Refer to the figure on the right. Suppose the output of a large aluminum firm drops from 2 million pounds to 0.5 million pounds per year. The long-run average cost of producing aluminum will go from $ to $. (Enter your responses rounded to the nearest penny.) DE Cost per pound $2.80 2.10 1.60 с b 0.50 1.00 1.50 2.00 2.50 Million of pounds of Aluminum per year

5. A toy factory has an annual demand for 20,000 of tops. It cost $1.50 to store one top per year. It costs $500 for each production set-up for these tops and $3.50 to manufacture a single top. Find the total cost function. fM Total Cost of Production is: T(g) = : + gM +, where q is number of units per productionm run; k is cost of storing 2 one item per year; g is cost of manufacturing a single unit of the product; f is fixed set-up cost for a production run; M is total demand of units per year. Given Constants Total Cost Function Find the optimum number of tops per batch as well as the number of batches per year. optimum number of tops optimum number of batches Find the total cost for this optimum production schedule. Optimum Total Cost

Quantity 1 2 3 4 5 6 7 Firm 4 Firm 3 Long-Run Total Cost (Dollars) Firm 1 Firm 1 180 350 510 660 800 930 1,050 Firm 2 120 250 390 540 700 870 1,050 Refer to Table above. Which firm has economies of scale and then diseconomies of scale over the entire range of output? Firm 2 Firm 3 150 300 450 600 750 900 1,050 Firm 4 210 340 490 660 850 1,060 1,290

Explain why this statement is true or false: "If the labor cost per table is $20 and the material cost per table is $30, the short run average cost per table is $50."

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Yummy Gummies, Inc. makes boxes of individually packaged gummies. The company has a cost function given by C(x) dollars when x boxes of Yummy Gummies are made. If C '(100) = $3.50 per box, which of the following can we conclude from this information? %3D O The approximate cost of making the 100" box of Yummy Gummies is $3.50. O The exact cost of making the 99h box of Yummy Gummies is $3.50. The approximate cost of making the 101“ box of Yummy Gummies is $3.50. O The approximate cost of making the 99 box of Yummy Gummies is $3.50. O The exact cost of making the 101st box of Yummy Gummies is $3.50.

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shows the long-run average costs for Inmode, a manufacturer of Internet modems. Quantity per Day Average Cost ($) a) At what output is minimum efficient scale achieved? Output: b) with what output do diseconomies of scale begin? Output: 1 95 2 85 3 75 4 70 5 65 6 65 7 75 8 100

Use the following table to answer the next question. Output 0 1 2 3 4 5 Total Cost $5 9 12 15 20 27 The average total cost of producing 4 units of output is $ type your answer... Marginal cost is equal to average total cost between type your answer... and type your answer... units of output.