16. As more and more of the factor of production is used The total product curve rises rapidly at first because product rises and then more slowly because a. Permanent; average; the average product decreases b. Variable; average; average product reaches a maximum c. Permanent; marginal; marginal product reaches a maximum d. variable, borderline; marginal product decreases
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- How does fixed cost affect marginal cost? Why is this relationship important?Please help in fillin out this table and kkindly provide the caluclations used Picture is attatched thank youTable 13-7The Flying Elvis Copter Rides Quantity TotalCost FixedCost VariableCost MarginalCost AverageFixedCost AverageVariableCost AverageTotalCost 0 $50 $50 $0 -- -- -- -- 1 $150 A B C D E F 2 G H I $120 J K L 3 M N O P Q $120 R Refer to Table 13-7. Fill in ALL THE VALUES FROM A to R in the table.
- Table 13-7The Flying Elvis Copter Rides Quantity TotalCost FixedCost VariableCost MarginalCost AverageFixedCost AverageVariableCost AverageTotalCost 0 $50 $50 $0 -- -- -- -- 1 $150 A B C D E F 2 G H I $120 J K L 3 M N O P Q $120 R Refer to Table 13-7. What is the value of M? a. $50 b. $140 c. $360 d. $4100 Labo capit total Labors ur al product $20 FC 5 15 1 10 1 1 1 20 1 Question 6 Mr-Ali Alawi recently set a shoe manufacturing outlet. He is planning for production demand, labor requirement, fixed cost, variable cost, the revenue. He come up with the following schedule. Help him to fill up the schedule. Initially he plans to use one machine. Total fixed cost per month is expected to be $1000. The unit cost of labor is estimated to be $20. 0 25 75 100 VC=# of 150 0 100 200 300 1000 total Cost(FC+VATotal cost/ C) 100 1000 120 1000 140 1000 160 Marginal cost(MC) 400 1000 180 ATotal Product Total Revenue Profit. Jane’s Juice Bar has the following cost schedules:Quantity Variable Cost Total Cost0 vats of juice $ 0 $ 301 10 402 25 553 45 754 70 1005 100 1306 135 165a. Calculate average variable cost, average total cost,and marginal cost for each quantity.b. Graph all three curves. What is the relationshipbetween the marginal-cost curve and theaverage-total-cost curve? Between the marginalcost curve and the average-variable-cost curve?Explain.
- What is the difference between accounting profit and economic prof? A Economic profit subtracts both explicit and implicit costs from total revenue, while acounting profit only subtracts explicit costs. OR Accounting proft only subtracts implicit costs from totsi revenue, while economic profit only subtracts explicit costs. OC Economic proft orly subtracts implicit costs from total revenue, while accounting profit only subtracts explicit costs. OD. Accounting proft suberacts both explicit and implicit costs from total revenue, while economic proft only subtracts explicit costsProblem set Production Functians Given the gellowing hy pothetical data an (x) and tätal Phypical Pro duct (TPP) oy XZ Carporation. input Marginal Phuysical Product (MPP) Input x) Tatal Physical Pně duct (TPP) Average Phyoi cal Product CAPP) 14 24 8. 32 10 38 12 42 14 44 44 18 42 20 30 024FIGURE 7-4 Dollars 0 # Quantity MC O a. area ADFC O b. area BEQO ⒸC area ADQ0 O d. area ADEB Clear my choice ATC AVC Refer to Figure 7-4. At output level OQ, what area represents total fixed cost? AFC
- S Costs 35 3:0 25 20 15 10 0 2 3 Quantity (Vats of juice) E Marginal Cost O Search Average Variable Cost Average Total Cost Which of the following statements are true according to the previous graph? Check all that apply. The marginal-cost curve is above the average-total-cost curve when output is greater than four and average total cost is rising. The marginal-cost curve is below the average-total-cost curve when output is greater than four and average total cost is rising. The marginal-cost curve lies below the average-variable-cost curve. C (((.What is the marginal cost associated with producing three units of the contral variable, O (identify point E in the tablej? 36 Total Total Costs Benefits Benefit Net Marginal Marginal Narginal Net Bеnefit Control variable Benefits Cost MB(0) MC (Q) MND (0) Sepped B(Q) C(0) 900 100 800 900 100 800 2 1,700 300 800 200 600 2,400 600 1,800 700 E 400 4 1,000 2,000 600 400 200 3,500 1,500 2,000 500 500 600 1,800 1,400 3,900 2,100 D -200 4,200 4,400 2,800 300 700 -400 200 100 800 800 -600 4,500 4,500 900 -800 10 4,500 5,500 -1,000 1,000 -1,000 Mutiple Choice 50 100 200 3009:15 AM O Y O 65 Micro15 - Saved d. Righiward A_ 15. When returns to scale are decreasing, total output a. Increases b. Deсreases c. Does not change d. Varies IV. Match The term (column B) that best fits the phrases (Column A below. Column A Column B a. Marginal product A_1. Describe the functional relationship of input and output v_2. Production function b. Least-cost combination _C_3, Infinitesimal change c. Isocost line 4. Output yielded from the last unit of input d. isquant 5. TP divided by the number of variable inputs e. Production function 6. Refers to the declining trend to MP f. Counterproductive conditions 7. Illustrates the varied combinations of inputs at the same level of plant capacity g Finite change 8. Contains combinations of inputs that the same budget can purchase given constant prices h. Marginal rate of substitution 9. Price of labor inputs over price of capital inputs i. Economies of scale 10. Ration between output and input j. Diseconomies of scale k. Maximum…