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- Automobile manufacturing is an industry subject to significant economies of scale. Suppose there are four domestic auto manufacturers, but the demand for domestic autos is no more than 2.5 times the quantity produced at the bottom of the long-run average cost curve. What do you expect will happen to the domestic auto industry in the long run?How would an improvement in technology, like the high-efficiency gas turbines or Pirelli tire plant, affect me lung-nm average cost curve of a firm? Can you draw the old curve and the new one on the same axes? How might such an improvement affect other firms in the industry?What 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?
- What is the difference between a fixed input and a variable input?How does fixed cost affect marginal cost? Why is this relationship important?If two painters can paint 200 square feet of wall in an hour, and three painters can paint 275 square feet, what is the marginal product of the third painter?
- Based on your answers to the WipeOut Ski Company in Exercise 7.3, now imagine a situation where the firm produces a quantity of 5 units that it sells for a price of 25 each. What will be the companys profits or losses? How can you tell at a glance whether the company is making or losing money at this price by looking at average cost? At the given quantity and price, is the marginal unit produced adding to profits?Are there fixed costs in the lung-run? Explain briefly.Would you consider an interest payment on a loan to a film an explicit or implicit cost?
- What shapes would you generally expect a total product curve and a marginal product curve to have?LUSC Method of producing that output The following graph shows the marginal and average product curves for labor, the firm's only variable input. The monthly wage for labor is $2,000. Fixed cost is $120,000. None of these options are correct. APMP 100 80 AO MP 160 40 140 120 100 20 80 60 Labor 40 20 When the firm uses 60 units of labor, what is average total cost at this output? otal th ear- edule and erstanding of on between AVC ie mns 1 and 2 of Table 8.7. The r- n column 3 of Table 8.8. The rela- ws: Consider the 100 units of output riable cost of using 4 workers is found workers employed: ict to 0x4 ise DO00000000 Jog jopipaidjen Bue u pie abes adDr. D. is a critic of standard microeconomic analysis.In one of his frequent tirades, he was heard tosay, ‘‘Take the argument for upward-sloping,long-run supply curves. This is a circular argumentif I ever heard one. Long-run supply curves aresaid to be upward sloping because input pricesrise when firms hire more of them. And that occursbecause the long-run supply curves for theseinputs are upward sloping. Hence, the argumentboils down to ‘long-run supply curves are upwardsloping because other supply curves are upwardsloping.’ What nonsense!’’ Does Dr. D. have apoint? Explain clearly.
