Published on Apr 30, 2020 Show
ECON 1002 Microeconomics Unit 3 Challenges Click below link for Answer https://www.sobtell.com/q/tutorial/default/206915-econ-1002-microeconomics-unit... Lucky Twister Follow this publisher - current follower count:13 Based on this graph, which of the following statements is true at an output of7,000 indicated by the green line?a.)The cost is rising faster than the revenue.b.)The slopes of the total revenue and total cost curves are equal.c.)The firm should increase output.d.)The profit is maximized. Based on this graph, which of the following statements is true at an output of 7,000indicated by the green line?●a.)●The slopes of the total revenue and total cost curves are equal.●b.)●The firm should increase output.●c.)●The cost is rising faster than the revenue.●d.)●The profit is maximizedECON 1002 Microeconomics Unit 3 Challenges ECON1002 Microeconomics Unit 3 ChallengesPublished on Apr 30, 2020 ECON 1002 Microeconomics Unit 3 Challenges Click below link for Answer https://www.sobtell.com/q/tutorial/default/206915-econ-1002-microeconomics-unit... Lucky Twister Workers = 14 LC = hourly wage x workers Material cost = output x cost Variable cost = labor cost + material cost Total revenue = Price of caps x output Marginal cost = VC (of 15) - VC (of 14) / MC (of 15) - MC (of 14) 168, 56, 224, 280, 180, 60, 240, 300, 4 Is it sensible to continue to operate at a loss with 14 workers? According to the shut-down rule, the firm should continue to operate in the short run as long as total revenue is greater than variable cost. Would it be better to operate with 15 workers? According to the marginal principle, the firm should increase output as long as marginal cost is less than price.  Section 3.1 1) A)High initial costs, licenses, start-up fees and government regulation are all examples of __________. barriers to entry or exit B) Which of the followings statements regarding perfectly competitive markets is true? Most markets lie somewhere between perfect competition and monopoly. C) Firms in perfect competition are __________. many in number and small in size 2) A) Diamonds are unique as a gemstone and have no substitutes. Which of the following characteristics of a monopoly is being exhibited with the above statement? A monopoly has a differentiated product. B) Which of the following descriptions corresponds with a monopoly? STB Airlines' logo is produced by Deb's Designs. Deb's Designs has a patent on a process necessary for STB's logo, so Paul cannot order the logo imprinting anywhere else. C) Which of the following examples is a characteristic necessary for a diamond firm to run as a monopoly? The firm has complete control over price and is known as a price- maker. Which of the following statements is true when a firm is maximizing its profit?True: Firms maximize profits by producing a quantity where marginal revenue is equal to marginal cost. For a perfectly competitive firm, price is equal to marginal revenue, therefore in the short-run, firms maximize profits by producing the quantity where price equals short-run marginal cost.
Which of the following is true regarding the long run average total cost curve?Which of the following is true about the long run average cost curve? The long run average cost curve is comprised of all the lowest points of each of the short run average cost curves because no firm will operate at a level of higher per-unit costs in the long run than in the short run.
When a firm sees average costs start to increase as production increases this is known as?Diseconomies of scale occur when the expansion of output comes with increasing average unit costs. Diseconomies of scale can involve factors internal to an operation or external conditions beyond a firm's control.
Which of the following best describes a firm's long run average cost curve?The answer is c. That "the period of time over which all factors of production are variable" best describes the long run for a firm.
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Assuming the price of scarves is currently $40, which of the following statements is true?
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