14. A firm’s long-run total costs are given in the table below.   Output Long Run Total Cost Long Run Average Total Cost 0 18   1 24   2 28   3 30   4 34   5 40   6 48   7 63   8 80     Fill in the long-run average total cost column. Over what production range does this firm experience economies of scale? Over what production range does this firm experience constant returns to scale? Over what production range does this firm experience diseconomies of scale?

The table below shows cost data for producing different amounts of cleaning products. Use the given information to find the Average Variable Cost. Quantity Total Cost Average Variable Cost 11 1 2 فيا 4 5 28 46 60 65 68 4. 4. 1.

O Macmillan Learning One feature of production in the short run is diminishing marginal returns. The graph shows a total product curve for Barry's Ball Bearings. Identify the sections of the graph that illustrate increasing (IMR), diminishing, (DMR) and negative marginal returns (NMR). Output per hour 13 12 11 10 9 8 7 6 5 4 3 2 1 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Labor units IMR Answer Bank DMR NMR

Costs and Profit Maximization: Work It Out 1 Suppose Margie decides to lease a photocopier and open up a black-and-white photocopying service in her dorm room for use by faculty and students. Her total cost, as a function of the number of copies she produces per month, is given in the table. Number of Photocopies Per Month Total Cost Fixed Cost Variable Cost Total Revenue Profit 0 $100         1,000 $110         2,000 $125         3,000 $145         4,000 $175         5,000 $215         6,000 $285         a. Fill in the missing numbers in the table, assuming that Margie can charge 6 cents per black-and-white copy. Margie's fixed cost is: $       Variable cost, 0 photocopies/month: $     Variable cost, 1,000 photocopies/month: $     Variable cost, 2,000 photocopies/month: $     Variable cost, 3,000 photocopies/month: $     Variable cost, 4,000 photocopies/month: $…