Answer:
(i) The farm can cover its revenue using its total variable cost, therefore the farm will continue producing 200 units
(ii) The farm cannot cover its revenue using its total variable cost, therefore the farm will shut down
(iii) The two relevant points on supply curve will be: (Price = $12 & Quantity = 0) and (Price = $25 & Quantity = 200)
Explanation:
(i)According to given data, When output is 200 but price is $20, this price is equal to ATC, so the farm breaks even. But since this price is higher than AVC of $15, the farm can cover its revenue using its total variable cost, therefore the farm will continue producing 200 units.
(ii) When output is 200 but price is $12, this price is equal to ATC, so the farm makes economic loss. Also, this price is lower than AVC of $15, so the farm cannot cover its revenue using its total variable cost, therefore the farm will shut down.
(iii) The farm's supply curve is the portion of its Marginal cost (MC) curve above the minimum point of AVC. Since price equals MC, the two relevant points on supply curve will be: (Price = $12 & Quantity = 0) and (Price = $25 & Quantity = 200).
Answer:
Conversations with people who start their own business often reveal that many small business owners got their entrepreneurial idea from a previous job.
Small businesses are started either as a sole proprietorship or partnership, where they sell fewer resources than a larger company. Entrepreneurial ideas come from starting the business from previous jobs to help the small business make maximizing profit
Hope this helps ;)
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Answer:
80,640 wafers
Explanation:
Calculation to determine How many wafers does the cooling tube hold on average when in production
Using this formula
I = R x T
Where,
R = 112 wafers per second x 60
R = 6720 wafers per minute
T = 12 minutes
Let compute for I using the formula aboi
I = 6720 x 12
I = 80,640 wafers
Therefore How many wafers does the cooling tube hold on average when in production are 80,640 wafers
Answer: Production is characterized by significant economies of scale is not an assumption of perfect competition (A)
Explanation:
A perfect competition is a form of market structure that has many buyers and may sellers. In a perfect competition, there is a free entry and exit for producers as there is no barrier.
Also, firms are price takers as no producer can influence the price of the goods in the market unlike in an imperfect competition which is a price maker as producers can influence price. Firms also sell identical products that are the same in quality, size etc.
In a perfect competition, production is not characterized by significant economies of scale. That is an assumption that can be found in monopoly.
Therefore, option A is the right answer.
