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- How firm choose optimum combination of inputs in short run and long run explain theoritically and graphically?Do AC and AVC intersects each other?Monique has a flock of six chickens in her backyard that she initially bought for $6 each. Theflock currently lays 20 eggs per week, which Monique and her family consume at home, andher current cost of feed is $2 per week. Monique has a job that pays $8/hour with flexiblehours, but she is thinking of selling her chickens’ eggs to earn extra income. To start sellingeggs, she would need to increase production to 30 eggs per week. She can do this by increasingthe chickens’ feed to $3 per week and taking an hour off work each week to devote to chickenrearing. If the market price of her farm-fresh eggs is $1 per egg, what would be Monique’sweekly economic profits from selling her chickens’ eggs? (Select one from below) (a) −$9: This is her revenue minus her accounting cost.(b) −$1: This is her revenue minus her production cost.(c) $0: Eggs are a constant-cost market so producers must earn 0 profits.(d) $1: This is her revenue minus her economic cost.(e) $7: This is her revenue minus her…
- I need typed solution...In 50 words, answer the following question: In the class, we know the reason why the MC curve intersects the ATC curve at the minimum level of ATC. Actually, MC curve also intersects the AVC curve at the minimum level of AVC. Is it a coincidence? What make the similarity? (Hint: How MC affect the change in ATC? Does it the same for AVC?)Complete the following table and illustrate by graph following variables (TFC, TVC, TC, MC) Q TFC TVC TC MC ATFC ATVC ATC 0 20 0 1 35 2 38 3 40 4 55
- In recent years, the United States has experienced large increases in oil production due in large part to a new technology, hydraulic fracturing ("fracking"). Fracking involves injecting a mixture of water, sand, and chemicals into rock formations at high pressure to release oil and natural gas. An article in the Wall Street Journal indicates that economies of scale in fracking may be considerably smaller than in conventional oil drilling. If this view is cor- rect, what would the likely consequences be for the num- ber of firms drilling for oil in the United States?Solve only these two subparts Q) A)What is the value of AVC at 130 units of output? B)At which quantity when diminishing returns set in? Please briefly explain.What equation shows the relationship of MC to AVC when AVC is rising?