What causes the long run costs to be U shaped a. Economies and Diseconomies of Scope b. Returns to Factor c. Economies and Diseconomies of Scale d. Learning Curve phenomenon

Q: If a higher level of production allows workers to specialize in particular tasks, a firm will likely…

A: The production refers to the process of combining the raw material with the factors of production,…

Q: The total cost of production equals Select one: a. average total cost + average variable cost b.…

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

Q: If a higher level of production allows workers to specialize in particular tasks, a firm will likely…

A: Economies of scale refers to the cost advantage of the producers that they earn on the output due to…

Q: rease in the short run ease in the short run

A: Cash balance refers to the part of income that people want to hold as cash in hand.

Q: Marginal cost intersects average total cost at minimum average total cost. True False

A: The price curve always intersects the typical total cost curve at its lowest point because the…

Q: Distinguish between/ among a.  The short run total fixed cost, total variable cost and total cost…

A: Cost refers to the value of the resource(s) that gets exhausted in the process of production or…

Q: Say that neither labor nor machines are fixed but there is a 50 percent quick-order premium paid for…

A: Explicit costs and revenues are those financial transactions that are directly related to a decision…

Q: A producer borrows money and starts a business. He himself looks after the business. Identify…

A: (Q) A producer borrows money and starts a business. He himself looks after the business. Identify…

Q: Fill in the blank! A lyft driver buy a Honda vehicle in order to drive, this is an example of a…

A: We need to calculate average variable cost, marginal cost and average total cost to answer these…

Q: If Boeing produces 9 jets per month, its long-runtotal cost is $9 million per month. If it…

A: Costs are the expenses that firms incur during the production processes. The firm’s costs depend…

Q: the long run average total cost curve's minimum intersects what on the short run cost curve?

A: The long run average total cost curve's minimum intersects with the minimum of short run average…

Q: Draw the short-run average total cost (ATC), average variable cost (AVC), and marginal cost (MC)…

A: Average total Cost is the total cost per unit of output. Average Variable Cost is the variable cost…

Q: Jim cannot work for a week due to illness. [ Select | [ Select ] explicit cost implicit cost Norman…

A: "Since you have asked multiple parts, we will answer only first three parts for you. If you have any…

Q: onsider the production process for a Vending Machine Service. Identify the fixed costs associated…

A: Small business can be described as a partnership, privately-owned company, or sole proprietorship…

Q: In the ice cream industry, in the short run, what cost includes the cost of cream and sugar, but not…

A: The marginal cost-  is the difference in overall production costs resulting from manufacturing or…

Q: 3. What causes the long run costs to be U shaped a. Economies and Diseconomies of Scope b.…

A: In a market, when a firm faces U-shaped average cost curve in the long-run, it implies that the…

Q: Give the area that represents the following Total Cost Total Variable Cost Total Fixed Cost Total…

A: Total cost is the total expenditure incurred to produce goods and services during a specific period…

Q: Fill in the blanks with: (a: rising) (b: at a minimum) (c: at a maximum) (d: falling) (e: constant)…

A: Marginal cost is the measurement of change in the total cost with the increment of one unit of…

Q: When diseconomies of scale occur: Multiple Choice C marginal cost intersects average total cost. the…

A: Whether the firm is having economies of scale or diseconomies of scale depends upon the long run…

Q: Discuss the relationship between the three short-run total cost curves. Use a diagram to motivate…

A: Short run is the time period in microeconomics wherein some inputs are fixed while other inputs are…

Q: In the long run, the long-run average cost curve whereas in the very long run, the long-run average…

A: There are four production time periods in microeconomics, they are very short run, short run, long…

Q: Draw the marginal-cost and average-total-cost curves for a typical firm. Explain why the curves have…

A: Marginal cost: Marginal expense is the adjustment in the all-out cost that emerges when the amount…

Q: ben diseconomies of scale occur: A the long-run average total cost curve B. marginal cost intersects…

A: Firm produces final goods and services using the factors of production which are broadly divided…

Q: Quick Check Multiple Choice No (3) A firm is producing 1,000 units at a total cost of $5,000. If it…

A: Marginal cost refers to the additional cost of producing an extra unit of output. Average variable…

Q: When diseconomies of scale occur: A. the long-run average total cost B. marginal cost intersects…

A: The total cost is the total expenditure on goods and services. Total cost includes both the variable…

Q: Total cost divided by quantity of output is Select one: a. average variable cost b. average total…

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

Q: Average total cost intersects marginal cost at minimum marginal cost. True False

A:

Q: The long run average total cost curve is tangent to an infinite number of short run _______ cost…

A: The long-run average total cost (LATC) curve of a firm demonstrates the minimum or the least average…

Q: The feature that distinguishes short-run from the long-run is the *       length of time it takes to…

A: Short run and long run are period of times in production of goods which differ according to the…

Q: "When the total cost of production decrease, we can say that the firm faces positive return to…

A: The firm would result in the production of the various goods and services which would involve the…

Q: Solve the attahment.

A: Costs are the expenses that a firm has to incur in the production of goods and services.

Q: In the long run a the firm's fixed costs are greater than its fixed costs in the short run. b all of…

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

Q: The marginal cost curve intersects the short-run average total cost curve where: A. average…

A: Marginal Cost is the cost incurred for producing an additional unit of output.  Marginal Cost =…

Q: A producer borrows money and starts a business. He himself looks after the business. Identify…

A: Note: In the BNED Guidance, only the first question can be answered at a time. Resend the question…

Q: When diseconomies of scale occur: CA. the long-run average total cost B. marginal cost intersects…

A: The average total cost (AC) is the per unit cost of production of the firm. The long run average…

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

A: Time period refers to the amount of time required for a factor to change. Time period influences the…

Q: Find the attached file.

A: Long run cost is the cost where there are no fixed factors of production. In short run, some factors…

Q: If average total cost decreases as output increase, this indictes that there are

A: In the long run, If the average total cost decreases as output increases, this indicates that there…

Q: Ike's Bikes is a major manufacturer of bicycles. Currently, the company produces bikes using only…

A: Average cost is the cost of producing one unit of an output. Average cost is calculated as the ratio…

Q: Diminishing returns occurs in the short run because The average product of labor will decrease after…

A: A firm faces different market situation in the short-run as well as in the long-run.

Q: a software production firm, average product has started falling and total output indicated…

A: A mathematical association between marginal product(MP) and average product(AP) expressing that the…

Q: In the short run, behavior of production is explained by Select one: a. The law of diminishing…

A: There are two kinds of periods faced by a business company based on the variability of its…

Q: Opportunity cost refers to  A) explicit costs+ implicit costs

A: The total amount of money used in producing goods & services and including labor, time and…

Q: Choose the statement that is true. Fixed costs in the long run can become variable in the short run.…

A: Out of the given statements, only the fourth statement is true. The reason for this is explained…