Suppose a firm in a perfectly competitive industry develops a manufacturing innovation that lower its variable cost of product

Q: Business X is producing 100 units at a cost of 100. It then produces at additional 100 units at a…

A: Marginal cost measures the change in total cost due to a change in quantity.  i.e., Marginal cost =…

Q: IPCSB.52 A yoga studio has two big costs: rent and labor. They decide that they want to move to a…

A: A short-run production function tells us how a firm makes use of its variable factors to facilitate…

Q: Douglas Fur is a small manufacturer of fake-fur boots in Chicago. The following table shows the…

A: Average total cost (ATC) is calculated by dividing total cost by the total quantity produced.…

Q: Graphically depict the long-run graph for a purely competitive structure. Graphs and explanation…

A: Perfectly competitive market refers to that type of market structure in which there many numbers of…

Q: Name the following Refers to the situation in which the increase in the scale of the production give…

A: According to the given question Production in economic means that the process or the step which the…

Q: Suppose that Good A is $17 and 15 units at the original equilibrium. What could be the new…

A: Given: At equilibrium: Price of good A is $17 Quantity of good A is 15 units.

Q: explain the short run fixed costs and the variable cost in modern economics?

A: Cost refers to the amount of money that is  spent by the firm to produce a product . Cost   refers…

Q: Could you help me understand this problem. Could you indicate where the numbers come from when…

A: In economics, the average total cost (ATC) of production can be determined by adding the average…

Q: 1. The article poses the question: "So why do farmers put up with the hassle?"  And then answers it:…

A: In the production process, the conditions and fluctuations that happen between demand and also the…

Q: Hisham owns a factory producing furniture, He is planning to expand production to attain the long…

A: After determining the least expensive manufacturing technique, a company can think about the best…

Q: Now suppose that an FDA report announces that coffee is harmful to cardiovascular health. Starting…

A: In perfect competition short run equilibrium, P= MC=MR=AR. In perfect competition long run…

Q: Suppose a firm in a perfectly competitive industry develops a manufacturing innovation that lower…

A: The perfect competition refers to a type of market structure which is characterized by a large…

Q: Think about several different types of industries or markets and the amount of time it might take to…

A: The measure that depicts the size of business operations that are being measured by the maximum…

Q: 4. Various measures of cost Suppose the imaginary company of Panthera is a small, Cedar Rapids-based…

A: The cost of production is one of the most important concepts in economics. It is the total…

Q: Explain Homogeneous products and give more examples

A: Homogenous product: Homogenous products or homogenous goods are those goods that are similar in…

Q: The following graph shows per unit costs - marginal costs, average total costs, and average variable…

A: Total cost is the sum of fixed cost and variable cost.=> TC = FC + VC Average variable cost (AVC)…

Q: Calculate the average total, fixed, and marginal costs for a “competitive” firm with the following…

A: Introduction: Total cost refers to the expense that is incur in the process of production. It is the…

Q: There are big efficient farms in Brazil that use lots of machinery competing against many small…

A: In the coffee industry, big farms in Brazil have a significant advantage over small farmers because…

Q: What are the determinants of the relationship between economies of scale and market structure.

A: We are going to discuss the definition of economies of scale and market structure to answer this…

Q: From one industry to to another the actual period of time encompassing the long run is likely to…

A: When all the factors of production and costs turns into variable factors of production and variable…

Q: What is the equilibrium or profit-maximizing quantity of production for a perfectly competitive…

A: Prefect competitive market is:- 1) in perfect competitive market, there are many number of sellers…

Q: Suppose a jar of DeLux popcorn that is ultimately sold to a customer at Loblaws Supermarket is…

A: Value added by loblaws supermarket is 1.50 $ (4 $ - 2.50 $) Delux popcorn added the greatest value…

Q: MC ATC AVC AFC 40 70 80 90 Quantity Costs

A: Diminishing returns begin where MC curve starts rising or MP curve starts to fall. Most productive…

Q: We expect the marginal cost to increase as this firm produces more computers. But when the firm…

A: The rise or fall in the cost of producing/providing one more product is referred to as marginal…

Q: Graphically depict a purely competitive firm in the short-run. You can have the firm making a profit…

A: Perfect competition is that  type of market structure in which there many numbers of sellers and…

Q: From the economics information below  Answer This QUESTION : What are the Starbucks’ maximum profit…

A: The profit is the extra money a business makes after considering all its expenses.

Q: boots is $95, so you should start your MC curve by placing an orange square at (0.5, 95).) Note:…

A: Given Quantity and Total cost where, MC = change in TC / Change in Qty FC = 60 remains fixed at…

Q: QUESTION 5 Refer to the graph. Based on the information illustrated in the graph, which of the…

A: The correct answer Is given in the second step.

Q: Could you explain what is the long run and short run of a firm in a market

A: Production by a firm depends upon the time period. In the short run, the production possibilities of…

Q: Consider wheat farmers in a developing country. Farmers/farms are identical (i.e. they have the same…

A: A perfectly competitive industry is a theoretical market structure characterized by a large number…

Q: Draw a graph including AVC to illustrate a firm that is losing money, continues to operate, and…

A: The prevailing price, which is set by the relationship of supply and demand, is shown as a…

Q: 3.8 On the following graph for a purely competitive industry, Scale 1 represents the short-run…

A: Short run Cost is the cost price that has immediate effects on the production processes, i.e., they…

Q: Family Mart like inner city grocery stores, sometimes exist even though they do not earn economic…

A: Hi Student, thanks for posting the question. As per the guideline we are providing answers for the…

Q: Each graph below illustrates three short run cost curves for firms, where ATC is Average Total Cost…

A: Marginal Cost is the additional cost received by selling one more unit of output. MC is the…

Q: 1) Use the graph to answer the question below. The quantity is measured in thousands of units.…

A: As per the guidelines answer is given to the first question. (1) As per the diagram given in…

Q: Briefly explain the short run fixed costs and the variable cost in modern economics?

A: Short-run is the time period that is less than or equal to a year. The costs can be divided into two…

Q: Plant sizes get larger as you move from Plant 1 to Plant 4. In the long run, the firm should use…

A: Cost functions are derived functions. Cost is derived from production, which describes the available…

Q: uan makes dining room chairs in a perfectly competitive industry. He is looking for economic advice…

A: Perfectly competitive market refers to the market which is characterised by presence of large number…

Q: How we can understand the Long-run Normal price in increasing cost industry, and the Long-run Normal…

A: When a business expands, its average expenses rise. This is known as an increasing-cost industry…