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What is TP in economics?
The abbreviation for total product, which is the total quantity of output produced by a firm for a given quantity of inputs.
How does natural monopoly function?
A single firm supplies all the output
The profit-maximizing level of output for this firm?
Answers for If A Firm Is Producing A Level Of Output Where MR Exceeds MC, Would It Improve Profits By Increasing Output, Decreasing Output Or Keeping Output Unchanged?
How does a firm calculate its marginal cost?
A firm calculates its marginal cost by determining the change in total cost that results from producing one additional unit of output. This is done by dividing the change in total cost by the change in quantity produced.
What kind of market runs most efficiently when one large firm supplies all of the output?
a natural monopoly
What is TP in economics?
The abbreviation for total product, which is the total quantity of output produced by a firm for a given quantity of inputs.
How does natural monopoly function?
A single firm supplies all the output
The profit-maximizing level of output for this firm?
Answers for If A Firm Is Producing A Level Of Output Where MR Exceeds MC, Would It Improve Profits By Increasing Output, Decreasing Output Or Keeping Output Unchanged?
How does a firm calculate its marginal cost?
A firm calculates its marginal cost by determining the change in total cost that results from producing one additional unit of output. This is done by dividing the change in total cost by the change in quantity produced.
What kind of market runs most efficiently when one large firm supplies all of the output?
a natural monopoly
What market works runs most efficiently when one large firm supplies all output?
natural monopoly =)
When the market mechanism is allowed to operate freely prices will determine?
The mix of output to be produced, the resources to be used in the production process, and for whom the output is produced
What is output growth?
A growth in the total output produced.
By the late 1940s the US produced of all the economic output in the world.?
one half
By the late 1940s the US produced of all the economic output in the world?
one half
What is the difference between output and out comes?
Output is what is produced. Outcomes are the result of the output
Define economies of scale and give two reasons why a firm may experience economies of scale?
Economies of scale are the money firm could save, when it expands itself. For example, if firm's average cost per 1 unit is 10 at the output of 100 unit and when it expands its output to 200 unit, the average cost per 1 unit drops to 8, then the firm enjoys economies of scale. So they occur, when a percentage increases equally in all inputs leads to a greater percentage change in output. Inputs are land, labour and capital and output are the goods and services the firm produces
