Question 23.23 The long run is a period of time, or a time frame, in which all resources are fixed. the level of output is fixed. the amount of all resources can be varied. the capacity of the production plant is fixed.
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Question 23.23 The long run is a period of time, or a time frame, in which
all resources are fixed.
the level of output is fixed.
the amount of all resources can be varied.
the capacity of the production plant is fixed.
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- What are different types of costs involved in production of goods and services? Analyze the relationship between cost and productivity in the short run.Explain the concept long run in production time frameQuestion 17 The production period in which at least one input is fixed in quantity is the production run. long run. short run. planning horizon.
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- Operations Strategy Question: Which of the following is not a component of the production process? a) Inputs b) Outputs c) Operations strategy d) Transformation processThe accompanying table shows the total daily output for a firm producing specialty cakes and operating with a fixed amount of capital. The cost of labour is $200 per unit per day and the fixed cost of the capital is $1500 per day. Click the icon to view the table. 24 28 8 12 16 20 Complete the last four columns of the table. Units of Labour Total Output (per day) (per day) 4 200 24 2450 28 2510 500 1200 1950 2330 2450 $ 1500 2510 $ 4800 $ 1500 $ 5600 TFC TVC $6300 $ 7100 TC MC $ 2.67 $ 1.14 $ 1.07 $ 2.11 $6.67 $ 13.33 AFC $7.5 $3 $ 1.25 $ 0.77 $ 0.64 $ 0.61 AVC $4 $3.2 $2 $ 1.64 $ 1.72 $ 1.96 ATC $ 11.5 $6.2 $ 3.25 $ 2.41 $ 2.36 $ 2.57 $ 2.23 $0.6 (Round your responses to the nearest cent.) b. Assuming that labour is only hired in increments of 4 units, what is this firm's capacity level of output? per day $ 2.83Show full work for part a) b) & c) using the graph with a consistent scale
- If the marginal value of some variables is above the average value of the variable:*the marginal value must be rising.the marginal value must be falling.the average value must be rising.the average value must be falling. The fixed costs of a firm are costs that stay the same regardless of*the amount of output produced.the price of the fixed input.the amount of the fixed input employed.whether the firm is in the short-run or the long-run. In the short run, TVC*is positive when output is zero.increases with increasing output.decreases when the firm is experiencing diminishing returns.decreases when the firm is experiencing increasing returns. In the short-run, when output is zero*TC is zero.TFC is zero.TVC is zero.AFC is zero. The MC curve must be*rising when TC is rising.less than AFC when the average cost is rising.greater than ATC when the average curve is rising.falling when the ATC curve lies below the marginal curve.No excel, show full work pleasePart c) and d) show full work