Q: Answer the question on the basis of the following cost data. \table[[Output, \table[[Average Fixed],…
A: Total fixed cost does not change with the quantity Therefore, the total fixed cost for 1 unit at…
Q: A firm is producing 1,000 units at a total cost of $5,000. If it were to increase production to…
A: Introduction: Marginal cost: the marginal cost refers to the additional cost that is used to produce…
Q: Kevin quits his computer programming job, where he was earning a salary of $60,000 per year, to…
A: Given the give up salary = $60000 Rent = $24000 Salary paid to himself = $40000 Rent = 0 Other…
Q: Distinguish between implicit and explicit costs and give examples of each. In addition, explain how…
A: Explicit Costs are those costs that are directly observed like the cost involved in hiring labor or…
Q: A firm has fixed costs of $60 and variable costs as indicated in the table at the bottom of this…
A: The values are found out by: TC=TFC+TVCAC=AFC+AVCAFC=TFCQAVC=TVCQMCN=TCN-TCN-1
Q: What is accurate about calculating accounting profit? a) Includes implicit cost. Ob) Usually less…
A: To produce goods and service monetary value incurred on factors of production used in the process of…
Q: What are the kinds of cost which firm face in short run. Explain theoretically and graphically the…
A: Short run refers to the time period where some of the factors of production remain same throughout…
Q: Felix's only variable cost. Felix has a fixed cost of $80 per day and pays each of his workers $120…
A: The concept of MC can be explained as a cost that shows the type of cost that an individual,…
Q: Costs # Refer to the graph above to answer this question. Which curve illustrates marginal cost? A)…
A: Marginal cost will be an extra cost incurred by an entity for producing an additional unit of…
Q: Output (q) VC MC AFC AVC AC 1 $100 $64 $164 $64 $100.00 $64.00 $164.00 2 112 212 48 50.00 56.00…
A: The table is completed below , where , FC: Fixed Cost VC : Variable Cost C: Total Cost MC :…
Q: Is mo represented by this graph? 1000 500 333 250 200
A: Fixed cost remains same at each unit of output production Variable cost keeps changing as output…
Q: The table below presents production data for a particular firm. 1) Use formulas/calculation in excel…
A: Total Fixed Cost = Total Cost - Total Varible Cost Total Fixed Cost = Total Cost - Total Varible…
Q: Refer to the cost table below and answer two questions about profit. Instructions: If you are…
A: The profit is the difference between the total revenue and total cost. In the perfectly competitive…
Q: Douglas Fur is a small manufacturer of fake-fur boots in Philadelphia. The following table shows the…
A: Total cost is the sum of variable cost and fixed cost. Fixed cost remains same at all levels of…
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: A firm has the following total revenue and total cost schedules: TR = $2Q. TC = $5,500 + $1.3Q.…
A: Given:- TR=$2Q TC=$5500+$1.3Q To calculate:- Break even output level and profit at 8600 unit sale=?…
Q: Jason owns a small pizza restaurant, where he works full time in the kitchen. His total revenue last…
A: Explicit costs is the monetary expenses on raw material , wages , etc Implicit costs are the…
Q: Graphically show the relationship between the Avg. Variable Cost, Avg. Total Cost, and Marginal Cost…
A: Below is the formula: AVC = TVCQATC = TCQMC = TCn - TCn-1
Q: What is the difference between implicit and explicit costs? Why do economists include both implicit…
A: Each firm in any industry is driven by profit motive. The goal of a firm is to maximize its sales…
Q: Continuing to refer to Table 7.9 and Figure 7.7, compute the average total cost, average variable…
A: * SOLUTION :- Given that ,
Q: Which of the following is most likely to be an implicit cost?* rental income foregone on assets…
A: NOTE: .We’ll answer the first question since the exact one wasn’t specified. Please submit a new…
Q: Consider the following cost table. For the 7th unit, find the total variable cost and the average…
A: Total cost is the total expenditure done by producer in the production process. There are two types…
Q: Lauren runs a chili restaurant in San Francisco. Her total revenue last year was $110,000. The rent…
A: "Implicit costs refer to the opportunity costs i.e. the cost of resources which the business owns…
Q: Answer the question on the basis of the following cost data. Output 0 1 2 3 4 5 6 Total Cost $24 33…
A: Total cost is the sum of total variable cost and total fixed cost. Total fixed cost is the cost at…
Q: Answer the question on the basis of the following cost data. Output 0 1 2 3 456 4 6 Total Cost $ 24…
A: Total variable cost is the cost of employing the variable input. Total fixed cost is the cost of…
Q: Use your knowledge of cost functions to calculate the missed cost data in the accompanying table.…
