Name the following Refers to the situation in which the increase in the scale of the production give rise to certain benefits to the producers
Q: The graph that shows the relationship between quantity produced and total costs is called ……………… a)…
A: The quantity of something a human, machine, or industry produces from production or Manufacture is…
Q: Explain how a firm can have constant returns to scale in production and economies of scale in cost.
A: Constant Returns to scale refers to the situation where with the change in the production, the cost…
Q: Economies to scale refer to
A: Companies benefit from economies of scale as manufacturing gets more efficient.Economies of scale…
Q: If the government says that firm X must pay 50000 in taxes simply because it in the business…
A: In a market, government imposes different types of taxes on different products and services based on…
Q: DEFINE AND EXPLAIN PRODUCTION IN SHORT RUN
A: In the production process, different inputs are used to produce the final output. Each input has its…
Q: Why do Economies of Scale Occur? A. Large firms cover their fixed costs by producing lots of units…
A: Fixed cost is constant and remains same at all levels of output. Average cost refers to total cost…
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: Q6. - a term referring to the fact that for many goods, as the level of production increases, the…
A: Taking each option one by one Skills: it is the specific or special way to do some work.…
Q: Define and explain the difference between economics of scale and economies of scope. Include an…
A: Definition: Economies of scale are cost-saving strategies in a production process by increasing the…
Q: Rather than have all the tasks in a production setting being done by the same person, but by…
A: In economics, the problem of scarcity which is universal in nature is studied and addressed. Because…
Q: In production of goods, what is the difference between Short Run period and Long Run period? Why it…
A: The short-run and long-run are macroeconomic concepts that arise due to the time horizon associated…
Q: What is the difference between production in the short run and production in the long run? Explain…
A: The short-run is a notion that states that at least one input is fixed while the others are variable…
Q: a) Explain what is meant by the terms marginal cost and decreased cost in production theory, and…
A: Disclaimer :: as you posted multiple questions we are supposed to solve the first one only. Cost is…
Q: When the average cost of producing each individual unit declines as total output increases is…
A: Production function shows the relationship between inputs and output. It reflects how changes in…
Q: Applying the concept of marginal costs, how would you, as a business owner, decide how much to…
A: Profit maximization refers to the production and distribution of goods in such a way that maximizes…
Q: Discuss the issue of “achievement of the economy of scale” and how it could help in company’s…
A: Economy of scale increases the profits of company. It is because cost would be lower and revenue…
Q: Define the term Manufacturing Costs?
A: Cost is the monetary value expended by a company to produce goods and services and to carry out its…
Q: Assume that the marginal cost of production is greater than the average variable cost. Can you…
A: The marginal cost of production is the incremental cost incurred when an additional unit of a good…
Q: A firm has economies of scale, it must have increasing returns to scale. Explain?
A: Economies of scale are cost advantages experienced by firms when production becomes efficient.…
Q: What are the different type of costs incurred in the short run and in the long run?
A: In the short run there are two types of costs, fixed and variable costs. Since there are fixed and…
Q: Microeconomics divides costs in to “short-run costs” and “long-run costs”. Can “long-run” differ…
A: The short run is defined as the time frame during which wages and prices of other production inputs…
Q: Fill in the missing parts in the following tables to illustrate the behavior of production and costs…
A: Capital: Capital is a term that refers to financial assets, including specific funds invested in…
Q: Tabaq sells roasted coffee. The information about their production of coffee is given below: Labor…
A: The marginal physical product of labor can be calculated as follows: Marginal physical product of…
Q: Where average costs of production are lowest when all output is produced by a single firm
A: Average cost curve: It is a cost bend which is commonly U-shaped. Average variable cost (AVC) is…
Q: Fill in the missing parts in the following tables to illustrate the behavior of production and costs…
A: The total cost incurred by firms includes fixed costs and variable costs. Fixed costs are the costs…
Q: hi Suppose you build bird houses. One day, you double the time you spend building and double the…
A: Consider the definition of returns to scale. When we change all factors of production by a certain…
Q: Draw a well behaved production function and show the 3 stages of production. What distinguishes…
A: The production function shows the technical relationship between factor of production and final…
Q: Average fixed cost, average total cost a -Why does average fixed cost continuously fall as output…
A: Average fixed cost- It is the cost that is per unit of Total fixed cost. AFC=TFCQ Average total…
Q: firm had sales revenue of $1 million last year. It spent $600000 on labor, $150000 on capital…
A: Following is the given information: Sales revenue = $1 million Amount spent on labor = $600000…
Q: Mention some of the important advantages and disadvantages of the small scale production?
