Short Run Production Relationships         List and explain the 3 Short Run Production Relationships      Explain who in a business would care about them and how they might be used.

The most efficient scale of production is where at which point?

Define economies of scale and explain why they mightarise

8. Why is the Minimum Average Total Cost and Efficient Scale important?

When examining the costs faced by a business, explain how economists distinguish between the short run and the long run. Why is it that Diminishing Marginal Product applies in the short run but not the long run?

3.1 Every weekend more than 500 different vendors set up at the local farmers' market, selling a variety of items from homemade prepared foods to fresh produce. Yolanda rents a booth each weekend at the farmers' market to sell homemade tamales for $10 a dozen. Yolanda pays each of her four cousins $20 per hour to make the tamales on Friday evenings in the food truck she operates for week- day lunch service. Yolanda sells 60 dozen tamales each weekend at the farmers' market, which takes her cousins four hours to make each Friday. The cost of ingredients for all the tamales totals $240 and the booth at the farmers' market rents for $150 per weekend. a. What market structure does this business most resemble? What characteristics lead you to this conclusion?

A few sentences for the response please. How does the impact of fixed costs change production decisions in the short run and in the long run?

QUESTION 18 Amir and Samir run a business that sets up and tests computers. Assume that Amir and Samir can switch between setting up and testing computers at a constant rate. The following table applies: Amir Samir A. 36 B. 48 C. 60 Minutes Needed to D.64 Set Up 1 Computer 48 30 Test 1 Computer ? 40 Number of Computers Set Up or Tested in a 40-Hour Week Computers Set Up Refer to the table above. The number of minutes needed by Amir to test a computer is 50 80 Computers Tested 40 60

MICROECONOMICS TOPIC: THE THEORY OF FIRM: PRODUCTION AND COST COMPUTE AND EXPLAIN

I need help filling out the table and graphing it. Thank you.