A: Based on the provided information and the cost functions, I have filled out the missing data in the…
Q: Given the cost information below, answer the following questions. Output 0 Total Cost $ 10.00 19.76…
A: Total cost is the sum of fixed cost and variable cost.=> TC = FC + VC Fixed cost is the cost that…
Q: In this table, the fixed cost of production is:
A: Costs of production, which comprise expenses of many kinds, are incurred during the production of…
Q: When the ATC curve is falling, MC is ATC. less than greater than equal to
A: Total cost is the cost of producing all the goods. Average total cost is the cost of production per…
Q: Suppose a company incurs the following costs: labor, $2,000; equipment, $600; and materials, $200.…
A: Total Accounting Cost (TAC): The cash you spend to produce something - think salaries, materials,…
Q: Continue analyzing the production for a firm. Use the Total Variable Costs calculated in the…
A: Production is the process of creating goods or services. It involves the use of inputs, such as raw…
Q: The gap that exists in a graph between total costs and fixed costs represents the variable costs of…
A: Total cost is the sum of variable and fixed costs. TC = TVC + TFC
Q: Fill in the remaining cells of the table. (Note: If a value is a decimal, round to the nearest…
A: MC = Change in TC / Change in Q AFC = TFC / Q AVC = TVC / Q ATC = TC / Q Q TFC TVC TC MC AFC AVC…
Q: Differentiate between explicit and implicit costs. Explain the importance of considering both types…
A: Explicit cost: It is the cost that is incurred in running the day-to-day operations of a business…
Q: What cost would an accounting statement reveal should current decisions be based on accounting cost.
A: Accounting statement should reveal the cost of production,cost of capital.
Q: Quantity Total Fixed Costs Total Variable Costs (Dollars) (Dollars) 0 180 0 1 180 80 2 180 140 3 180…
A: 1) Variable Cost is the cost when nothing is produced therefore when output is zero variable cost is…
Q: Complete the following table by calculating marginal product and average product from the data…
A: The production function shows the relationships between output that are produced and the inputs that…
Q: Using the following table about product X, graph the average variable costs, and answer the…
A: Total cost is the sum of fixed cost and variable cost. --- Total cost and fixed is the same at zero…
Q: If accounting profit is $400000 greater than economic profit, what do implicit costs equal?
A: Implicit cost: A certain expense is any cost that has just happened yet not appeared or detailed as…
Q: Joe quits his computer programming job, where he was earning a salary of $70,000 per year, to start…
A: Cost(C) refers to the total monetary value of resources used to produce a good or service.Explicit…
Q: If accounting profit is $400,000 greater than economic profit, what do implicit cost equal?
A: We know that: Accounting profit = Total revenue- Total explicit cost Economic profit = Total revenue…
Q: A firm has fixed costs of $60 and variable costs as indicated in the table below. Complete the…
A: a) Total Product Total Fixed Cost ($) Total Variable Cost ($) Total Cost ($) Average Fixed Cost…
Q: What is the term for the change in total cost resulting from a one-unit increase in production?…
A: please find the answer below.
Q: oe quits his computer programming job, where he was earing a salary of $70,000 per year, to start…
A: The explicit cost refers to cash outflow while running the business, thus includes the direct…
Q: firm had sales revenue of $1 million last year. It spent $600000 on labor, $150000 on capital…
A: Following is the given information: Sales revenue = $1 million Amount spent on labor = $600000…
Q: For each of the following functions, does the function satisfy all properties of a long run…
A: Long run cost function depict the minimum cost of producing certain level of output when all inputs…
Q: Answer the question on the basis of the following cost data. 13 Total Cost $24 3. 1. 48 2. 3. 54 4.…
A: Average total cost refers to per unit cost of production . It is estimated by dividing total cost by…
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- Assume: A firm pays $500 for a unit of capital. This capital generates $500 of total revenue. The firm could have earned a 10% return from the best alternative use of its $500. Calculate explicit cost, implicit cost and profit.If the cost of an oven is $500, what is the marginal product per dollar spent on capital for the second oven? Read again before you answer. Labor Total Product Capital (ovens) (workers) (cakes) 8 6,000 8 10,000 8 13,000 Type your numeric answer and submit 123Is the below statement correct or incorrect? Explain Briefly. If average product is negative, average product must be negative.
