Draw an example of the Total Fixed Cost, Total Variable Cost, and Total Cost of a company whose marginal cost is non-linear and increasing for all Q>0. (Please have the quantity (Q) on the horizontal axis and $ on the vertical axis as we had in class. You do not need to provide the functional form or numbers, just the graphs with the appropriate shap

Q: Marginal cost is the slope of both the average variable cost and the variable cost functions. Select…

A: Marginal cost is the change in total cost or total variable cost per unit change in output.

Q: Don't use ai to answer I will report your answer

A: Step-by-Step Analysis Step 1: Understanding the Graph: The graph shows the Marginal Physical Product…

Q: Explain the difference between direct costs, indirect costs, fixed costs, and variable costs,…

A: Economic cost looks at the gains and losses of one course of action versus another. It does this…

Q: Explain the relation between average variable cost and marginal cost for both the short-run and…

A: Cost Curves show the relation between the costs that a firm incur in the process of production and…

Q: Suppose you run a factory whose short-run production function is given by f (L) = 180L² – 3L³. (a)…

A: TPL = 180L2 - 3L3 APL = TP/L = 180L - 3L2 MPL = CHANGE IN TP/CHANGE IN L = 360L - 9L2

Q: Discuss the connection between returns to scale and diminishing marginal product. Provide graphs to…

A: Definitions In the short run, increasing input after reaching maximum capacity while keeping at…

Q: 6)ABC company is using labor and capital to build widgets The last employee produced 20 more widgets…

A: 6. The marginal product of labour = 20     The price of labour = $10     The marginal product of…

Q: 2) For the following cost functions calculate and plot the average fixed costs, average variable…

A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…

Q: Assume the average cost when producing 4 units is 10, the average cost of producing 6 units is 8,…

A: The table shows output and AC:

Q: ) Suppose we have the following production function: Q=K2/312/3. Does the technology have onstant…

A: The production represents the relationship between output and inputs. The change in inputs lead to…

Q: How could you explain the difference between economies of scope and economies of scale?

A: Economies of scope and scale are concepts that relate to the cost of production of firms.  Economies…

Q: The number of units that minimizes the average cost is

A: The average cost is the cost computed by diving the total cost of production by the total quantity.

Q: Introduction to Calculus in Economics: Calculus is a powerful tool used in economics. One of the…

A: The Average Cost is the per unit cost of production acquired by separating the total cost (TC) by…

Q: Austin's total fixed cost (TFC) is $350/month at his cupcake bakery.  Austin employs 10 workers and…

A: The amount of output produced determines the fluctuation in variable costs. Labor costs are one type…

Q: How would an improvement in technology, like the high-efficiency gas turbines or Pirelli tire plant,…

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

Q: During the previous month, a firm produced 250 tablet devices at an average variable cost of $40 and…

A: Given:Average variable cost=$40 Average fixed cost=$10Total output=250 tablets

Q: Give the formulas for and plat average fixed cest, AFC, marginal cast, MC, average variable cost,…

A: Cost curves are graphical representations of the relationship between the quantity of goods or…

Q: Let F be the fixed cost of production, let VC be the variable cost of production, C be the total…

A: TC is consisting of fixed cost and variable cost. Fixed costs are those costs which a company has to…

Q: For the cost function c = √q, show that marginal and average costs are always decreasing.

A: The firm produces goods and services which would result in the firm to incur cost. The production of…

Q: Total Marginal Cost (using total cost) Quantity Variable Marginal Cost Cost Cost (using variable…

A: Fixed cost of production is that portion or part of firm's costs which remains same at each level of…