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Economics
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5 Oct 2018

Use the figure below to answer the following questions. Average cost (dellars per teapot LRAC Output (teapots per day) Figure 11.4.4 22) Refer to Figure 11.4.4, which illustrates the long-run average total cost curve. Which one of the following statements isfalse? A) Economies of scale exist between 0 and Qo units of output. B) Diseconomies of scale exist between 0 and Q1 units of output. ) Constant retums to scale exist between Qo and Q1 units of output D) Constant returns to scale exist between Q1 and Q2 units of output. E) Diseconomies of scale exist at quantities greater than Q2 units of output.

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Related questions

Use the figure below to answer the following question. Total revenue and total cost (dollars) C TR Quantity Figure 8 43) Refer to Figure 8, which shows a perfectly competitive firm's total revenue and total cost curves. Which one of the following statements is false? A) At an output of Q1 units a day, the firm makes zero economic profit. B) At an output of Q2 units a day, the firm incurs an economic loss. C) At an output greater than Q3 units a day, the firm incurs an economic loss. D) Economic profit is the vertical distance between the total revenue curve and the total cost curve. E) At an output less than Q1 units a day, the firm incurs an economic loss.

Use the table below to answer the following question. Table 3 Swanky's output levels Labour Plant Size (knitting machines) (workers per day) 1 23 5 11 14 11 16 19 1923 34) Refer to Table 3, which represents Swanky's production possibilities as the firm varies the quantities of knitting machines and workers per day. If Swanky increases the number of knitting machines from 1 to 2 and increases the number of workers employed from 1 to 2, the factory experiences A) diseconomies of scale. B) constant returns to scale. C) constant marginal product. D) economies of scale. E) minimum efficient scale.

constant costs

increasing returns to scale

constant returns to scale

isocost curve

decreasing returns to scale

isoquant

diseconomies of scale

long-run average cost

economies of scale

long-run marginal cost

economies of scope

marginal rate of technical substitution

expansion path

short-run expansion path

___A curve that displays all the various combinations of inputs that will produce a given amount of output.

___The rate at which one input is substituted for another along an isoquant.

___Line that shows all the possible combinations of inputs that can be purchased for a given total cost.

___A curve showing all of the cost-minimizing levels of input usage for various levels of output.

___When the usage of all inputs is increased by an equal proportionate amount, output ___increases by exactly the same proportion.

___When the usage of all inputs is increased by an equal proportionate amount, output increases by a larger proportionate amount.

___When the usage of all inputs is increased by an equal proportionate amount, output increases by a smaller proportionate amount.

___Cost per unit in the long run.

___The change in long-run total cost per unit change in output.

___When long-run average cost falls as output increases.

___When long-run average cost increases with increases in output.

___Long-run average and marginal costs are equal for all levels of output.

___The situation in which the joint cost of producing two goods is less than the sum of the separate costs of producing the two goods.

___Horizontal line showing the cost-minimizing input combinations for various output levels when capital is fixed in the short run.

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