Define fixed and variable costs of production. Why do you think bigger firms may have lower average total cost (ATC) than smaller firms? Explain. Answer must correct.Describe it step by step. Don,t copy from anywhere.

Q: The long-run is a period of time long enough so that all inputs, including facility and equipment,…

A: PLEASE FIND THE ANSWER BELOW.

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A: The fixed cost is the cost which remains the same even when the firm produces nothing as output.…

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A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

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Q: What is difference between fixed and variable cost in short run? How does this result in the classic…

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Q: How do costs vary in response to changes in the quantity of a variable input? In your own words. 250…

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A: Here, an improvement in the technology used, would decrease the cost and will shift the cost curve…

Q: Suppose that you and your roommate have started a Doughnut delivery service on campus. List some of…

A: Total Fixed Cost (TFC) : It refers to that part of the total cost that does not depend on output. In…

Q: Others things equal, if the fixed costs of a firm were to increase by $100,000 per year, which of…

A: Others things equal, if the fixed costs of a firm were to increase by $100,000 per year, which of…

Q: Give business examples of short-run costs, economies of scale, and minimum efficient scale (MES).

A: At the Mininum effiecient scale point, the company could achieve the economies of scale being…

Q: Define fixed and variable costs of production. Why do you think bigger firms may have lower average…

A: Net product costs are calculated by combining total direct resources and labor costs, and also total…

Q: Explain the meaning of fixed costs. Provide a few examples of firms' costs that are likely to be…

A: A firm's fixed costs are costs that do not change. It is irrespective of whether production or sales…

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: Define fixed and variable costs and give examples of each in manufacturing. What is total cost,and…

A: Cost is something that, depending on its type, can be categorized in many ways. Classification…

Q: Which of the following statements about average and marginal cost is INCORRECT? (2) (1) The marginal…

A: MARGINAL COST CURVE: A graph that shows the relationship between a firm's marginal cost in the…

Q: The variable cost per unit varies with output, whereas the fixed cost per unit is constant." Do you…

A: Total variable cost (TVC) is the total cost component that changes with a change in output, so AVC =…