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A business whose only inputs are labour and capital expands its employment level in the long run from 12 to 18 workers and its from 4 to 6 machines. Write out dollars and cents, e.g. $1.00 or $0.10 for any monetary amounts entered as a solution below. Assuming that the daily wage of $100 and the daily upkeep (including wear and tear) per machine of $20 remain constant in the run, identify the relevant returns to scale and the change in long-run average cost if daily output were to expand in each of the following possible ways. a. If daily output expands from 60 to 120 units then in this output range the business is experiencing (Click to select) v returns to while long-run average cost is (Click to select) v . At 60 units long-run average cost is $ and at 120 units it is $ b. If daily output expands from 60 to 90 units then in this output range the business is experiencing (Click to select) returns to S

A business whose only inputs are labour and capital expands its employment level in the long run from 12 to 18 workers and its from 4 to 6 machines. Write out dollars and cents, e.g. $1.00 or $0.10 for any monetary amounts entered as a solution below. Assuming that the daily wage of $100 and the daily upkeep (including wear and tear) per machine of $20 remain constant in the run, identify the relevant returns to scale and the change in long-run average cost if daily output were to expand in each of the following possible ways. a. If daily output expands from 60 to 120 units then in this output range the business is experiencing (Click to select) v returns to while long-run average cost is (Click to select) v . At 60 units long-run average cost is $ and at 120 units it is $ b. If daily output expands from 60 to 90 units then in this output range the business is experiencing (Click to select) returns to S

Principles of Economics 2e
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter7: Production, Costs, And Industry Structure
Section: Chapter Questions
Problem 11RQ: What is die difference between accounting and economic profit?
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ex.html?_côn=con&external_browser=0&launchUrl=https%253A%252F%252Flms.mheducation.com%252Fmghmiddlew YouTube A Maps A 21F_ENL1813_451... at 1- Counts for Marks i Saved Help A business whose only inputs are labour and capital expands its employment level in the long run from 12 to 18 workers and its capital from 4 to 6 machines. Write out dollars and cents, e.g. $1.00 or $0.10 for any monetary amounts entered as solution below. Assuming that the daily wage of $100 and the daily upkeep (including wear and tear) per machine of $20 remain constant in the long run, identify the relevant returns to scale and the change in long-run average cost if daily output were to expand in each of the following possible ways. a. If daily output expands from 60 to 120 units then in this output range the business is experiencing (Click to select) while long-run average cost is (Click to select) v returns to scale At 60 units long-run average cost is $ | and at 120 units it is $ b. If daily output expands from 60 to 90 units then in this output range the business is experiencing (Click to select) · while long-run average cost is (Click to select) returns to scale At 60 units long-run average cost is $ | and at 90 units it is $ C. If daily output expands from 60 to 80 units then in this output range the business is experiencing (Click to select) deturns to scale while long-run average cost is (Click to select) v At 60 units long-run average cost is $ and at 80 units it is $
Transcribed Image Text:ex.html?_côn=con&external_browser=0&launchUrl=https%253A%252F%252Flms.mheducation.com%252Fmghmiddlew YouTube A Maps A 21F_ENL1813_451... at 1- Counts for Marks i Saved Help A business whose only inputs are labour and capital expands its employment level in the long run from 12 to 18 workers and its capital from 4 to 6 machines. Write out dollars and cents, e.g. $1.00 or $0.10 for any monetary amounts entered as solution below. Assuming that the daily wage of $100 and the daily upkeep (including wear and tear) per machine of $20 remain constant in the long run, identify the relevant returns to scale and the change in long-run average cost if daily output were to expand in each of the following possible ways. a. If daily output expands from 60 to 120 units then in this output range the business is experiencing (Click to select) while long-run average cost is (Click to select) v returns to scale At 60 units long-run average cost is $ | and at 120 units it is $ b. If daily output expands from 60 to 90 units then in this output range the business is experiencing (Click to select) · while long-run average cost is (Click to select) returns to scale At 60 units long-run average cost is $ | and at 90 units it is $ C. If daily output expands from 60 to 80 units then in this output range the business is experiencing (Click to select) deturns to scale while long-run average cost is (Click to select) v At 60 units long-run average cost is $ and at 80 units it is $
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