The short run is the time frame A) during which the quantities of all resources are fixed. B) during which all costs are implicit costs. C) that is less than a year. D) during which the quantities of some resources are fixed. E) during which the quantities of all resources are variable.
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- The long run is defined as A) the period of time when all resources are variable. B) any time after one year. C) the period of time when most (more than 50 percent) resources are variable. D) the period of time when all resources are fixed.What is a production function? Response option group It is the production technology It is the relationship between inputs and the level of production It is the average product It is the marginal productDiminishing returns A cost function of the form C(x) = 1/2 x2reflects diminishing returns to scale. Find and graph the cost,average cost, and marginal cost functions. Interpret the graphs andexplain the idea of diminishing returns.
- A company is planning to manufacture mountain bikes. The fixed monthly cost will be $100,000 and it will cost $100 to produce each bicycle. A. Write the cost function, C, of producing x mountain bikes per month. C(x) = B. Write the average cost function, C, of producing x mountain bikes per month. C(x) = C. Find and interpret C(500), C(1000), C(2000), and C(4000). C(500) = Interpret C(500). When bicycles are produced in a month, it costs $ to produce each bicycle. C(1000) = Interpret C(1000). When bicycles are produced in a month, it costs $ to produce each bicycle. C(2000) = Interpret C(2000). When bicycles are produced in a month, it costs $ to produce each bicycle. Click to select your answer(s). (99+A production process uses two inputs, labor and capital. If the marginal product of labor per dollar is higher than the marginal product of capital dollar, what should the firm do to lower costs? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a Increase output b Decrease output C Increase the amount of capital d Increase the amount of labora software production firm, average product has started falling and total output indicated diminishing trend. The production manager Mr. Yahya called you and asked you to see the condition of marginal product. You analyzed the situation and reported that marginal product falling more than average product. Mr. Yahya got surprised. In your opinion which situation the firm is heading to?
- 1.Explain how the marginal product of labor and marginal cost are related? Draw one graph for MPL (quantity of workers on x axis) and another for MC (quantity of output on x axis) that displays this relationship. 2. Explain what happens to average total costs when marginal cost is greater than average total costs? 3.Draw a precise graph that shows the following short-run cost curves: MC and ATC 4.Add the following to your graph from 3: AVC & AFC (pay particular attention to i) the starting points of these curves and ii) how these curve change relative to MC and ATC as output quantity increases). 5.Bonus: What happens to the difference between ATC and AVC as quantity increases? Why?A company is planning to manufacture mountain bikes. Fixed monthly cost will be $100,000 and it will cost $100 to produce each bicycle. a. Write the cost function, C, of producing x mountain bikes. b. Write the average cost function, C, of producing x mountain bikes. c. How many mountain bikes must be produced each month for the company to have an average cost of $300 per bike?Suppose you have a production technology that can be characterized by a learning curve. Every time you increase production by one unit, your marginal cost decreases by $4. There are no fixed costs, and the first unit costs you $66 to produce. Use the given information to fill in the marginal cost of each unit, as well as the total cost and average cost of each level of output. Quantity Marginal Cost Total Cost Average Cost (Units) ($) ($) ($/unit) 1 $66 $66 $66 2 3 4 5 6 Suppose you receive a request for proposal (RFP) on a project for four units. Your break-even price for four units is . Suppose that if you get the contract, you estimate that you can win another project for two more units.
- Suppose you have a production technology that can be characterized by a learning curve. Every time you increase production by one unit, your marginal cost decreases by $4. There are no fixed costs, and the first unit costs you $66 to produce. Use the given information to fill in the marginal cost of each unit, as well as the total cost and average cost of each level of output. Quantity Marginal Cost Total Cost Average Cost (Units) ($) ($) ($/unit) 1 $66 $66 $66 2 3 4 5 6 Suppose you receive a request for proposal (RFP) on a project for four units. Your break-even price for four units is _________ Suppose that if you get the contract, you estimate that you can win another project for two more units. The break-even price for those next two units alone is ________ .The short run is a time period that is A) long enough to change the size of the firm's plant. B) too short to change the size of the firm's plant. C) too short to change the amount of ANY resource the firm employs. D) too short to change the amount of labor hired.Suppose you have a production technology that can be characterized by a learning curve. Every time you increase production by one unit, your marginal cost decreases by $8. There are no fixed costs, and the first unit costs you $64 to produce. Use the given information to fill in the marginal cost of each unit, as well as the total cost and average cost of each level of output. Quantity Marginal Cost Total Cost Average Cost (Units) ($) ($) ($/unit) 1 $64 $64 $64 2 3 4 5 6 Suppose you receive a request for proposal (RFP) on a project for three units. Your break-even price for three units is _____ ($) Suppose that if you get the contract, you estimate that you can win another project for two more units. The break-even price for those next two units alone is _____ ($)