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Ive graded the online quiz on Production Costs. In case you wanted to know the answers before Thursdays midterm, here are the points I was look for. There are a handful of students who have not taken the quiz, so Id ask you not to share this information with them until they are done.
Question Use the concepts in the Law of Diminishing Marginal Returns to explain the shape of the typical average variable cost curve.
Answer the Law of Diminishing Returns shows that as you keep some inputs fixed and add more of another input, like labor, the marginal product goes up, but then starts to go down. The AVC curve illustrates what happens, but it is a kind of mirror image. As marginal product increases, AVC drops. As the Law of D.R. kicks in and marginal product decreases, then costs go up.
Question What level of production or output will maximize profit for a typical business in competition? What lines or curves would the business owner use to make this decision? Explain your answer.
Answer The profit maximizing level of output for a single firm in a competitive market is where Price = Marginal Cost.Since Price is the same as Average Revenue (AR) and Marginal Revenue (MR), this point can also be described as AR=MC or MR=MC. While we look at the ATC and AVC curves later - to decide if we are making a profit, they dont enter into the decision on the best level of output.
QuestionMost of us have heard of the phrase economies of scale before taking Economics. We understand that it means, in general, that we can gain some efficiencies as our company gets bigger. Should every company try to get as big as possible, in order to maximize profits? Why or why not?
Answer In the long run many businesses and industries enjoy economies of scale as they grow - the Long Run Average Cost curve slopes down. Eventually, though, those economies do not continue, and eventually growth leads to increases in LRAC - we call that diseconomies of scale.
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