32. By definition the efficient scale of a producer is at the production point a

Question

32. By definition the efficient scale of a producer is at the production point at which average total cost is minimized the producer producing its output operating at efficient scale, if its a. the slope of total cost is the smallest. b, the marginal cost curve intersects at the minimum point of AFC curve c. the marginal cost curve intersects at the minimum point of AVC curve. d. the marginal cost curve intersects at the minimum point of ATC curve 33. If marginal cost is below the average total cost, then average total cost a. is constant. b. is rising. d. may rise or fall depending on the size of fixed costs. c. is falling. 34. The total cost to the firm of producing zero units of output is a. its fixed cost in the short run and zero in the long run b. its fixed cost in both the short run and the long run. c.its variable cost in both the short run and the long run. dzero in both the short run and the long run. Table#1: Illustrate various costs of Jimmy's Gigaplot Factory Do fill up Table#1 below before answeringqu estions (5 bonus points for correctly completion) FC VC TC $17 S30 $28 $64 $108 $70 $133 35. Refer to TableI. What is the average variable cost at 5 units of the output at Jimmy's Gigaplot factory respectively? a. 16. C. 18.6 d. 18. what is the average total cost at 7 units of the output at Jimmy's Giga lot factory respectively? what is the average fixed cost at 8 units of the output at Jimmy's Gigaplot factory respectively? What is the marginal cost in producing between 3 and 4 units of the output at lin my s Gigglt fadin 30. Refer to Table#l a. 23.13. b. 22.57 c. 22. d. 21.4 37 Refer to Table#1. a. 2.13 b. 4.50 c. 5.67 d. 8.50 38. Refer to Table#1. ' able#1 b. 19 respectively? c. a. 39. When comparing short-run average total cost with long-run average total cost at a given level of output, a. short-run average total cost is typically below long-run average total cost b. short-run average total cost is typically above long-run average total cost. c. short-run average total cost is typically the same as long-run average total cost. d. the relationship between short-run and long-run average total cost follows no clear pattern. 40 When the long-run marginal cost intersects with the long-run average total cos,the long-run average total coat curve ea b. efficient scale. d. diseconomies of scale. a. constant returns to scale. c. economies of scale.

Explanation / Answer

33. c atc will fall

34 a if fixed cost and short run is zero

39 c short run average tatal cost is tropically same as long run  

40 c economiseof scale

33. c

34 a

39 c

40 c

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