Figure 13-7 PREK Refer to Figure 13-7. Which of the figures represents the production function for a typical firm? O a. Figure 1 O b. Figure 2 O c. Figure 3 O d. Figure 4 Figure 3 Figure 4
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- Do you think that the taxicab industry in large cities would be subject to significant economies of scale? Why or why not?Return to Figure 7.7. What is the marginal gain in output from increasing the number of batters from 4 to 5 and from 5 to 6? Does it continue the pattern of diminishing marginal returns? Figure 7.7 How output Affects Total costsWhat is the relationship between marginal product and marginal cost? (Hint: Look at the curves.) Why do you suppose that is? Is this relationship the same in the long run as in the short run?
- Suppose the cost of machines increases to 55, while the cost of labor stays at 40. How would that affect the total cost of the three methods? Which method should the film choose now?QUI The figure below depicts the production function of grain for farmers under average growing conditions with the currently available Noi technology. Mar 9007 PF 800- 700- 600- 500- 400- 300- 200어 100- o Slope 732,000/ 1,600 = 458 04 400 800 1200 1600 2000 2400 2800 Number of farmers Select one or more: In a year with exceptionally good weather conditions, the production function curve will be higher and parallel to the curve O a. above. O b. A discovery of new high yielding crop seeds would tilt the production function curve higher anti-clockwise, pivoted at the origin. O C. In a year of bad drought the production curve can turn downwards for large numbers of farmers. O d. If there is an upper-limit on the amount of grain that can be produced, then the curve will end up horizontal for large number of farmers. S Type here to search 25 hp t4 15 16 eSC 5 6. 7. 00 %24 3. . ........ Kilogrammes of grain produced (thousands)9:15 AM O Y O 65 Micro15 - Saved d. Righiward A_ 15. When returns to scale are decreasing, total output a. Increases b. Deсreases c. Does not change d. Varies IV. Match The term (column B) that best fits the phrases (Column A below. Column A Column B a. Marginal product A_1. Describe the functional relationship of input and output v_2. Production function b. Least-cost combination _C_3, Infinitesimal change c. Isocost line 4. Output yielded from the last unit of input d. isquant 5. TP divided by the number of variable inputs e. Production function 6. Refers to the declining trend to MP f. Counterproductive conditions 7. Illustrates the varied combinations of inputs at the same level of plant capacity g Finite change 8. Contains combinations of inputs that the same budget can purchase given constant prices h. Marginal rate of substitution 9. Price of labor inputs over price of capital inputs i. Economies of scale 10. Ration between output and input j. Diseconomies of scale k. Maximum…
- 19. Table 13-16 Total Cost Fixed Cost Variable Marginal Cost Average Average Average Total Cost Cost Fixed Cost Variable Cost 0. 524 S16 S50 3. St08 4. 540 Refer to Table 13-16. What is thefxed cost of producing O units of output? a. S16 b. S24 c. S12 d. So 20. Refer to Table 13-16 in Question 19 What is the totalcost of oroducing 2 units ooutput? b. 574 css8 21. Refer to Table 13-16 in Question19. What is the marg nal cost of the 4th unit of output? bS136 540 d Sc8A. Complete the table below Quantity TC TVC AFC ATC MC AVC 1 200 2 100 3 20 4 240 5 24 6 660 160 B. Using the table indicate if the firm has i. diseconomies of scale ii. economies of scale or iii.constant returns to scale over the entire rangeof output. Explain your answer Quantity (Units of output) 1 2 3 4 5 6 7 Firm A 60 70 80 90 100 110 120 Firm B 11 24 39 56 75 96 119 Firm C 21 34 49 66 85 106 129 C.Evaluate the view that the main goal of firms will always be cost minimization.QUESTION 8 Refer to the figure below. What can we conclude from this figure? Graph of Per Unit Costs What is importance of MC $ points a, b, and c? ATC AVC AFC AFC Q1 Q2 Q3 Q4 Quantity O A. Marginal product equals average product at Q1. O B. Marginal product equals average product at Q3. OC. Marginal product exceeds average product after Q2. O D. Marginal product equals average product until we reach Q1. a-/......