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.
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- 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.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 producta 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?
- Economic Mathematics Consider the problem of inventory costs and production to satisfy a demand x for a certain product. The data is as follows: Delivery period T = 8Starting inventory x (0) = 0Ending inventory x (8) = 144Inventory cost CI (x (t)) = 7x (t)Production flow cost Cp = 3.5x'2 (t)1. Write the problem of minimizing total costs over time 2. Check the second order conditions for minimization3. Raise the Euler equation and the differential equation to solve4. Find the paths of inventory, production and total costs5. Graph the inventory and production lanes (use 0.5 increments over time)fast i will 10 upvotesThe average total cost of producing shoes will, as businesses increase production. Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. always increase always decreases eventually increase
- Please show equations used. No excel.Expalin the law of diminishing returns or diseconomies of scales ?Question 23.23 The long run is a period of time, or a time frame, in which all resources are fixed. the level of output is fixed. the amount of all resources can be varied. the capacity of the production plant is fixed.
- 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.At Dana's dairy farm, the average total cost of producing 19 liters of milk is $10, while the average total cost of producing 20 liters milk is $11. What is the marginal cost of the twentieth liter of milk? Type your numeric answer and submitF a) Draw the demand process cycle and label it fully. b) A door company has the following materials in inventory. Inspect the table below and answer the following questions Material Average (in Kilograms) Price Aluminum 3884 $3.0 Steel 5850 $1.4 Iron 200 $1 Work in Progress Average Price Fence 78 230 Final Products Average Price Door 300 300 Window 550 240 i. Calculate the number of turns. ii. Calculate the cost per day.