how to print barcode in crystal report using vb.net 12: Production Costs in Java

Creator ANSI/AIM Code 128 in Java 12: Production Costs

CHAPTER 12: Production Costs
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The law of diminishing returns is the reason that the marginal cost curve is U-shaped.
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Long-Run Costs
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In the long run, there are no xed factors, and a rm can build a plant of any size. Once a rm has constructed a particular plant, it operates in the short run. A plant size can be represented by its short-run average cost (SAC) curve. Larger plants can be represented by SAC curves, which lie further to the right. The long-run average cost (LAC) curve shows the minimum per-unit costs of producing each level of output when any desired size of plant can be built. The LAC curve is thus formed from the relevant segment of the SAC curves. Example 12.3 Figure 12-2 shows four hypothetical plant sizes that a rm could build in the long run. Each plant is shown by a SAC curve. To produce up to 300
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108 PRINCIPLES OF ECONOMICS
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units of output, the rm should build and utilize plant 1 (given by SAC1). From 300 to 550 units of output, it should build the larger plant given by SAC2, etc. Note that the rm could produce an output of 400 with plant 1, but only at a higher cost than with plant 2. The irrelevant portions of the SAC curves are dashed. The remaining (undashed) portions form the LAC curve. By drawing many more SAC curves, we would get a smoother LAC curve. If in the long run we increase all factors used in production by a given proportion, there are three possible outcomes: (1) output increases in the same proportion, so that there are constant returns to scale or constant costs; (2) output increases by a greater proportion, giving increasing returns to scale or decreasing costs; and (3) output increases in a smaller proportion, giving decreasing returns to scale or increasing costs. Increasing returns to scale or economies of mass production may result because of division of labor and specialization in production. Beyond a certain size, however, management problems resulting in decreasing returns to scale may arise.
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The LAC curve derives its shape from the possible SAC curves that a rm has over ranges of outputs.
CHAPTER 12: Production Costs Example 12.4
The LAC curve of Figure 12-2 at rst shows increasing returns to scale. Then for a small range of outputs (around 800 units), it shows constant returns to scale. For larger outputs, we have decreasing returns to scale. Whether and when this occurs in the real world depends on the rm and industry under consideration.
True or False Questions
1. Implicit costs are the costs of factors of production owned by the rm. 2. The law of diminishing returns holds in both the short-run and long-run periods. 3. TFC is constant regardless of the level of rm output. 4. TC is zero when the rm does not produce any output. 5. Decreasing costs refers to the situation wherein output increases proportionately more than inputs. Answers: 1. True; 2. False; 3. True; 4. False; 5. True
Solved Problems
Solved Problem 12.1 A rm pays $200,000 in wages, $50,000 in interest on borrowed money capital, and $70,000 for the yearly rental of its factory building. If the entrepreneur worked for somebody else as a manager she would earn at most $40,000 per year, and if she lent out her money capital to somebody else in a similarly risky business, she would at most receive $10,000 per year. She owns no land or building. a. Calculate the entrepreneur s economic pro t if she received $400,000 from selling her year s output. b. How much pro t is the entrepreneur earning from the point of view of the person on the street To what is the difference in the results due c. What would happen if the entrepreneur s total revenue were $360,000 instead Solution: a. The explicit costs of this entrepreneur are $320,000 ($200,000 in wages plus $50,000 in interest plus $70,000 in rents). Her implicit costs
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