and costs in the short run. The price of each unit…
A: Average fixed cost: AFC Average fixed cost is the cost that incurs with the production of additional…
Q: What is the difference between short-run and long-run in production theory? *Explain thoroughly*
A: Production is defined as the process in which factors of production or inputs are put to use in…
Q: c. Does the firm operate in the short run or long run? Why? d. What is the efficient scale of the…
A: Answer to the question is as follows:
Q: Ike’s Bikes is a major manufacturer of bicycles. Currently, the company produces bikes using only…
A: There are 3 possibilities in short-run: If the firm uses only 1 factory then its short run will be…
Q: A9. The diagram below depicts a firm's short-run production function and two isoprofit lines (and).…
A: A firm hires factors of production from the household sector in the form of land, labor, capital and…
Q: Which of the following statements about a fixed input is true? O a) Its price is fixed. The quantity…
A: # When we talk about inputs. We often comes across two terms. Fixed inputs and variable inputs.…
Q: The term "constant returns to scale" describes a situation where expanding all inputs dramatically…
A: Returns to scale(RTS) is a concept that tells how the total output(Y) changes when all the factors…
Q: A firm that always employs two workers for each unit of capital follows which type of production…
A: The technological relation that exists between quantities of the output of goods and the quantities…
Q: Wages are paid to and interest is paid to O A. entrepreneurs; capital O B. labor; capital O C.…
A: Wages are a fixed payment which is paid regularly to the person who works on a daily/weekly basis.…
Q: The My Phuong plant produces 500 pine jewelry boxes in two 10-hour shifts. Due to higher demand,…
A: In the Ist Condition, The plant produces 500 boxes in two shifts each of 10 hoursSo the output = 500…
Q: Explain how a change in the price of one input factor changes a firm’s long-run expansion path?
A: The firms, and businesses are the entities who are considered to be of utmost importance for the…
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- (i) A business manager determines that t months after production begins on a new product,the number of units produced will be P thousand, where P(t) =6?2 + 5?(? + 1)2.What happens to production in the long run ?(ii) A ruptured pipe in a North Sea oil rig produces a circular oil slick that is y meters thick at adistance x meters from the rupture. Turbulence makes it difficult to directly measure thethickness of the slick at the source (where x = 0), but for x > 0, it is found thaty =0.5(x2 + 3x)x3 + x2 + 4x . Assuming the oil slick is continuously distributed, howthick would you expect it to be at the source?The following is cost information for the Creamy Crisp Donut Company:Entrepreneur's potential earnings as a salaried worker = $50,000Annual lease on building = $22,000Annual revenue from operations = $380,000Payments to workers = $120,000Utilities (electricity, water, disposal) costs = $8,000Value of entrepreneur's talent in the next best entrepreneurial activity = $80,000Entrepreneur's forgone interest on personal funds used to finance the business = $6,000Refer to the data. Creamy Crisp's implicit costs are: A. $150,000 B. $94,000 C. $136,000 D. $156,000The local electricity company will be unable to meet demand for a week.DevastatedProvide an explanation for why business continuity measures were taken in each scenario. data from a server by a disgruntled workerThe Covid-19 containment protocols require the company to maintain a minimal workforce for many months.Firefighters flooded servers and other IT equipment while putting out an office fire.After hours, a crucial server farm was broken into.
- Q4 (i) A business manager determines that t months after production begins on a new product, the number of units produced will be P thousand,where P(t) =6t2 + 5t (t + 1)2. What happens to production in the long run ? (ii) A ruptured pipe in a North Sea oil rig produces a circular oil slick that is y meters thick at a distance x meters from the rupture.Turbulence makes it difficult to directly measure the thickness of the slick at the source (where x = 0),but for x > 0,it is found that y =0.5(x2 + 3x) /x3 + x2 + 4x.Assuming the oil slick is continuously distributed,how thick would you expect it to be at the source?Upgrading an Organization’s ComputersYour organization earns $50 million in annual sales, has 500 employees, andplans to acquire 250 new mobile computers this year along with another 250next year. The goal is to issue every employee a company-owned computer,which they can use at work and at home. The computers will be loaded withantivirus software and productivity software to meet each employee’s business needs. Your organization has decided it will purchase the computersfrom the same manufacturer to obtain a quantity purchase discount. To theextent possible, the goal is to have the same hardware and software foreveryone to simplify the troubleshooting and support of the computers. Thechief financial officer has asked you to lead a project team to define users’computer hardware needs and recommend the most cost-effective solutionfor meeting those needs. Critical Thinking Questions1. Who else (role, department) and how many people would you select to bea member of the team? How would…PLEASE ANSWER NUMBER 5 AND 6. BES 221-ENGINEERING ECONOMICS: PLEASE GIVE DETAILED SOLUTIONS AND CORRECT ANSWERS. I WILL REPORT TO BARTLEBY THOSE TUTORS WHO WILL GIVE INCORRECT ANSWERS.
- please answer number 11:bes 221-engineering economics. please give detailed and correct answers. I will report to bartleby thos tutors who will give incorrect answers.Decide the best choice. a. The inndividual waiting times experienced by customers in a busy breakfast cafe would be an example of a deterministic process because several customers are waiting to be seated. b. Informmation Systems and Informmation Technology are identical and synonyms that mean the exact same thing. c. In 2019, both manuffacturing and service sectors employed roughly the same percentage of the labor force in USA. d. Today, services constitute a large percentage (e.g., more than 60%) of the U.S. economy. e. Both choices ‘a’ and ‘b’ are correct.hai can u continue to solve point d to f? link previous problem https://www.bartleby.com/questions-and-answers/calculus-question/894c3124-dc63-457d-89a9-393d4ee25495
- Constrained Optimization A firm's total cost function is: C = 6x2 - xy + 10y2 + 30, subject to the production quota x + y = 34. Construct the Lagrange function and solve for the equilibrium values. Calculate the total cost. What is the equilibrium value of x? What is the equilibrium value of y? What is the equilibrium value of λ? What is the optimized value of cost? What is the value of the determinant of the bordered Hessian matrix? Based on the value of the determinant of the bordered Hessian matrix, comment on the optimized value of Cost. (Answer in one word.)please answer number 5. BES 221-ENGINEERING ECONOMICS: please give detailed solutions and correct answers.i will report to Bartleby those tutors who will give incorrect answers.Coffee RoasteryFocused on keeping its entire supply chain green, the roastery carefully selects the suppliers from whom it sourcescoffee beans. It works directly with farms and farm cooperatives, who are accredited as treating their farmers andemployees fairly and ethically. Approximately 50% of the roastery’s output is used by BB’s academy and coffee bars,ensuring a continued green chain across its businesses. In 2020, the coffee roasting unit produced 4500 tonnes andcontributed 15% of BB’s total revenue. The sustainability positioning has differentiated BB from its peers, and helpedit earn collaborations with socially responsible corporates. Best of all, there is now capacity to expand production toaround 18,000 tonnes at the roastery and start exporting roasted coffee beans to other countries.At present, the roastery is roasting 100% Arabica beans. The average wholesale price BB is able to sell the Arabicabeans for in 2021 is US$3.10, down from US$4.42 in 2014. However, projections…