A:
Q: Which cost inc with the increase in production? (a) Average cost. (b) Marginal cost. (c) Fixed cost.…
A: According to the given question The cost in economics are usually defined as the amount of the…
Q: Microeconomics - Production Function Find the returns to scale of the following production…
A: In order to find the returns to scale of the production function , We put a constant before every…
Q: (d) Find the minimum average production cost per unit and the level of production that minimizes…
A: Average cost(AC) is defined as total cost(TC) divided by the total units produced. Here, units are…
Q: a) ________________________ a term referring to the fact that for many goods, as the level of…
A: Average cost: The average cost or the average total cost is the cost incurred per unit of a…
Q: A cost that changes with the level of production is called a(n)____cost a.variable b.average total…
A: Ans. The cost is the expenditures that are incurred during the production of the goods and services.…
Q: a) Explain what is meant by the terms marginal cost and decreased cost in production theory, and…
A: a) Marginal Cost The marginal cost of production is the difference in total production costs that…
Q: Describe the unit-of-production method?
A: Answer - Unit of Production method - It is method which help to calculate depreciation of value of…
Q: Explain any assumptions and arguments we must use in order to conjecture that firms choose the…
A: Once a firm has determined the least expensive manufacturing technology, it will consider the…
Q: This chapter discusses many types of costs:opportunity cost, total cost, fixed cost, variable…
A: Cost is the expense incurred when a good or service is produced.
Q: What are different types of costs involved in production of goods and services? Analyze the…
A: Fixed expenses, variable costs, and the total cost of production make up the cost of production. The…
Q: Explain the production in short run?
A: Microeconomics studies the economic behavior of individual units such as a consumer, a producer, a…
Q: c. What is the average and marginal cost of gumball production (again, measure output in thousands…
A: Total cost is the sum of total fixed cost and total variable cost. The average cost is the total…
Q: What is the difference between Analytical and Synthetic process of production? Give examples.
A: Analytical process of production deals with parts of production. Synthetic process of production…
Q: What production function is applicable for the 3 stages of production?
A: Production function is defined through the law of variable proportion which is also called law of…
Name the following
Refers to the situation in which the increase in the scale of the production give rise to certain benefits to the producers
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- From production function how can we get cheapest way of producing 600 units of outputHi can you please help with following questions I am not sure how to solve them please assist with question A You are the sole survivor of a shipwreck on a desert island. You do not expect to be rescued.You can either use your time to grow food to consume immediately, or to build new tools andbuildings (capital) which will increase your supply of food in future years. a) Sketch your initial production function (total output of food + capital in terms of yourlabour input), and show how to turn this into a feasible set. Show your optimal choiceof how you spend your time, assuming you initially consume everything you produce.7 which of the following are examples of fixed-proportions production functions?
- Which of the following indifference curve the slope of the production possibilities frontire? A, Opportunity cost B, Marginal cost C, Indifference Curve D, Marginal ProductExplain the term resource in economicsWhat is the difference between Analytical and Synthetic process of production? Give examples.
- Which of the following is/are not a factor of production? O a. Enterprise O b. Land О с. Сapital O d. Cheque bookExplain any assumptions and arguments we must use in order to conjecture that firms choose the production level that minimises their average cost under some reasonable conditions.As an economist it is important to know that resources are scarce. Explain what u understand that resources arenscarce in economic terms
