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- Explain why a firm might want to produce its good even after diminishing marginal returns have set in and marginal cost is on the rise.
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People often believe that large firms in an industry have cost advantages over small firms in the same industry. For example, they might think a big oil company has a cost advantage over a small oil company. For this to be true, what condition must exist? Explain your answer.
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- People often believe that large firms in an industry have cost advantages over small firms in the same industry. For example, they might think a big oil company has a cost advantage over a small oil company. For this to be true, what condition must exist? Explain your answer.explain why a firm might want to produce its good even after diminishing marginal returns have set in and marginal cost is rising ?Your average total cost is $30; the price you receive for the good is $15. Should you keep on producing the good? Why? You should produce in the long run as long as you are only earning small economic losses. It is always possible to make up a small loss. Maybe. It depends on whether you are covering average variable costs in the long run. You should not produce in the long run because you are earning an economic loss. All inputs are variable in the long run so you can go out of business. You should continue producing in the long run because you are earning an economic profit.
- For each of the following events identify which of the determinates of demand or supply are affected. Also indicate whether demand or supply is increased or decreased. Why? A stock market crash lowers people’s wealth. Batelco increases the prices of mobile services. Diminishing returns mean rising costs while economies of scale mean falling costs. Therefore, a firm cannot be facing both diminishing returns and economies of scale. Do you agree? Why or why not?Consider the table below that describes the costs associated with producing a good (Q). Q Total Variable Cost Total Cost 0 0 30 1 30 60 2 50 80 3 65 95 4 77 107 5 87 117 6 100 130 7 120 150 8 160 190 9 220 250 10 300 330 What is the value of the marginal cost of producing the second unit? Enter your answer as a number below. Do not include a "$" sign.A firm has a fixed production cost of $4000. For the first 100 units of production, the firm has a marginal cost of $50 per unit produced. Producing more than 100 units has a marginal cost of $70 per unit produced. The firm cannot produce more than 150 units. How much does it cost to produce at q=0? at q=50? at q=100? at q=125? at q=150? Graph the firm’s marginal cost function
- Which of the following would be the best starting point on which to focus if an air conditioner manufacturer wants to look at its total costs of production in the short run? Divide the variable costs of production by the quantity of output. Divide the total costs of production by the quantity of output. Divide total costs into two categories: variable costs that can't be changed in the short run and fixed costs that can be. Divide total costs into two categories: fixed costs that can't be changed in the short run and variable costs that can be.Companies can typically maximize their profits by operating at the minimum average total cost curves, independent of the economic environment. Is this statement true or false? Explain.Consider the table below that describes the costs associated with producing a good (Q). Total Q Variable Total Cost Cost 30 1 30 60 2 50 80 3 65 95 4 77 107 87 117 6 100 130 7 120 150 8 160 190 9. 220 250 10 300 330 What is the value of the marginal cost of producing the second unit? Enter your answer as a number below. Do not include a "$" sign.
- A firm produces identical outputs at two different plants. If the marginal cost at the first plant exceeds the marginal cost at the second plant, how can the firm reduce costs while maintaining the same level of overall output? Explain.A firm has access to two production processes with the following marginal cost curves: MC1 = 0.25x and MC2 = 6+0.1y, where output in production process 1 is x, output in production process 2 is y and hence total output produced is Q = x+y. Show your work to answer the following questions. If it wants to produce 20 units of output, how much should it produce with each process?Which of the costs discussed in the chapter is the most important when a firm is deciding how much to produce? Costs that are spent to improve the image of the firm. A firm will choose to increase output if it spends a large amount on advertising and brand image. Fixed costs because these costs are spent and cannot be changed in the time period under consideration. If fixed costs are higher, the firm will choose to produce more output. Variable costs because these costs change as output changes. If the firm wants to maximize profits, it will choose to produce a quantity where variable costs are minimized. Marginal cost because this cost shows the additional cost associated with producing one more unit of output. Firms will use this information to decide to produce more or less output.
