which of the following statements is true? O since fixed costs are constant as output changes in the short run, it follows that average fixed cost is constant in the short-run too O marginal cost is the additional cost of producing an additional unit of output O changes in variable costs are reflected dollar-for-dollar in total cost OB and C

which of the following statements is true? O since fixed costs are constant as output changes in the short run, it follows that average fixed cost is constant in the short-run too O marginal cost is the additional cost of producing an additional unit of output O changes in variable costs are reflected dollar-for-dollar in total cost OB and C

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Assume that Peter's short run Total Cost Curve is TC = 20,000q– 200q² +q° . Calculate his (short run) Average Total Cost (ATC) for quantities of 50, 100, and 150 and sketch his ATC curve given the values you calculated. IIII -LJ-J-L- -LJ-J-1- IIII IIII -TT-1 ----- +-+-- - -- 1-t- 11 3D %3D - -+ -- - -- -4 %3D ד - ררו T-T-r- %3D %3D %3D %3D %3D +--- ー- +-ナーゴーキ-キート- %3D IIII -L
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Question 7 When a firm produces 100 units of output, the firm's marginal cost is $10, average variable cost is $5 and average total cost is $8. What is the fixed cost? O $100 O $200 $0 O $300 O $50
By doubling a machine's inputs, the output increases three times. How does this affect cost and what does this characterize? O Per unit costs rises, Diseconomies of Scale O Per unit costs falls, Economies of Scale O Per unit costs remains the same, Constant Economies of Scale O Per unit cost rises, Economies of scale Per unit cost falls, diseconomies of scale.
A firm's total cost is $12,000. Its variable cost is $5,500. What is the firm's fixed cost? $3,500 O $2.22 $6,500 O $4,500 Incorrect. none of the other answers are correct
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Which one is correct?
These occur when doubling all of the inputs to a production process doubles the output. The shape of a firm's long-run average cost curve depends both on returns to scale in production and the effect of scale on the prices it pays for its inputs. O Decreasing returns to scale in production O Constrained optimisation problem O Constant returns to scale in production O Decreasing returns to scale
If you are calculating it correctly, what should happen to AVERAGE fixed cost per pizza as you produce more and more pizza? O It should stay the same because fixed costs never change so fixed cost per pizza will not change. O It will decrease as fixed costs are spread out over a larger and larger number of pizzas produced. No idea.
The N.M. Corporation has exactly the same costs of production as last year except for fixed costs, which are $50,000 this year compared to $30,000 last year. Which of the following statements is false? O The total cost curve will be the same this year as last year. O The fixed cost curve will have the same slope this year as last year. O The variable cost curve will be the same this year as last year. O The marginal cost curve will be the same this year as last year.
Cost LRAC B A Quantity Figure 1 Long run average cost curve for a firm Figure 1 shows a long run average cost curve for a firm. If the firm increases output from point A to point B this is an example of: Select one: O i. A change in production function O ii. Economies of scale iii. Constant unit cost O iv. Diseconomies of scale
The Utility theory used in economics holds the belief that an item or service's utility is a measure of the satisfaction that the consumer will derive from the consumption of that particular good or service. Explain in a graph and short paragraph what it wold look like in today's Beef industry if the price of beef goes up Marginal Utility for beef consumption goes down..