1. Explain the meaning of: a. Fixed cost b. Variable cost Stating an example of each above.

Q: 1. Explain the difference between an implicit cost and an explicit cost, and how both costs relate…

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

Q: a. Complete the following table and answer two questions about costs. Instructions: Enter your…

A: Here we calculate the following terms by using the given information , so the calculation of the…

Q: Elaborate the concept of diminishing marginal product

A: Economics deals with the allocation of scarce resources among humans with unlimited wants. For…

Q: 6. Why does Marginal Cost rise?

A: MC  is defined as  cost from producing an additional output.

Q: Which of the following is an implicit cost to a firm that produces a good or service?  A. Labor…

A: Opportunity cost shows the forgone units of one good in acquiring the other good.  Implicit cost is…

Q: Why is the average cost curve U-shaped?

A: The total cost curve shows the cost associated with every possible level of output, thus if we…

Q: Refer to Figure: The vertical distance ABis Select one: A. total cost. B. marginal cost. C. total…

A: Curve 1 is the Marginal Cost(MC) Curve Curve 2 is the Average Variable Cost(AVC) Curve Curve 3 is…

Q: The amount of money that a firm pays to buy inputs (resources) is called a. fixed cost b. total cost…

A: Meaning of Microeconomics: The term macroeconomics refers to that situation under which the…

Q: 1. Find the total cost if marginal cost MC = 4 q+ 15 and fixed cost FC = 100.

A: total cost, in economics, the sum of all costs incurred by a firm in producing a certain level of…

Q: Economics Question: Marginal cost is defined as the change in total cost when: a) Total fixed cost…

A: Fixed Costs (FC)- Fixed costs are expenses that do not change with the level of production or…

Q: 1. Micky's auto mechanic shop has a daily total cost represented by: C = 100 + 4q + 4q². Shop's…

A: GIVEN     C = 100 +4q+4q2 MC=4+8q

Q: Define total cost, average total cost, and marginal cost. How are they related?

A: Production prices ar the expenses incurred by a firm once it manufactures a product or provides a…

Q: Mention and explain the cost components certainly do not exist in the long run?

A: The cost components include fixed costs and variable costs.  Variable costs are the costs which vary…

Q: What happen when you add Total Fix Cost and Total Variable cost that is divided by their quantity.…

A: Production cost is the monetary value that is used to acquire factor of production to produce goods…

Q: Give an example of a fixed cost and a variable cost.

A: Variable and Fixed costs in economics are those two types of costs that a firm incurs during the…

Q: 27. If a firm will produce an additional unit of good or services, determine what will happen to…

A: In the market, firm may change its production decision with the change in the market situation and…

Q: Which of the following statements regarding marginal analysis is​ true?     A. If total cost…

A: To sum up, marginal analysis is described as the cost of identifying the level of output at an…

Q: 4. What is the significance of the point where the marginal cost curve intersects the average total…

A:

Q: Which of the following statement is correct? a. Marginal cost will equal average total cost when…

A: Let's first understand what's the meaning of marginal cost. The cost which is incurred on the…

Q: Marginal Cost Curve is shaped like a Nike swoosh. graph. 5.The Marginal Cost Curve crosses the…

A: Here, MC marginal cost  ATC average total cost AVC average variable cost  AFC average fixed cost…

Q: a. Calculate marginal cost using the formula given in the chapter: ATotal cost/AQuantity. Quantity…

A: Ans. ) Given the question, the task is to find the marginal cost, and (change in variable cost /…

Q: How does fixed cost affect marginal cost? Why is this relationship important?

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Refer to the table below. How will the marginal cost curve look like if you draw it? Units of…

A: MC = change in TC / change in units With MC remains constant with increase in output, MC curve is…

Q: How does fixed cost affect marginal cost? Why is this relationship important?

A: Total fixed cost and total variable cost are the part of total cost. Total cost = Total fixed Cost +…

Q: a. Why is the gap or difference between average total cost and average variable cost larger at…

A: Cost is a metric of the possibilities foregone when one product or task is chosen over another.

Q: Use the graph from class to find 1. Marginal Cost at 100; 2. Total Cost at 100; 3. Variable Cost at…

A: “Since you have posted a question with multiple sub parts, we will provide the solution only to the…

Q: Jane’s Juice Bar has the following cost schedules:a. Calculate average variable cost, average total…

A: The fixed cost is the cost that is associated with the fixed factors of production (factors that…