🏷️ LIMITED TIME OFFER: GET 20% OFF GRADE+ YEARLY SUBSCRIPTION →
Log in
Economics
6
answers
0
watching
21
views
12 Dec 2019

The long-run average total cost curve is often bumpy because

capital can be varied only in tiny increments.
capital can often be varied only in large increments.
short-run average variable cost curves are bumpy.
short-run average total cost curves are bumpy
capital cannot be increased with labor at the same time.

Watch
6
answers
0
watching
21
views

For unlimited access to Homework Help, a Homework+ subscription is required.

Unlock all answers

Get 1 free homework help answer.
Get unlimited access
Already have an account? Log in
Share
Get unlimited access
Already have an account? Log in
Share
Get unlimited access
Already have an account? Log in
Share
Get unlimited access
Already have an account? Log in
Share
Get unlimited access
Already have an account? Log in
Share
Get unlimited access
Already have an account? Log in
Share

Related textbook solutions

Principles of Economics
2nd Edition, 2017
Openstax
ISBN: 9781947172364
Principles of Macroeconomics
2 Edition,
Openstax
ISBN: 9781947172388
Principles of Microeconomics
2 Edition,
Openstax
ISBN: 9781947172340

Related questions

If an industry has no barriers to entry, no product promotion strategy, a standardized product type, and a very large number of firms operating within it, the industry can be said to have

Select one:

a. a monopoly market structure.

b. perfect competition.

c. differentiated market.

d. monopolistic competition.

e. an oligopoly market structure.

The long-run average-cost curve

Select one:

a. connects the minimum points of all the short-run average-total-cost curves.

b. connects the maximum points of all the short-run average-total-cost curves.

c. connects minimum points on the short-run total-cost curves.

d. indicates the most efficient scale of operation for a given level of output.

e. is the most efficient scale of operation.

The distribution of family income is preferable than the distribution of household income because

Select one:

a. household income is less accurate.

b. more households than families.

c. a household can be a single person living alone.

d. a family must be composed of at least two people.

e. family size varies less among the quantiles.

Which of the following statements is false?

Select one:

a. The long-run average-total-cost curve does not connect the minimum points of each of the short-run average-total-cost curves.

b. The long-run average-total-cost curve shows the minimum cost of producing each level of output when all resources are variable.

c. The short-run average-total-cost curve shows the minimum costs of producing each level of output when at least one input is fixed.

d. If short-run average-total-costs are declining, then economies of scale exist.

e. None of the above.

A firm uses two inputs in production: capital and labor. In the short run, the firm cannot adjust the amount of capital it is using, but it can adjust the size of its workforce. What happens to the firm's average total cost curve, the average variable cost curve, and marginal cost curve when


a. the cost of renting capital increases?


b. the cost of hiring labor increases?

Weekly leaderboard

Home
Homework Help 3,900,000
Economics 400,000
Start filling in the gaps now
Log in