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    refer to figure 13-9. at levels of output lower than m, the firm experiences

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    28 Refer to Figure 13 9 At levels of output less than M the firm experiences a

    28 Refer to Figure 13 9 At levels of output less than M the firm experiences a from ACCOUNTING 304 at HELP University

    28 refer to figure 13 9 at levels of output less than

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    28. Refer to Figure 13-9. At levels of output less than M, the firm experiencesa.economies of scale.b.diseconomies of scale.c.constant returns to scale.d.both diminishing marginal productivity and coordination problems.

    29. Refer to Figure 13-9. The firm experiences constant returns to scale at which output levels?

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    30. Refer to Figure 13-9. At output levels greater than N, the firm experiences

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    b.constant returns to scale.c.diseconomies of scale.d.minimum efficient scale.Short Essay QuestionsScenario 13-21Suppose that a small family farm sold its output for $100,000 in a given year. The family spent$25,000 on fuel, $40,000 on seed, fertilizer, and pesticides, and $25,000 on equipment, includingmaintenance. The family memberscould have earned $20,000 working at other occupations.1.Refer to Scenario 13-21.What is the accounting profit for the family farm?

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    2.Refer to Scenario 13-21.What is the economic profit for the family farm?

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    Scenario 13-22Suppose that a small hair styling salon had revenues of $150,000 in a given year. The owner spent$10,000 onutilities, $60,000 on supplies (shampoo, conditioner, hair coloring and other chemicals,etc.), and $50,000 onequipment (mirrors, chairs, scissors, curling irons, etc.), includingmaintenance. The owner could have earned $50,000 working at another salon.3.Refer to Scenario 13-22.What is the accounting profit for the hair styling salon?

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    4.Refer to Scenario 13-22.What is the economic profit for the hair styling salon?

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    Economics, Revenue, Economics Of Production, Wooden Chair Factory

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    Solved 15. In the long run Irene’s Ice Cream Parlor incurs

    Answer to Solved 15. In the long run Irene’s Ice Cream Parlor incurs

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    Question: 15. In The Long Run Irene’s Ice Cream Parlor Incurs Total Costs Of $2,500 When Output Is 1,250 Units And $4,000 When Output Is 1,500 Units. For This Range Of Output, Irine’s Exhibits Economies Of Scale. Constant Returns To Scale. Diseconomies Of Scale. Efficient Scale. 16. Firms May Experience Diseconomies Of Scale When They Are Too Small

    15. In the long run Irene’s Ice Cream Parlor incurs total costs of $2,500 when output is 1,250 units and $4,000 when output is 1,500 units. For this range of output, Irine’s exhibits

    economies of scale.

    constant returns to scale.

    diseconomies of scale.

    efficient scale.

    16. Firms may experience diseconomies of scale when

    they are too small to take advantage of specialization.

    large management structures are bureaucratic and inefficient.

    there are too few employees, and managers do not have enough to do.

    average fixed costs begin to rise again.

    Figure 13-9

    The figure below depicts average total cost functions for a firm that produces automobiles.

    17. Refer to Figure 13-9. At levels of output less than M, the firm experiences

    economies of scale.

    diseconomies of scale.

    constant returns to scale.

    both diminishing marginal productivity and coordination problems.

    18. Refer to Figure 13-9. The firm experiences constant returns to scale at which output levels?

    output levels less than M

    output levels between M and N

    output levels greater than N

    All of the above are correct as long as the firm is operating in the long run.

    19. Refer to Figure 13-9. At output levels greater than N, the firm experiences

    economies of scale.

    constant returns to scale.

    diseconomies of scale.

    minimum efficient scale.

    20. Total cost is the

    amount a firm receives for the sale of its output.

    fixed cost less variable cost.

    market value of the inputs a firm uses in production.

    quantity of output minus the quantity of inputs used to make a good.

    Show transcribed image text

    Expert Answer

    83%

    Q15. Answer is Diseconomies of scale explanation Average cost at 1250 = 2500/12…

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    Transcribed image text: Average Total Cost ($) ATC LE ATCA ATCc ATCB Automobiles per day

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    Econ 110 Test 3 Flashcards

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    Econ 110 Test 3

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    Suppose that a "doggie day care" firm uses only two inputs: hourly workers (labor) and a building (capital). In the short run, the firm most likely considers

    a. both labor and capital to be fixed.

    b. both labor and capital to be variable.

    c. labor to be variable and capital to be fixed.

    d. capital to be variable and labor to be fixed.

