1. If the marginal product of an input is falling, then what must be true? Average fixed costs must be constant. Marginal cost must be rising. Average total cost must be constant. Marginal cost must be constant.   2. If Captain America and Thor decide to specialize, who should specialize in each good?   Captain America should specialize in shields. Thor should specialize in hammers. Thor should specialize in both goods. Captain America should specialize in both goods. Captain America should specialize in hammers. Thor should specialize in shields.   3. Aditya regularly consumes two goods, which we’ll call good X and good Y. One day, the price of good X decreases. As a result, Aditya decreases his consumption of good Y. Based only on this information, goods X and Y seem to be: Substitutes for each other Complements for each other Normal goods Inferior goods

Q: Merlin builds tables that she will sell for $200 per table. Her fixed costs for building the table…

A: fixed costs, also known as indirect costs or overhead costs, are business expenses that are not…

Q: You are planning to start a business. When calculating the costs. You have considered the costs of…

A: Opportunity cost refers to the best alternative foregone when choosing the other alternative.

Q: A change in the number of hotel rooms that Caesars has would cause? a/an change in? Caesars' total…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: that the dollar cost of producing X appliances is c(x) = 1000+70x-0.1x². ■ Find the average cost per…

A: Total cost is the cost incurred by the firm on the production of final goods and services. The total…

Q: Three managers of APISYONADO Company are discussing a possible increase in production who do you…

A: MR.NADO is correct as according to him  the extra revenues from selling the additional perfume…

Q: What is the relationship between economies of scale and intra-industry trade?   Group of answer…

A: In a market, intra-industry trade refers to the exchange of similar products belonging to the same…

Q: Adam operates a factory that produces beach towels. His current level of output equals 2000 towels…

A: Fixed costs incorporate quite a few costs, including rental rent installments, compensations,…

Q: Businesses wanted to reduce their cost to the minimum without compromising the product quality and…

A: Companies benefit from economies of scale when their production gets more efficient. Economies of…

Q: Per-unit cost-$

A: The average cost associated with producing or obtaining a singular unit of a particular product or…

Q: How does learning by doing affect average total costs? Short-run average total costs will rise…

A: "Learning by doing" is a concept that highlights the idea that individuals or organizations can…

Q: You and your friend Casey N. have just stared a new firm manufacturing electric longboards and are…

A: A new manufacturing firm needs a production facility to be started at one of the following…

Q: X and Y are factors of production. X's marginal product is 30 and Y's marginal product is 20. X=5…

A: Total cost is minimized when (MPx / Px) = (MPy / Py) Here, MPx / Px = 30/5 = 6 MPy / Py = 20 / 4 = 5…

Q: At a company meeting, someone suggests that Samsung would be better off if it uses its resources to…

A: The production possibility curve indicates the combination of goods that an economy can produce with…

Q: You produce widgets. Currently you produce four widgets at a total cost of $40. What is your average…

A: The average cost is the total cost divided by the quantity of output whereas the marginal cost is…

Q: Answer the following: ○ a. If TVC 5 $80 and AVC 5 4, then what does quantity (Q) equal? ■   ○ b. If…

A: Total cost is the total expenditure dome by the producer in the production process. It includes both…

Q: How does learning by doing affect average total costs? Short-run average total costs will remain…

A: Learning by doing is a process of achieving productivity through practice, innovations, and…

Q: - TC

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

Q: The table below shows cost data for WipeOutSki Company, which manufactures skis for beginners. If…

A: Marginal cost is the cost of producing one more unit of a good. It can be calculated by taking the…

Q: Which of the following is wrong? Select one: a. Economies of scale refer to the production of two or…

A: Long run average cost curve is locus of minimum point of the short run average cost curve.

Q: A restaurant frequently offers a special prix fixe meal and has been charging $⁢120 per person for…

A: When the price is $120, the total customer in the restaurant is 40. Also, if the price is decreased…

Q: A toll road commission is planning to locate garages for tow trucks along a 94-mile circular…

A: Given: Overall circumference (P) = 94 Cost of transportation (t) = 47 Fixed cost (F) = 4500…

Q: 3. What are the differences between the internal and external economies of scale?

A: When it increases its level of output, it often experiences some cost advantage, referred to as…

Q: Consider a company using the economic production quantity model. a. Derive the percent change of…

A: The total cost for the economic production quantity model is can be derived by finding out the total…

Q: True/False: Ryan has coffee shop. If the marginal cost of producing the tenth cup of coffee is…

A: Marginal cost refers to the increase or decrease in the total cost of a producing / making one…

Q: Businesses wanted to reduce their cost to the minimum without compromising the product quality and…

A: Economies of scale:- Economies of scale can be explained as the cost advantages that businesses gain…

Q: Sea lions have been depleting the stock of steelhead trout. One idea to scare sea lions off the…

A: a. The total cost can be calculated by multiplying each unit with the total cost of producing each…