Businesses choose from several production processes by: Multiple Choice

Q: Total fixed cost is $300 and total variable cost is $700 Calculate total cost

A: The given information is as follows:- Total fixed cost = $300 Total variable cost = $700 We have to…

Q: What are economic costs? Group of answer choices Any contractual obligation that results in a flow…

A: The economic cost is the mix of misfortunes of any merchandise that has a worth joined to them by…

Q: Marginal and Total Costs Quantity Total Marginal (Q) Cost Cost (TC) (MC) 0 15 1 25 2 70 30 3 4 40 5…

A: Total cost refers to the cost of production a firm incurs at different levels of output.Marginal…

Q: After one month of operation, UCC Cafe decided to shorten its business hours and close on weekends.…

A: When UCC cafe reduced business hours and weekends holiday. It considered variable cost.

Q: firm uses 23 employee-hours, it will produce, _units of output and experience total cost of

A:

Q: If marginal cost is greater than average total cost, then average total cost must be increasing.…

A: The marginal cost curve is downward sloping when it is below ATC. At the same time ATC is also…

Q: Rather than have all the tasks in a production setting being done by the same person, but by…

A: In economics, the problem of scarcity which is universal in nature is studied and addressed. Because…

Q: Show me how to arrive at Average Variable Cost?

A: Total variable cost varies with the level of production.

Q: Which factor of production is almost never included in a firm's fixed costs? Land Labor Capital All…

A: Land, labor, and capital are considered factors of production.

Q: How would the following cost be classified? Rent that would be received if an owned building were…

A: In economics, costs are classified based on their impact on an individual such as direct cost or…

Q: As total output increases average fixed cost v (Click for List) constant at a maximum falling rising…

A: Variable costs refers to those costs which depends upon the level of output. These costs increases…

Q: Define economies of scale

A: Economy of scale is a microeconomic term used as an important element of productivity growth.…

Q: If average cost is incresing as output expands, a marginal cost equals average cost b marginal…

A: The average cost is an important concept in economics and business because it helps firms determine…

Q: Evaluate the factors affecting firm behavior, such as production and costs

A: The allocation of resources in economics is determined by economic profit which relies on how much…