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Apple Computer probably has ______________ returns of scale for its production of iPhones. Explain briefly.
1. Fixed costs can be easily identified by seeing what the total costs are when output is _______. Separately, give an example of a variable cost.
1. Fixed costs can be easily identified by seeing what the total costs are when output is _______. Separately, give an example of a variable cost.
2. There are _____________ returns of scale in restaurants with respect to doubling or tripling the number of waitresses. Explain briefly.
2. Apple Computer probably has ______________ returns of scale for its production of iPhones. Explain briefly.
3. Give an example of a "short run" cost for a firm, and give an example of a "long run" cost. This can refer to any type of firm, from a grocery store to a baseball team to homeschooling.
3. Give an example of a "short run" cost for a firm, and give an example of a "long run" cost. This can refer to any type of firm, from a grocery store to a baseball team to homeschooling.