1. Explain the difference between an implicitcost and an explicit cost, and how both costsrelate to economic and accounting profits.2. Explain the concept of diminishing marginalproduct with a graph.3. What is the difference between averagevariable cost and average total cost? Pleaseexplain each of the cost concepts withgraph(s).4. Explain the relationship between themarginal cost curve and the average costcurve. Draw both of the cost curves to reflectthe relationship.5. Explain economies of scale anddiseconomies of scale for a firm with graph(s).

1. Implicit cost is the cost that has already occurred in the past. However, these are not direct…

Answered: 1. Explain the difference between an…

1. Explain the difference between an implicit cost and an explicit cost, and how both costs relate to economic and accounting profits.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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1. Reese has recently left her teaching job to open a bakery. The ______ is an example of the implicit costs of her bakery business.a. rent she pays for the commercial spaceb. teaching salary she gave up to start her bakeryc. monthly payments she makes for bakery equipmentd. wages she pays her counter assistant
Can you help me graph that information
Question 1 Output (Q) Total Fixed Cost (TFC) Total Variable cost (TVC) 0 100 0 1 100 50 2 100 125 3 100 205 4 100 295 5 100 395 Which of the following is true of marginal costs, based on the data in the table above? 1. Marginal costs are rising throughout the output range shown. 2. Marginal costs are falling throughout the output range shown. 3. Marginal costs are constant
4. Given the information that follows: Sales - 750,000, explicit costs 450,000, return you could have earned by investing your money elsewhere = 50,000, wages that you and your family members could have earned doing the same work for another firm = 70,000. The Accounting cost is equal to 30000 – WRONG ANS
I completed MC and AVC but im not positive that they are correct. Output and TVC were provided as well as the first TFC. Any help would be greatly appreciated.
7. Which of the following are variable costs of production? Select one: A. the cost of electricity that powers an office building B. the cost of wood used to make tables C. the wages paid to non-salaried employees D. All of the listed choices are variable costs of production.
Typed plzzz Asap
10.Which of the following is an example of a fixed cost? A. cost of employees who work overtime B. cost of machinery C. cost of flour at a bakery D. cost of employees who work standard hours
12. Which of the following statements about direct and indirect costs is/are likely to be true? Note: multiple answers possible. Group of answer choices Whether a fixed cost is classified as direct or indirect cost depends on whether the level of production is within or outside the relevant range. Reliability of cost data is usually enhanced with more, rather than less, direct cost categories With the right allocation base, the assignment of indirect costs to a cost object will typically be more accurate than the assignment of direct costs to the same cost object While each indirect cost item would have one or more cost drivers, direct cost items do not typically have a cost driver.
What type of cost is included in economic costs, but not included in accounting costs?a. Explicit costsb. Negative costsc. Normal profitd. Marginal coste. Unit costs
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5. True, false, or uncertain? Explain briefly but specifically. a. A cost function exhibits diseconomies of scale if the marginal cost rises as output decreases. b. Short run average cost is always at least as much as long run average cost.