Economies to scale refer to Select one: a. the point at which marginal cost equals average cost. b. the fact that in the long run, fixed costs remain constant as output increases. c. the range of output over which the long-run average cost falls as output increases. d. a feature of short-run production functions but not long-run production functions.

Economies to scale refer to Select one: a. the point at which marginal cost equals average cost. b. the fact that in the long run, fixed costs remain constant as output increases. c. the range of output over which the long-run average cost falls as output increases. d. a feature of short-run production functions but not long-run production functions.

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter12: The Cost Of Production

Section12.4: Costs In The Short Run And In The Long Run

Problem 4QQ

See similar textbooks

Related questions

Q: Monopolistic Competition -- Questions 16-20 refer to Figure 6-2 below. This figure depicts a…

A: Below is the edited graph that shows various marked points:

Q: Read the following scenario. Imagine a market where there is perfect competition between two or…

A: *Answer:

Q: Economics 2. give two curvilinear equations of three sector economy: IS, where Y = 2000 – 5000r ISz…

A: Answer is given below

Q: f patients receive more medical care in areas with greater medical care supply (holding medical care…

A: The doctor-patient connection is critical to the practice of medicine and is essential to providing…

Q: A monopolistically competitive industry is characterized by... Group of answer choices many firms…

A: Monopolistic competition occurs when multiple enterprises offer similar (but not identical) products…

Q: Economics 4. Suppose that Okun's law can be described by the following equation: Y-Y* = -3(u – u')…

Q: a) The owners of firms in the real world would generally expect (in the long run at least) to have…

A: Let's first learn about economic profit. The difference between the revenue earned by the firm and…

Q: Economics Supposes Monopharm wants to maximize profit, what quantity does it sell, what price does…

Q: (1) Patricia owns a cleaning business with Sarah. They both have other jobs and are trying to…

A: As per the guidelines answer is given to the first question i.e. (1): (1) "A payoff matrix in game…

Q: Following the COVID-19 pandemic, central banks have committed to keeping short-term interest rates…

A: Answer - Expansionary monetary policies :- Under this central bank keep interest rates low and…

Q: The relationship between the factors of production and the output of goods and services. O a.…

A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: At the Cournot equilibrium, fırms have no incentive to change their output levels because (select…

A: Cournot equilibrium is achieved when the firm decides its quantity on the basis of the strategy…

Q: Your company is going to invest in a new machine that expects to produce $50,0oo in new profits each…

A: Given information: Profit for 3 years = $50000 each year First-year investment for machine = $50000…

Q: Pros and cons of stabilization policies relative to the self-correcting mechanism.

Q: True or false? Basic economic concepts can be used to understand the pricing of products.

A: Economics refers to the social science that studies the production, distribution, and consumption of…

Q: In the Simple Keynesian Macroeconomic Model, which of the following will determine the level of…

A: In the simple Keynesian macroeconomic model, the level of autonomous spending by households will be…

Q: Sukject Economethic vasiable in com Discuss how dumr chomge slope and be used to test (a) intercept…

A: Dummy Variable A regression analysis is a mathematical parameter that is used to represent subsets…

Q: Question 9 As the number of firms in an oligopoly increases, the... Group of answer choices…

A: Oligopoly marketplaces are those where a limited number of providers dominate. They may be found in…

Q: Using the possibiliting Frontier ExpRain the concept of Opportunity ost moving FromD.tA and B to C…

A: Because natural resources in an economy are restricted through which things can be generated,…

Q: During the Post-WWII "Baby Lpom" from 1946-1970, US GDP grew by an annualized per year; in…

A: Growth is calculated as the percentage change in the consumer price index of the current year to the…

Q: Suppose that the total aggregate supply of workers (all sectors combined) is given by S=100 workers…

A: Given information Labor supply=100 Labor demand in sector A=103-Wa Labor demand in sector B=98-WB

Q: What is the difference between the rates of return for a renewable and nonrenewable resource? How do…

Q: Sherry has a goal of retiring with $393,180 by making weekly deposits into a investment account…

A: Given:- Amount=$393,180 Rate=1.6% Time=21 years To calculate:- Interest earn=? Please find the image…

Q: Which of the following is a method a incumbent's can use to make limit pricing a credible threat?…

A: When talking about the competition at the marketplace, incumbents are the sellers who tries to get…

Q: Figure 6-1: The diagram below depicts the market situation for a monopoly bread shop called Dough!.…

A: Under monopoly the firm charge high price and produce inefficient output level as compared to…

Q: Economics 2. give two curvilinear equations of three sector economy: IS, where Y = 2000 – 5000r ISz…

Q: 17.3 A self-propelled combine with a four-row 101.6 cm [40 in] corn head has a list price of…

