A. Graph total fixed cost, total variable cost and total cost B. Explain how the law of diminishing returns influences the shapes of the total variable-cost and total costbcurves

Q: As output increases, total fixed cost A. increases; decreases B. does not change; decreases C.…

A: total cost is the cost which is incurred by producer for production by using all fixe and variable…

Q: Which of the following costs will not change as output changes? 1. A marginal cost 2. B. total…

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

Q: Marginal cost intersects average total cost at minimum average total cost. True False

A: The price curve always intersects the typical total cost curve at its lowest point because the…

Q: True or False: The shape of the total physical product curve reflects the law of increasing marginal…

A: The law of increasing marginal returns also called the law of diminishing costs states that as far…

Q: The government imposes a $1,000 per year license fee on all pizza restaurants.  As a result, which…

A: Fixed costs are costs that do not vary with changes in the level of output or sales. They are…

Q: explain demand and suply theory on rising food prices in poor countries.

A: The demand and supply theory can help explain why food prices tend to rise in poor countries.…

Q: Costs 80 MC AVC ATC 120 160 180 200 Refer to the graph above to answer this question. What does…

A: Cost refers to all the expenses that incur in the process of production of goods or services. These…

Q: Use the following table to answer the questions:   Output Total Cost 0 24 1 33 2 41 3 48…

A: Fixed costs are those cost that are remain the same throughout all the level of production. Variable…

Q: A period of time in which all factors of production and costs are variable is called Select one: a.…

A: Factors of production are assets that are the structure blocks of the economy; they individuals use…

Q: If Boeing produces 9 jets per month, its long-runtotal cost is $9 million per month. If it…

A: Costs are the expenses that firms incur during the production processes. The firm’s costs depend…

Q: A firm is producing 20 units with an average total cost of $25 and a marginal cost of $15. If it…

A: Average total cost is total cost divided by total output produced,  ATC = TC / Q Marginal cost is…

Q: j. What is happening to average total costs when they equal marginal costs? k. Marginal costs equal…

A: The table including the variable input, total product, price of input and Total Fixed cost is given…

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

A: Since both are different questions, we will answer the first one only. Please resubmit the other…

Q: Define Economies of Scale, Diseconomies of Scale, Constant returns to scale.

A: Economies of scale: Economies of scale  are the cost advantage happens due to increase in…

Q: A firm produces 5000 waterproof cellphone cases, which they sell for $30 each. They have $35,000 in…

A: Answer to the question is as follows:

Q: Explain every point with graph. 1. Economic and business cost . 2. Short run production analysis /…

A: Hi! Thank you for the question, As per the honor code, we are allowed to answer three sub-parts at a…

Q: The price for widgets rises from 4 to 5. As a result, the demand for widgets drops from 20 to  5.…

A: Elasticity in economics refers to the change in quantity demanded or supplied as a result of…

Q: average total cost (ATC) curve will be downward sloping so long as the a. marginal cost is greater…

A: The average total cost is the per unit cost of production. The ATC = TC/Q. The Total cost includes…

Q: Total cost is equal to average cost times marginal cost. a. True O b. False

A: # Total cost is referred to be as the sum of total fixed costs and the total variable costs which…

Q: a. Complete the following cost schedule by computing marginal cost, average fixed cost, average…

A: a. we will calculate the values in the table: Output TC ($) TFC ($) TVC ($) MC ($) AFC ($) AVC ($)…

Q: . The marginal cost curve intersects the average fixed, average variable, and average total cost…

A: Answer to the question is as follows:

Q: When the average cost of producing each individual unit declines as total output increases is…

A: Production function shows the relationship between inputs and output. It reflects how changes in…

Q: Question: Looking at the average total cost data, at what level of output does the diminishing…

A: The spreading effect is the effect which the increasing output has on the average total cost. As the…

Q: Refer to Figure 1. Which of the short-run average cost curves correctly depict economies to scale?…

A: Long-run average cost The long-run average cost is tangent to the falling portion of the short-run…

Q: What is the formula to calculate profits?

A: Hello. Since you have posted multiple questions and not specified which question needs to be solved,…

Q: Output Total Cost 0 24 1 33 2 41 3 48 4 54 5 61 6 69 Refer to the above data. The…

A: total cost measures the cost incurred in order to produce an output. TC=TFC+TVC

Q: Which average total cost curve has the lowest average total cost of producing 30,000 bushels of…

A: The total cost incurred by a firm operating in a market includes fixed costs and variable costs.…

Q: Economics Long run average cost is increasing in economies of scale? 1) True 2) False

A: There are two type of scale in business or firm , economies and diseconomies of scale here we can…

Q: If marginal cost is less than average cost, at current levels of production, A. total cost is…

A: Marginal cost is the cost of producing and additional unit of good.  Average cost is the per unit of…

Q: QUESTION 1 Table 13-16 Average Variable Marginal Average Variable Average Total Fixed Quantity Total…

A: In economics, average variable cost (AVC) is  described as a firm's variable costs divided by the…

Q: Which statement is nottrue regarding the total variable cost curve? Select one A. It shows the…

A: Hey, Thank you for the question. According to our policy, we can only answer 1 question per session.…

Q: When examining the costs faced by a business, explain how economists distinguish between the short…

A: First part The contrast between the short and long runs is critical in economics. It turns out that…

Q: Why does the marginal cost of production typically increase as the amount of output produced…

A: Marginal cost is the additional cost incurred to produce an additional unit of output.

Q: Complete the table below to test your understanding of total, average, and marginal cost. The…

A: Following Formulas are important to solve the table: TC = FC + TVC TC = ATC/Q FC = AFC/Q TVC =…

Short-Run Costs and Long-Run Costs

Cost of short-run and the long-run is an economic term that describes the cost involved in the production of goods in a firm in the short as well as long period.