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mars1129 [50]
3 years ago
15

When a firm is experiencing economies of scale, long-run a. average total cost is minimized. b. average total cost is greater th

an long-run marginal cost. c. average total cost is less than long-run marginal cost. d. marginal cost is minimized.
Business
1 answer:
USPshnik [31]3 years ago
7 0

Answer:

A. Average total cost is minimized

Explanation:

Economies of scale refers to the cost advantages a firm enjoys when production becomes efficient. Economies of scale can be achieved by increasing production and and lowering cost of production.This is because cost are spread over a larger number of goods, thereby, making per unit cost cheaper.

There are two types of cost

1. Fixed cost: They are cost that doesn't change during the production process. Such as buildings, furnitures and fittings, machineries.

2. Variable cost: They are cost that changes with production process such as cost of raw materials.

When a firm is experiencing economies of scale, long-run, average total cost is minimized.

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the country of doomsville is currently in a recession. the government of doomsville, in an effort to maintain its tax revenues i
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Danny "dimes" donahue is a neighborhood's 9-year-old entrepreneur. his most recent venture is selling homemade brownies that he
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Answer:

A) Price elasticity of demand = 8

B) PED is elastic

C) increase Danny's total revenue

Explanation:

we can calculate the price elasticity of demand using the formula:

PED = % change in quantity demanded / % change in price = [(300 - 100) / 100] / [(1.5 - 2) / 2] = (200 / 100) / (-0.5 / 2) = 2 / 0.25 = 8

if the PED is the same when the price decreases from $1 to $0.50, total revenue will    :

  • when price = $1.50, total revenue = $1.50 x 300 = $450
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*a 33.33% decrease in the price will cause a 266.6% increase (= 33.33% x 8) increase in the quantity demanded = 300 units + (300 x 266.6%) = 300 + 800 = 1,100 units

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