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- A graph represented by a straight line parallel to the output of the X-AXIS is an image of which classification of cost? a. Production cost b. Total fixed cost c. Marginal cost d. None of thesePlease add the total cost to produce the assemblyThe average cost is $13 and the output produced is 10 units Calculate total cost
- A company is planning to manufacture mountain bikes. Fixed monthly cost will be $100,000 and it will cost $100 to produce each bicycle. a. Write the cost function, C, of producing x mountain bikes. b. Write the average cost function, C, of producing x mountain bikes. c. How many mountain bikes must be produced each month for the company to have an average cost of $300 per bike?Part c) and d) show full workWhich type of cost does depend on a firm's output? 1.marginal cost 2.total cost 3.variable cost 4.all of the above
- If the marginal cost of production is greater than the average cost, in what direction must the average cost be changing if any? A. The average cost must be rising. B. The average cost would equal 0. C. The average cost must be falling. D. The average cost is unaffected. E. The average cost would become non-existent.If the marginal cost is above the average cost at a certain level of production and the firmdecides to increase output, then:a. The average cost will increase but the marginal cost will decrease.b. Both the average and the marginal cost will increase.c. The average cost will increase but the average cost will decrease.d. Both the average and the marginal cost will decrease.What is a production function? Response option group It is the production technology It is the relationship between inputs and the level of production It is the average product It is the marginal product
- The difference between variable cost and fixed cost is that Select one: a. fixed cost is paid even when there is no output b. fixed cost is always falling as output increases c variable cost only increases for a while and then it decreases d. fixed cost is always less than variable cost e. fixed cost is not paid once production beginsThis refers to the ratio of a small increment of cost and a small increment of output. a. Increment cost b. Marginal cost c. Differential cost d. All of theseThe amount of money that a firm pays to buy inputs (resources) is called a. fixed cost b. total cost c. marginal cost d. variable cost Give your reasons