A: The average cost pricing rule refers to the standard strategy of pricing which is imposed by the…

Q: Given demand and supply equation as follows: Qd = 100 - 5P Qs = 20 + 5P a) find the equilibrium…

A: The market is in equilibrium when quantiy demanded equals quantity supplied. So we equate the demand…

Q: Wk 2- Apply: Market Dynamics and Eficiency (due Day 71 0 Help Seve & Exit Submit Seved S Price S…

A: Here all graph are in equilibrium. The equilibrium is achieved when demand for goods and services…

Q: Explain why the profit maximising price and quantity for a price-setting firm (in a market where it…

A: If we consider the Pareto efficient outcome then in such case the resources are used in the most…

Q: For Group A the cost of attaining an educational level y is CA(y) = $6,000y and for Group B the…

A: * SOLUTION :- Given that , CA(y) = $6,000y CB(y) = $10,000y. Employees will be offered $50,000…

Q: Discuss some of the trade-offs and the challenges of a move to an enterprise-level analytics…

A: In economics, the word "trade-off" refers to the reality that budgeting always entails losing some…

Q: If a firm earns $500 million in profits for the year and they retain $175 million, how much do they…

A: Retained earnings are those earnings that are earned by the firm but have not been returned to…

Q: Calculate what the federal funds rate should be using the Taylor Rule

A: Using Taylor's rule, when the equilibrium real federal funds rate is 2 percent, the positive output…

Q: ce sheet Assets Liabilities Required reserves Excess reserves Loans $11 $31 $80 Checkable deposits…

A: *Answer: bank is considered as the financial institution that have licenses to receive deposits and…

Q: Q.2 Given the Equilibrium relative price Nation 1 Pa Pa 1 Nation 2 G' 60 PA 4 Pr 2 50 40 30 P! 20 PA…

A: Offer curve represents the country's terms of trade or reciprocal demand which snows countries…

Q: Provide an Overview of the South African maritime industry. 500 words

A: The term "Maritime Industry" may be used to refer to anything that has to do with the ocean, sea,…

Q: WHICH IS CORRECT OPTION IN THE SECOND SUBPART .

A: The central banking system of a nation is involved in making of the monetary policies in the…

Q: Question 7 As competitors enter a monopolistically competitive industry, the incumbent firms'…

A: "Monopolistically competitive industry have firms which offer commodities or services which are…

Q: 1) The following table shows the production function for a firm. Number of workers Average…

A: As per the guidelines answer is given to the first question. (1) " In the table attached in step 2,…

Q: Are you concerned about the inflation come back due to such easy monetary policy with zero interest…

A: The pace at which prices keep rising over a certain amount of time is referred to as…

Q: Why in a perfectly competitive market seller cannot sell at a price higher than the market price?…

A: Note:- Since we can only answer one question at a time, we'll answer the first one. Please repost…

Q: Bob's lawn-mowing service is a profit-maximizing, competitive firm. Bob mows lawns for $25 each. His…

A: Profit Maximization is a objective of firm with given resources . Firm focuses either to minimise…

Q: Using the possibiliting Frontier ExpRain the concept of Opportunity cost moving From D.toA and B to…

A: Answer - Opportunity cost :- It is the cost that an individual need to pay to choose one option…

Q: Assume the following model of the economy C = 60 + 0.75(Y – T) I = 45 – 5r G = 40 and T = 40 M$ =…

A: IS - LM curves refers that investment savings-liquidity preference-money supply , these curves show…

Q: 2. Assume equations 1 and 2 below were estimated from the data gathered that will represent the…

A: Given information Qdx=65000-11.25Px+15Py-3.75I+7.5A--(1) Qsx=7500+14.25Px-15Pz-3.75C---(2) equation…

Q: The firm uses price discrimination to increase its profits. What is the change in the price level?…

A: Price discrimination:- Price discrimination is a marketing approach in which a vendor asks varying…

Q: Question 19 Refer to Figure 6-2 in Question 16. At the profit-maximizing level of output, what is…

A: "A monopolistically competitive firm will maximize profits at a point where marginal revenue MR…

Q: Use this table to answer the questions on the Marginal Rate of Commodity Substitution. The table is…

A: MRS is defined as marginal rate of substitution. Which means, how many unit of good x has to forgone…

Q: Elasticity Analysis: Answer the questions and show your solutions by illustrating a graph supporting…

Question

Economies to scale refer to

Select one:

the point at which marginal cost equals average cost.

the fact that in the long run, fixed costs remain constant as output increases.

the range of output over which the long-run average cost falls as output increases.

a feature of short-run production functions but not long-run production functions.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Recommended textbooks for you

Essentials of Economics (MindTap Course List)

Economics

ISBN:

9781337091992

Author:

N. Gregory Mankiw

Publisher:

Cengage Learning