The table shows the cost information for a farm when the farm has three different amounts of capital: one tractor, two tractors, or three tractors.In the long run, if the farmer is producing 11 units, what would be their average total cost?One TractorTwo TractorsThree TractorsQTCATCTCATCTCАТС1072143211129129.00225225.00326.5326.50215979.50240120.00334167.00319765.6725986.33343.5114.50424360.7528270.5035588.7529759.4030961.80368.573.70635959.8334056.6738464.00742961.2937553.57401.557.36850763.3841451.7542152.63959365.8945750.78442.549.171068768.7050450.4046646.601178971.7355550.45491.544.681289974.9261050.8351943.2513101778.2366951.46548.542.1914114381.6473252.2958041.4315127785.1379953.27613.540.9016141988.6987054.3864940,56The following table shows the costs for a firm when they use one truck, two trucks, three trucks, or four trucks. Assume trucks are their fixed input.This firm will experience economies of scale in the long run.Q ATC (1 Truck) ATC (2 Trucks) ATC (3 Trucks) ATC (4 Trucks)13639.966.6104.4224.525.837.254.8321.321.727.838.5420.320.123.430.62019.521266.20.219.419.623.1720.619.618.821.18.21.12018.319.79.21.820.418.118.71022.52118181123.321.618.117.51224.122.318.217.11324.92318.416.91425.823.718.716.7O TrueO False Use the table below to calculate the average fixed cost when the quantity is 8.QATCAVC1104.044.026.021.3256.0341.3435.020.032.030.720.020.7730.321.723.0830.531.124.432.033.126.027.610111234.329.31335.731.137.138.71432.91534.7

The table shows the cost information for a farm when the farm has three different amounts of capital: one tractor, two tractors, or three tractors. In the long run, if the farmer is producing 11 units, what would be their average total cost? One Tractor Two Tractors Three Tractors TC ATC TC ATC TC ATC 107 214 321 1 129 129.00 225 225.00 326.5 326.50 159 79.50 240 120.00 334 167.00 3 197 65.67 259 86.33 343.5 114.50 243 60.75 282 70.50 355 88.75 5 297 59.40 309 61.80 368.5 73.70 6 359 59.83 340 56.67 384 64.00 7 429 61.29 375 53.57 401.5 57.36 2.

The table shows the cost information for a farm when the farm has three different amounts of capital: one tractor, two tractors, or three tractors. In the long run, if the farmer is producing 11 units, what would be their average total cost? One Tractor Two Tractors Three Tractors TC ATC TC ATC TC ATC 107 214 321 1 129 129.00 225 225.00 326.5 326.50 159 79.50 240 120.00 334 167.00 3 197 65.67 259 86.33 343.5 114.50 243 60.75 282 70.50 355 88.75 5 297 59.40 309 61.80 368.5 73.70 6 359 59.83 340 56.67 384 64.00 7 429 61.29 375 53.57 401.5 57.36 2.

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter11: The Firm: Production And Costs

Section: Chapter Questions

Problem 21P

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Similar questions

Do you think that the taxicab industry in large cities would be subject to significant economies of scale? Why or why not?
Average cost curves (except for avenge fixed cost) tend to be U-shaped, decreasing and then increasing. Marginal cost curves have the same shape, though this may be harder to see since most of the marginal cost curve is increasing. Why do you think that average and marginal cost curves have the same general shape?
A common name for fixed cost is overhead. If you divide fixed cost by the quantity of output produced, you get average fixed cost. Supposed fixed cost is 1,000. What does the average fixed cost curve look like? Use your response to explain what spreading the overhead means.
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What shape of a long-run average cost curve illustrates economies of scale, constant returns to scale, and diseconomies of scale?
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What is the relationship between marginal product and marginal cost? (Hint: Look at the curves.) Why do you suppose that is? Is this relationship the same in the long run as in the short run?
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