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?

Q: For an increase in output, average costs change by more in the short-run than in the long run, but…

A: Meaning of Cost: The term cost refers to the situation under which a firm occurs various expenses…

Q: Which of the following are short-run and which are long-run adjustments?  a. Wendy’s builds a new…

A: Meaning of Short-Term and Long-Term: In the long-run or long-term every firm gets sufficient time…

Q: 2-lf you have the following production function Q=f( L,K), answer the following: 1. Is this function…

A: Given: Q=f(L,K)

Q: Which of the following are short-run adjustments, and which are long-run adjustments? a. Wendy's…

A: ANSWER     The potential challenge for any firm is how quickly it adjusts to a change in the market.…

Q: istinction between short-run and long-run equilibrium and factors affecting it?

A: Short-run equilibrium is the equilibrium that is determined on the basis of aggregate demand and…

Q: Austin owns the Fruit Bowl Inc company. Which of the following would be short run decisions for…

A: There are many types of inputs used in the production of goods and services. Two of them are capital…

Q: State how is the law of diminishing returns reflected in the shape of total product curve? What is…

A: Law of diminishing returns: It refers to the theory under which when the company will produce less…

Q: Explain why the short run production curve is a “s” shape curve. Answer in detail including graph…

A: The production function would result in the output or the total output which can be produced given…

Q: Question In the long run, a firm can increase its output quantity, but it will be limited by the…

A: In the short run, at least one of the factors of production is fixed. Whereas, in the long run, all…

Q: In Production Theory, what is meant by a “short-run” production period? What is meant by a…

A: In short run production theory there are fixed cost,whereas in long run there are no fixed cost.

Q: Instructions: Click the buttons above the graphing window to show either production functions or…

A: Productivity in the following tables can be found out by dividing output by the number of workers.…

Q: What is the short run

A: In Economics there are shortrun, long run  and very long run concepts  short run in economics…

Q: Which of the following are short-run and which are longrun adjustments? a. Wendy’s builds a new…

A: Since you have posted a question with multiple subparts, we will solve the first three subparts for…

Q: Question 23.23  The long run is a period of time, or a time frame, in which         all resources…

A: In micro economics, the determination of output and price depends upon the time period under…

Q: O LounchPad • Country A and country B both have the production function Y = F(K, L) = K/³L?/3. %3D…

A: A production function has constant return to scale if the inputs and the outputs change by the…

Q: Explain how a firm may transition from the short-run production decision to the long-run production…

A: In short-run, Price = short-run marginal cost (SMC). The firm would produce that output at which P…

Q: Question 5.05 For the production function Q = 4LK, returns to scale: Select one: O Is decreasing.…

A: Production function shows relationship between output and inputs used.

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: hich of the following statements are true? A basic assumption of the theory of production is that:…

A: The process of the combination of various material and immaterial inputs into output for the purpose…

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

A: The return to scale states the change in the output with the proportionate increase of all the…

Q: In economics, the short run is a period of time  A of one year or less. B in which all inputs are…

A: In short run in economics, the factors of production are such that they cannot be changed quickly…

Q: What should he recommend as a short-run remedy?

A: Marginal product of labour in plant B is higher than Plant A

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: Q. 5 Which are the following are short-run and which are the long-run adjustment? Explain in your…

A: The long-run is the situation when there are no fixed factors (every factor is considered as a…

Q: uses inputs rease output, these inputs are:

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

Q: The period of a time when a firm is able to change all of inputs factors of production is called…

A: The period of time is important from the point of view of the producer, as time period limit his…

Q: What is the  Short run and long run period in the production function of the economics

A: In simple words we can say that the Short run period in the production function of the economics…

Q: When it comes to the question on how long the short run is (in the context of production and cost),…

A: Factors of production: - The inputs that are used to produce goods and services are known as the…

Q: 40) What happens when a business is operating a factory in the short run?  A. The business cannot…

A: Tax is imposed by the government, and it is of many types.

Q: What is the difference between short-run and long-run

A: Short Run and Long Run Costs  Long run costs have no fixed elements of creation, while short run…

Q: Explain what is meant by and what causes "Diminishing Marginal Product". Why is it only relevant in…

A: Marginal product refers to the increase in outpit resulting from employing additional units of…

Q: Suppose there is a permanent increase in gL. What effect does this have on long-run output per…

A: Solow Growth Model is an exogenous model of economic growth which analyse the change in level of…

Q: onsider a short run production function q = cL+K where the value for c=3, sing L units of labour and…

A: Marginal productivity of labor depicts how there is change in output due to additional unit of…

Q: Question 1: ASsume a firm wants to achieve an output level of 5400 units. This is the firm's…

A: A level curve of a multivariate function f is the collection of points where the value of the…

Q: Refer to the figure at right. An increase in production from q, to q, A. is more costly in the short…

A: In the short run at least one input is fixed and in long run all inputs are variable.

Q: With the increase in the production which cost Increases continuously?

A: According to the given question Cost basically analyse economic decision relatively including the…

Q: We can describe inputs as either fixed or variable. Thinking about a company that assembles cars,…

A: In the production process, some of the resources are considered as fixed while others are variable…