The short-run average cost of producing a given level of output (a) is no greater than...
The short-run average cost of producing a given level of output
(a) is no greater than the long-run average cost because in the long run an input which is fixed in the short run can be adjusted optimally
(b) is not approximately constant near its minimum
(c) does not depend on the output level in question
(d) is no less than the long-run average cost because in the long run an input which is fixed in the short run can be adjusted optimally.
Homework Answers
"D"
the shirt run average cost curve will be no less than the long run cost curve because long run cost curve represents the lowest price at which the goods can be produced, all the goods that are fixed in the short run can be changed in the long run.
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The short-run average cost of producing a given level of
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Question 3 Long-run average total cost (LAC) O a represents the lowest average cost of producing a given level of...
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If a firm is producing the level of output at which long-run average cost equals long-run marginal cost, then a. long-r...
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8. In the short run, a perfectly competitive firm will shut down if it is producing...
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In the short run, average total cost is less than average variable cost. sometimes higher and...
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Economies of scale refers to when:
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The following graph shows the short-run average total cost curves and the long-run average total cost...
The following graph shows the short-run average total cost
curves and the long-run average total cost curve for a publishing
firm. The five marked quantities indicate points of tangency
between each short-run average total cost curve ( SRATC ) and the
long-run average total cost curve ( LRATC ); for example, Q1 marks
the point of tangency between SRATC1 and LRATC .
7. Long-run cost relationships The following graph shows the short-run average total cost curves and the long-run average...
6. Long-run cost relationships The following graph shows the short-run average total cost curves and the...
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The following graph shows the short-run average total cost curves and the long-run average total cost...
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Long-run average total cost (LAC) a. represents the lowest average cost of producing a given level of output. b. is always equal to or greater than short-run average total cost. C. can be measured in the short-run. d. None of the above
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8. In the short run, a perfectly competitive firm will shut down if it is producing a level of output where marginal revenue is equal to short-run marginal cost and price is A. Greater than average total cost. B. Less than average total cost. C. Greater than average variable cost. D. Less than average variable cost E. None of the above 10. Given your answer to Question 8, what can you say about Hanna's firm: A. It should continue operating...
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In the long run when average total cost does not depend on the
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Commodities:
We assume that in the long run in a perfectly competitive
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Multiple Choice an increase in the quantity of output increases average total cost in the long run. None are correct. average total cost does not depend on the quantity of output in the long run. an increase in the quantity of output...
The following graph shows the short-run average total cost
curves and the long-run average total cost curve for a publishing
firm. The five marked quantities indicate points of tangency
between each short-run average total cost curve ( SRATC ) and the
long-run average total cost curve ( LRATC ); for example, Q1 marks
the point of tangency between SRATC1 and LRATC .
7. Long-run cost relationships The following graph shows the short-run average total cost curves and the long-run average...
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