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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- What is die difference between accounting and economic profit?Menemenspor Company needs to determine the production plan for the 3 periods whose demand values are given below. They will use chase strategy. Period May 23 2000 June July Working Days Demand 20 14 1950 1900 The company produced 28800 units in the last year using 60 workers in 240 days. Hiring cost is S600 per worker and firing cost is 800 per worker. Inventory holding cost is S3 per item and the pay S100 to every worker daily. Currently there are 37 workers in the company. a. Find how many items a worker can produce per day. b. Fill in the following production table. Period Working days May June July 23 20 14 Demand 2000 1950 1900 Units/worker Workers needed Workers available Workers hired Hiring cost Workers fired Firing cost Labor cost c. Calculate the total labor cost of the whole plan..Please explain the an
- CIS 360 - Business Database Concepts – DB Design The following spreadsheet is a sample that is currently being used to track company data. However, employees have been complaining about the amount of maintenance needed to sustain the data. EMP_NAME PROJ_NUM PROJ_NAME EMP_NUM 1 Hurricane JOB_CODE JOB_CHG_HOUR PROJ_HOURS EMP_PHONE 101 John D. Newson EE 85.00 13.3 653-234-3245 1 Hurricane 105 David F. Schwann CT 60.00 16.2 653-234-1123 1 Hurricane 110 Anne R. Ramoras CT 60.00 14.3 615-233-5568 2 Coast 101 John D. Newson EE 85.00 19.8 653-234-3254 2 Coast 108 June H. Sattlemeir EE 85.00 17.5 905-554-7812 3 Satellite 3 Satellite 3 Satelite 110 Anne R. Ramoras CT 62.00 11.6 615-233-5568 105 David F. Schwann CT 26.00 23.4 653-234-1123 123 Mary D. Chen EE 85.00 19.1 615-233-5432 3 Satellite 112 Allecia R. Smith BE 85.00 20.7 615-678-6879 1. List the issues that will arise by using this as a way to store and maintain company data. Use the actual data as examples in your explanation. 2. Create a…Hello can you please help me awnser these questions? Please show full working thank youYou just received your midterm exam results andyour professor wrote the following note: “Youreceived a 70 on this exam, the average score. Ifyou want to improve your grade, you should studymore.” Evaluate your professor’s note
- help explain tqestions Pall22_Microecon_KM Join: 746518 Assigned 2 Gradebook o Handouts Sep 16, 11:59 PM Dashboard Que Sep 16, 11:59 PM < HW3 (Ch3 & 4) Homework Due in 2 days Unanswered B Melinda Lee Cantrell app.tophat.com Unanswered Ⓒ A company producing 1000 phone protection covers a week when the price was $4. Their covers become very popular pushing up the price to $8. The next month they are producing 4000 cases a week. With this information answer the following: HW3 13 Homework Unanswered Determine the elasticity of supply for this company. (2 decimal places is the default answer) Type your numeric answer and submit 10am Fall22_Microecon_KM - Assigned | Top Hat HW3 14 Homework Answered. 15/17 answered MacBook Pro Submit O Please type your answer to submit Submit 05 + 88 Becca v Open in Reading View PERFECCCCE how2reec and d part..hand written otherwise skip
- when studying the in formation related to Al- Kufa factory itis explained that selling price for one ton is 200 ID and 1- Variable cost for one ton reaching 150 ID 2- Fixed costincluding the project construction costs was 48 million ID 3- Suppose that the designed factory productivity reaches 46000 ton per year for one work shift Find the production volume and the time thatitmust be reach to Break- Even point↑ Price 90A MC 85 80 75 ATC 70 650 60 E 55 50 6- 451- D 40 35 30 25 20 15 10 5 K MR M 0 17 34 51 68 85 102 119 136 153 170 187 204 221 238 255 Quantity The DWL is represented by area ABC O IJK BHJ OBCIJThe level of output at which average total costs equal áverage revenue or market price is: (a) The shut down output LTH€ breakeveni output O The marginal physical product (d) The marginal value product