Describe the term "economies of scale" in your own words. Is this a short-run concept or...

Describe the term "economies of scale" in your own words. Is this a short-run concept or a long-run concept; why?

Expert Solution

Rahul Sunny answered 1 year ago

Define the concept of short run and Long run (6%). Then, use your own example to...

Define the concept of short run and Long run (6%). Then, use your own example to illustrate the difference between short-run and long-run production operation. (10%)

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What are business examples of the following: a. economies of scale? b. short-run costs? c. Minimum...

What are business examples of the following: a. economies of scale? b. short-run costs? c. Minimum Efficiency Scale (MES)?

1.) Economies of scale refer to A.) the minimum point on the short-run average total cost curve...

1.) Economies of scale refer to A.) the minimum point on the short-run average total cost curve B.) the flat portion of the long-run average total cost curve. C.) a decrease in the long-run average total cost of production as output increases. D.) a and b E.) none of the above . 2.) Minimum efficient scale refers to the A.) minimum size plant in any given industry B.) minimum point on the short-run average total cost curve C.) output level when...

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Describe the term Standard Deviation: Describe the term Sharpe Ratio: Please answer in your own words...

Describe the term Standard Deviation: Describe the term Sharpe Ratio: Please answer in your own words and make sure it's correct 100%

1) Draw a Long-run ATC curve that reflects economies of scale. 2)Assume you own and operate...

1) Draw a Long-run ATC curve that reflects economies of scale. 2)Assume you own and operate an auto repair shop in which you work and employ Harriet, a mechanic whose skills are very similar to yours, at $45,000 per year. Also assume that you do not pay yourself but rather hope for a profit at the end of the year. A. Would the cost of your labor be an accounting cost? Explain. B. Would the cost of your labor be...

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