Consider a restaurant business where the decision about starting a business will be based on the marginal cost and marginal benefit associated with it. Thus, Curry chicken where with the labor the marginal cost level actually gets to decrease to a certain extent and then after maximum utilization of labor, then we have to hire more as a result of which the marginal cost increases and similarly the price of the donut is constant as a result of which marginal revenue is constant and in this regard, according to marginal analysis, I would actually get to produce in such a way that the marginal revenue is equal to that of the marginal cost and here, maximum profit condition is achieved as a result of which this would be the optimal quantity

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 costs

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A chair manufacturer hires its assembly-line labor for $5 an hour and calculates that the rental cost of its machinery is $10 per hour. Suppose that a chair can be produced using 4 hours of labor or machinery in any combination. If the firm is currently using 2 hours of labor for every two hours of machine time, is it minimizing its cost of production? If so, why? If not, how can it improve the situation? The firm O A. is currently minimizing its cost of production because its marginal rate of technical substitution is greater than the ratio of input prices. O B. is not currently minimizing its cost of production because the ratio of the marginal product of labor to the marginal product of capital is less than the ratio of the wage rate to the rental cost. O C. is currently minimizing its cost of production because its marginal rate of technical substitution equals the ratio of input prices. O D. is not currently minimizing its cost of production because the marginal product of labor…

Which of the following is not a variable cost at the sandwich shop? O Cost of labor O Cost of delivery O Cost of rent O Cost of tomatoes

What is the difference between accounting profit and economic profi? OA Economic profit subtracts both explicit and implicit costs from total revenue, while accounting proft only subtracts explicit costs. OB. Accounting profit only subtracts implicit costs from total revenue, while economic profit only subtracts explicit costs. OC Economic profit only subtracts implicit costs from total revenue, while accounting profit only subtracts explicit costs. OD. Accounting profit suberacts both explicit and implicit costs from total revenue, while economic profR only subtracts explicit costs

Consider the three figures below, depicting possible cost functions for a firm. The horizontal axis measures output in all figures, while the vertical axis measures dollars. A B Which of the following statements are correct? Choose one or more: ⒸA. Figure A could represent the average total cost. OB. Figure B could represent the average total cost. C. Figure C could represent the average total cost. OD. If Figure B represents the average variable cost, then Figure C could not represent the average total cost. OE. If Figure B represents the marginal cost, then Figure C cannot represent the average total cost.

Typically, the marginal cost curve is marginal returns suggests that added units are O upward-sloping; more costly to produce Odownward-sloping; more costly to produce O upward-sloping: less costly to produce because diminishing

100 90 80 70 60 ATC 50 40 30 20 AVC МС О 10 + 0 0 5 10 15 20 30 35 40 45 50 QUANTITY (Thousands of shirts) or each price in the following table, use the graph to determine the number of shirts this firm would produce in order to maximize its profit. Assume hat when the price is exactly equal to the average variable cost, the firm is indifferent between producing zero shirts and the profit-maximizing uantity. Also, indicate whether the firm will produce, shut down, or be indifferent between the two in the short run. Lastly, determine whether it will nake a profit, suffer a loss, or break even at each price. Price Quantity (Dollars per shirt) (Shirts) Profit or Loss? Produce or Shut Down? Shut down 10 20,000 Loss Shut down 20 10,000 Loss Shut down 32 5,000 Loss Either 0 or 37,500 Shut down 40 Loss 25 COSTS (Dollars)

estion 4 of 30 Each graph illustrates three short run cost curves for firms, where ATC is average total cost (aka average cost), MC is marginal cost, and AVC is average variable cost. Which graph correctly represents the relationship between all three cost curves? О Cost MC Cost ATC MC ATC AVC AVC Output Output Cost MC Cost MC АТС AVC AVC АТС Output Output 8:14 PM 回节 回 46°F 12/15/2021 近