Fill in the blank! A lyft driver buy a Honda vehicle in order to drive, this is an example of a cost that is _______in the short run and ___________in the long run. (Fixed, variable) A Lyft driver buys a fresh vehicle in order to drive. If the marginal cost is constant and low (keeping in mind the price of the new car), then average total cost has to be ___________and the average variable cost has to be ____________as quantity increases. ( rising, falling, constant, changing ambigiously) A person has $50/week to spend on transportation for their job. Lyft ride= $10. subway ride = $2.50. If Lyft rides are on the x-axis, what's the slope of the budget constraint?  _____

Q: How does a cost behave in response to a change in activity? Give an example?

A: Cost also changes with the change in the activity. There are two types of costs- fixed costs and…

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Q: that the dollar cost of producing X appliances is c(x) = 1000+70x-0.1x². ■ Find the average cost per…

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Q: As a production process requires labor L and capital K, q = F (L, K). The wage for a labor is $500,…

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Q: Use the information in the graph to the right to find the values for the following at an output…

A: Total cost refers to the total amount of money that a producer pays to the factors for production…

Q: A company with two different plants manufactures guitars and banjos. Its production costs for each…

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Q: Consider the following costs of owning and operating a car. A $17,000 Fiat 500 Pop financed over 60…

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Q: Vipsana's Gyros House sells gyros. She incurs a fixed cost of $120 per day. Vipsana pays $60 per day…

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Q: A manufacturer can produce 5,130 cell phones when a dollars is spent on labor and y dollars is spent…

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Q: Finley's orchard incurs $90,000 per year in fixed costs. Last year, their total production was 100…

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Q: If c=3q-3q2+q3is a cost function, when is marginal cost decreasing?

A:

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Q: What are two examples of variable costs?

A: Variable costs depends on the level of output being produced by the firm.

Q: What is another term for marginal costs

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A: In a market, economies of scale is considered as one of the competitive advantage of a firm.

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Q: “Sunk cost is a fixed cost, but not in the long term.” Is this statement true or false? Explain!

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Short-Run Costs and Long-Run Costs

Cost of short-run and the long-run is an economic term that describes the cost involved in the production of goods in a firm in the short as well as long period.