Q: define economic of scale
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A: Marginal cost is the additional cost incurred with an additional unit of output produced.
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Explain the concept long run in production time frame
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- What is a cost reduction?Show full working out and clear hand drawn diagramsPRINT YOUR NAME (LAST) (FIRST) Aggregate Cost Data Unit Cost Data Average Average Average I Fixed Variable Total Cost TC Marginal Quantity Fixed Variable Total Change in I Cost of Output (FC) (VC) Cost ATC Cost Cost Total Cost (TC) (ATC) Plot MC at Output Cost Cost IFC VC $600 $ 0 $ 600 I XX XX XX XX $3.00 $300 50 100 600 300 900 I $6.00 $3.00 $9.00 100 1.00 150 200 600 400 | 3.00 2.00 5.00 50 .50 - 250 300 1050 I 2.00 1.50 1.00 350 400 1150 I 1.50 1.38 2.88 200 2.00 - 450 500 600 750 1350 I 1.20 1.50 550 600 600 1200 1800 3.00 10.00 - 650 700 2200 2800 I.85 3.15 PLOT THE APPROPRIATE DATA FROM THE PRECEDING TABLE ON THE GRAPHS ON P. 134 AND 135 BEFORE ANSWERING THE EIGHT QUESTIONS BELOW. QUESTIONS 5-8 ARE ON PAGE 136. 1. How is marginal cost (ATC/AQ) represented in your graph on page 134? 2. On your graph on page 135 Variable Cost per unit (VC/Q or average variable cost) is at a minimum at an output level of, units. 3. On your graph on page 135 Total Cost per unit (TC/Q or average…
- Show full work for part a) b) & c) using the graph with a consistent scaleResearch an instance of an actual firm that has been engaged in cost-cutting measures. What actions specifically are being taken and considered? Has the cost-cutting been effective? Cite the source of your information.Solve following questions, diagrams required
- ANSWER AND SHOW WORK IN EXCEL ATTACHED IS QUESTIONQuestion S An auto-repair shop faces the following weekly costs: rent, $800; labour, $500 per worker; parts and supplies, 70 per repair. Each worker can repair four cars per week. Copy & paste the table below into the answer area. Then complete all questions. (a) Fill in the costs in the table. (b) What are the total costs if the shop repairs 16 cars in a week? (c) What are the total costs if the shop repairs no cars in a week? ( Number of repairs 0 4 7 8 12 20 24 28 32 For the toolbar, press ALT F1D (PC) or ALT+FN-F10 (Mac) Fixed costs ($) Variable costs ($) Total costs (S)Please show the curve on the graph along with the plotted points and answer the two cost amounts at the bottom