- Refer to the table below. Note that the first column shows variable costs. Quantity Cost 0 1 2 3 5 6 (in dollars) Costs 0 15 35 60 90 Fixed Total Average Costs Total Costs (in (in (in dollars dollars) per unit) dollars) 160 40 40 40 55 55 : 40 75 37.5 40 100 125 40 33.3 40 130 32.5 165 33 40 200 33.3 Average Variable Costs (in dollars per unit) 15 17.5 20 22.5 25 26.6 Marginal Costs (in dollars per unit) 15 20 25 30 35 40 If the firm produces 5 units that it sells at a price of $30.00 each, what will its profits or losses equal? losses equal $15 profts equal $15 profts equal $25 losses equal $25If You are the owner and only employee of a company that writes computer software that is used by gamblers to collect sports data. Last year you earned a total revenue of $90,000. Your costs for equipment, rent, and supplies were $60,000. To start this business you invested an amount of your own capital that could pay you a return of $40,000 a year. then your accounting profit is: Select one: a. 20,000 Ob. 30,000 O c. 40,000 O d. 10,000 O e. 60,000Ball Bearings, Inc., faces costs of production as follows: Quantity Total Fixed Costs Total Variable Costs (Dollars) (Dollars) 0 180 0 1 180 80 2 180 140 3 180 180 4 180 240 5 180 320 6 180 450 the following table by calculating the company's total cost, marginal cost, average fixed cost, average variable cost, and average total cost at each level of production. Quantity Total Cost Marginal Cost Average Fixed Cost Average Variable Cost Average Total Cost (Dollars) (Dollars) (Dollars) (Dollars) (Dollars) 0 1 2 3 4 5 6 The price of a case of ball bearings is $80. Seeing that he can't make a profit, the company's chief executive officer (CEO) decides to shut down operations. The firm's profit in this case is . (Note: If the firm…
- Consider a linear, increasing function for total costs. If there are fixed costs, which one of the following is therefore not the case? Marginal Cost is always falling. Average Variable Cost is constant. | Average Total Cost is always falling. )Average Fixed Cost is always falling.The cost structure of a manufacturer of microchips is described in the table in the next column. The firm’s fixed costs equal to $10 per day. Calculate the average variable cost, average fixed cost, and average total cost at each output level. Output (microchips per day) Total Cost of Output ($ thousands) 0 10 25 60 50 95 75 150 100 220 125 325 150 465How to calculate Samsung's cost (C(Q)) of producing 1, 2,...15?
- H13). Importance of Understanding Cost Behavior Patterns Recognizing and understanding cost behavior patterns serve multiple purposes within a company. What are at least 4 of them and explain.The cost information in the following table shows that as production increases Quantity produced/day Total cost Variable cost 0 $50 0 1 $75 $50 2 $110 $75 3 $155 $100 4 $210 $150 5 $270 $175 6 $345 $250 A.) variable cost increases at a uniform rate. b.) variable cost increases and then eventually falls c.) average total cost always falls d.) marginal cost eventually increasesurses H 880 alendar 24 Inbox History ? Help SC K- 7 Q A Refer to the table below, which presents costs associated with a small business selling cookies. Total cost ($) 7 Quantity O cookies 1 cookie 2 cookies 3 cookies 4 cookies 5 cookies :8: 5.3 Calculate the average variable cost of producing 3 cookies. Do not express your answer in units (i.e., if your answer is "$600", type "600"). If necessary, round your answer to one decimal place. 2 W S F2 # 3 80 F3 20 E JAN 5 D $ 4 888 R F F4 % 5 T F5 6 me F6 MacBook Air Y H & N 8⁰ 10.50 13.50 16 18 20 7 F7 U tv NAⓇ * 8 J ► 11 FO ( 9 D 1 K F9 O ) O W F10 L P Aa zoom + { 1 Submit F12 M htm deles