Microeconomic Question (c) Use well labelled diagrams to show how production isoquant can be used to explain: i) Increasing returns to scale. ii) Constant returns to scale, and iii) Decreasing returns to scale
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(c) Use well labelled diagrams to show how production isoquant can be used to explain:
i) Increasing returns to scale.
ii) Constant returns to scale, and
iii) Decreasing returns to scale
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- A Vietnamese restaurant in Port-of-Spain decides to use a part of its dining hall to sell Vietnamese grocery items. How do you classify this expansion? a.None of these other available answer choices is b.Economies of scale c.Diseconomies of scope d.Economies of scope e.Economies of scaleSpecific Subject: Microeconomics - Cost Functions Complete the following attached table, assuming that P = 100When thinking about cost analysis in Microeconomics, what are the real-world problems that occur when applying theories of scale? Describe and give an example of each.
- How the following are scaled using a table and to be supported with a graph. Present a discussion 1. Isocost Line 2. Least-Cost Combination 3. Return to scaleEconomic Mathematics Consider the problem of inventory costs and production to satisfy a demand x for a certain product. The data is as follows: Delivery period T = 8Starting inventory x (0) = 0Ending inventory x (8) = 144Inventory cost CI (x (t)) = 7x (t)Production flow cost Cp = 3.5x'2 (t)1. Write the problem of minimizing total costs over time 2. Check the second order conditions for minimization3. Raise the Euler equation and the differential equation to solve4. Find the paths of inventory, production and total costs5. Graph the inventory and production lanes (use 0.5 increments over time)a. Define economies of scale and explain why they might arise. Definediseconomies of scale and explain why they might arise. b. Explain the relationship between total product, marginal product, and averageproduct.c. How does fixed cost affect marginal cost? Why is this relationship important?
- Name Time Started Time Finished Variable input (Labor) 0 10 20 1. Define the following terms: production function, average product, marginal product, law of diminishing marginal returns, constant returns to scale, increasing returns to scale and decreasing returns to scale. 2. Complete the table below: 30 40 50 60 THEORY OF PRODUCTION Activity No. 6 70 80 90 100 110 120 130 140 Total Product 0 250 600 1200 1900 2700 3600 4400 5000 5425 5700 5825 5900 Course & Year Date Performed 5925 5875 Average Product Marginal Product With the values in the above table, plot Total Product (TP), Average Product (AP) and Marginal Product (MP) in a single graph with units of product at the vertical axis and labor units at the horizontal axis. You can also use two (2)graphs (TP above AP and MP curves) Label your graphs properly. Use graphing paper for your curves if you do not have computer/laptop access but insert graph is recommended. 3. Describe the shapes of the curves drawn. What relationship can…Multiple choice questions - Microeconomics 35) What is the firm’s efficient scale? A. the quantity of output that minimizes average total cost B. the quantity of output that minimizes average variable cost C. the quantity of output that minimizes marginal cost D. the quantity of output that minimizes average fixed cost 34) Marginal cost increases as the quantity of output increases. What property does this reflect? A. diminishing total cost B. increasing marginal product C. increasing total cost D. diminishing marginal productEng. Economic book.