Which of the following is an example of a long run adjustment? Your university offers Saturday morning classes next fall. Ford Motor Company lays off 2,000 assembly line workers. A soybean farmer turns on the irrigation system after a month long dry spell. Wal-Mart builds another Supercenter

Q: Suppose you are a producer of motor vehicles, explain with the use of examples the difference…

A: Economies of scale exist when since a long time ago run normal total expense diminishes as yield…

Q: A firm's short-run average cost curve is U-shaped. Which of these conclusions can be reached…

A: Total cost is defined as the total expenses that a company or firm has to incur in order to produce…

Q: If a firm is operating on the production function, then workers A. must be putting forth maximal…

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

Q: Which of the following statements best represents a difference between short-run and long-run cost?…

A: In the production function, different inputs are used to produce the final output. Each input has…

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: Order the following components of a long run average cost curve as output expands based on which…

A: In the long-run, an average cost curve shows different phases of production when average cost…

Q: The long run is a period of time: that is too short to change the size of a firm's plant. that is…

A: The economy evaluates its production process or policy implication in two different brackets of time…

Q: Isoquants are normally drawn with a convex shape because inputs are a) Not perfectly substitutable…

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

Q: Given the following production function, complete the missing values. Labour Quantity of chicken per…

A: Total Production refers that total production by using the given factor and the average production…

Q: Which of the following scenarios does not illustrate a long-run adjustment? BMW builds a new…

A: The short run is a period when at least one factor of production is fixed. These factors include…

Q: Long-run total cost (dollars) Quantity 20 100 40 160 60 180 80 190 The cost data in the above table…

A: Economies of scale are cost advantages that the company enjoys in the form of decrease in average…

Q: Include correctly labeled diagrams, if useful or required, in explaining your answers. A correctly…

A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: Over the positively sloped portion of the short-run average cost curve, the effect of productivity…

A: In the short-run , the average cost curve is the sum of total variable cost and total fixed cost.…

Q: Explain every point with graph. 1. Economic and business cost . 2. Short run production analysis /…

A: Hi! Thank you for the question, As per the honor code, we are allowed to answer three sub-parts at a…

Q: When the production function exhibits _________ returns to scale, the long-run average cost curve…

A: Economies of scale:   The economies of scale are the cost-benefit that the firm achieves by…

Q: The long run is a period of time, or a time frame, in which        all resources are fixed.…

A: A long run in the economics is the time when the manufacturers and producers have the flexibility of…

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: 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: Include correctly labeled diagrams, if useful or required, in explaining your answers. A correctly…

A: We are going to use Marginal returns to a factor and Marginal Cost relationship to answer this…

Q: As a firm hires more workers, holding capital and other factors constant, the marginal physical…

A: Answer is (a) the amount of other inputs each worker has to work with declines as the number of…

Q: When a firm experiences economies of scale in production, a. long-run average total cost declines as…

A: In the long run, firm can change its all factors of production and produce the output where the…

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

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

Q: Determine the returns to scale of this production function: F (x1, x2) = [xỉ + x]\/2 A. Constant…

A: If change in inputs changes output by an equal proportion, production function has constant returns…

Q: In the given figure, short-run cost curves are depicted. What role does the graph's Curve Y…

A: "Cost curves in economics represents a graph of the costs involved in the production process as a…

Q: Which of the following factors of production is variable in the short run? labour machinery and…

A: In the mentioned question, we have been asked which is short-run among the mentioned factors.

Q: The production period in which at least one input is fixed in quantity is the production run. long…

A: There are two types of production periods-short-run and long-run. These two cannot be classified on…

Q: which of the following statements about the short-run production is true   A. Total product starts…

A: We have to find true statement of short run production function.

Q: QUESTION 18 An input that cannot vary in the short run is called, a. Fixed input b. variable input…

A: In short run the firm adjust theirs variable cost and labour as they required as a output increase…

Q: “Short-Run Production Theory is the mirror opposite of Short-Run Cost Theory,” Is this statement…

A: Answer -

Q: A fixed input is one: Select one: a. that can never produce more or less in any period. b. that only…

A: In a broad sense, there are two types of inputs (factors) used in the production i.e. fixed input…

Q: Refer to the above diagram. Diseconomies of scale?

A: Diseconomies of scale or decreasing returns to scale is the situation of increasing total cost…

Q: Fixed costs are associated with Multiple Choice   highly adjustable inputs such as labor.   both…

A: Fixed costs are costs that does not change with increase or decrease in production/sales. They are…

Q: A bottling company uses two inputs to produce bottles of the soft drink Sludge: bottling machines…

A: Following is the given information:

Q: a production function exhibits constant returns to scale, average cost will increase as output…

A: Production function, in financial matters, condition that communicates the connection between the…

Q: An increase in the firm's cost of a fixed input will in the long-run, cause the

A: An increase in the firm's cost of a fixed input will increase the fixed cost of firm. An increase in…

Q: the envelope curve be tangential to the bottom of each of the short-run average cost curves? Explain…

A: In Economics, qualification is frequently made between the short-run and long-run. In the short-run…

Q: The long run is defined as A) the period of time when all resources are variable. B) any time after…

A: The long run is defined as the period of time when all resources are variable. Firm can change all…

Q: Which situation below describes the increasing returns stage of the production function? a. Hiring…

A: Increasing returns to scale is a situation when the fixed factors are abundant compared to the…

Q: Q1. In the theory of production, diminishing marginal returns to labour holds in the short run…

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

Q: In production, the difference between the long run and short run is some inputs are fixed in the…

A: The factors of production are the factors that are being used in the process of production by 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…

Q: Complete the table above Solve the short run production function every of the above table.

A: Marginal Product of worker shows the number of extra units of yield (amount) each extra worker…