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    C

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    Grace is a self-employed artist. She can make 20 pieces of pottery per week. She is considering hiring her sister Kate to work for her. Both she and Kate can make 35 pieces of pottery per week. What is Kate's marginal product?

    a. 55 pieces of pottery

    b. 35 pieces of pottery

    c. 22.5 pieces of pottery

    d. 15 pieces of pottery

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    D

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    Suppose that a "doggie day care" firm uses only two inputs: hourly workers (labor) and a building (capital). In the short run, the firm most likely considers

    a. both labor and capital to be fixed.

    b. both labor and capital to be variable.

    c. labor to be variable and capital to be fixed.

    d. capital to be variable and labor to be fixed.

    C

    Grace is a self-employed artist. She can make 20 pieces of pottery per week. She is considering hiring her sister Kate to work for her. Both she and Kate can make 35 pieces of pottery per week. What is Kate's marginal product?

    a. 55 pieces of pottery

    b. 35 pieces of pottery

    c. 22.5 pieces of pottery

    d. 15 pieces of pottery

    D

    Refer to Figure 13-3. Which of the following is true of the production function (not pictured) that underlies this total cost function?

    (i) Total output increases as the quantity of inputs increases but at a decreasing rate.

    (ii) Marginal product is diminishing for all levels of input usage.

    (iii) The slope of the production function decreases as the quantity of inputs increases.

    a. (i) only

    b. (ii) and (iii) only

    c. (i) and (iii) only

    d. (i), (ii), and (iii)

    D

    Suppose that for a particular firm the only variable input into the production process is labor and that output equals zero when no workers are hired. In addition, suppose that the average total cost when 5 units of output are produced is $30, and the marginal cost of the sixth unit of output is $60. What is the average total cost when six units are produced?

    a. $10 b. $25 c. $30 d. $35 D

    Refer to Figure 13-5. Curve A represents which type of cost curve?

    a. marginal cost

    b. average total cost

    c. average variable cost

    d. average fixed cost

    D

    Refer to Figure 13-5. Curve C represents which type of cost curve?

    a. marginal cost

    b. average total cost

    c. average variable cost

    d. average fixed cost

    B

    Refer to Figure 13-5. Curve D represents which type of cost curve?

    a. marginal cost

    b. average total cost

    c. average variable cost

    d. average fixed cost

    A

    Refer to Figure 13-5. Curve A is always declining because

    a. of diminishing marginal product.

    b. we are dividing fixed costs by higher and higher levels of output.

    c. marginal product first increases, then decreases.

    d. marginal product first decreases, then increases.

    B

    Refer to Figure 13-5. Curve D intersects curve C

    a. where the firm maximizes profit.

    b. at the minimum of average fixed cost.

    c. at the efficient scale.

    d. where fixed costs equal variable costs.

    C

    Refer to Figure 13-9. Which of the curves is most likely to characterize the short-run average total cost curve of the smallest factory?

    a. ATCA b. ATCB c. ATCC d. ATCD A

    Refer to Figure 13-9. Which curve represents the long-run average total cost?

    a. ATCA b. ATCB c. ATCC d. ATCD D

    Refer to Figure 13-9. The firm experiences economies of scale at which output levels?

    a. output levels less than M

    b. output levels between M and N

    c. output levels greater than N

    d. All of the above are correct as long as the firm is operating in the long run.

    A

    Refer to Figure 13-9. The firm experiences constant returns to scale at which output levels?

    a. output levels less than M

    b. output levels between M and N

    c. output levels greater than N

    d. All of the above are correct as long as the firm is operating in the long run.

    B

    Refer to Table 14-3. For a firm operating in a competitive market, the price is

    a. $0. b. $7. c. $14. d. $21. B

    Suppose that a firm operating in perfectly competitive market sells 200 units of output at a price of $3 each. Which of the following statements is correct?

    (i) Marginal revenue equals $3.

    (ii) Average revenue equals $600.

    (iii) Average revenue exceeds marginal revenue, but we don't know by how much.

    a. (i) only b. (iii) only

    c. (i) and (ii) only

    d. (i), (ii), and (iii)

    A

    Mrs. Smith operates a business in a competitive market. The current market price is $7.50. At her profit-maximizing level of production, the average variable cost is $8.00, and the average total cost is $8.25. Mrs. Smith should

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