Q: 1. Explain the difference between an implicit cost and an explicit cost, and how both costs relate…
A: 1. Implicit cost is the cost that has already occurred in the past. However, these are not direct…
Q: Only typed answer and please don't use chatgpt Question: In Figure 1, if labor is the variable…
A: Marginal Cost: it refers to the change in total cost due to 1 additional unit of production. As due…
Q: When there are positive fixed costs, can the average variable cost curve and average total cost…
A: We have 3 different costs, ATC, AVC and AFC where ATC is the sum of AVC and AFC. Given that are…
Q: What are the average total cost, average variable cost, average fixed cost, and marginal cost of…
A: Q=4 TC=140 TFC=50 ∆TC=140-110 =30 ∆Q =4-3 =1
Q: Assume the cost of making 30 belts $800 the cost of makin 35 belts $900 and the cost equation is…
A: Marginal cost measures the change in total cost due to a change in quantity produced. Marginal cost…
Q: a. Complete the following table and answer two questions about costs. Instructions: Enter your…
A: Here we calculate the following terms by using the given information , so the calculation of the…
Q: 13.03 Homework • Answered If the average variable cost of producing 4 jeans at Jerry's factory is…
A: We know that, Total Cost(TC)= Total Fixed Cost(TFC)+Total Variable Cost(TVC),Average Variable…
Q: Use the following table to answer the questions that follow. Total Output Cost TFC…
A: Total output Costs TFC TVC AFC AVC ATC MC 0 20 20 0 - - - - 10…
Q: Using the numbers representing short run costs in the chart below, calculate the number that belongs…
A: We have blank for MC at q=5.
Q: 2. The following table depicted a computer manufacturer's total cost of producing computer: Quantity…
A: In its most basic form, total cost (TC) refers to all of the costs associated with producing…
Q: 3) A music publisher calculated the cost of printing music using an engraved plate technology and…
A: Total cost is an addition of Total Fixed cost and Total Variable cost. Total Fixed cost is that cost…
Q: a) What is Quantity of cars TC $500,000 540,000 560,000 570,000 590,000 620,000 660,000 720,000…
A: The total sum that a producer must pay to create all of their goods and services is referred to as…
Q: The table gives costs at Ahmad's Bike Shop. Unfortunately, Ahmad's record keeping has been…
A: Labor (workers) Output (bikes) Total fixed cost (dollars0 Total variable cost (dollars) Total cost…
Q: 3. Nokia sells a new budget cell phone. Based on information provided by the accounting department,…
A: Given The average variable cost for Nokia cell phone: AVC=$30+Q .........(1) Average…
Q: 5. The average fixed cost curve and the average variable cost curve have two different shapes. With…
A: Average fixed costs curve appears like an oblong hyperbola. it's defined because the ratio of TFC to…
Q: Figure and Table: Variable, Fixed, and Total Costs Total cost $2,500 2,000 1,500 1,000 500 Points on…
A: Costs refer to the expenses that are incurred in the process of production of goods or services.…
Q: a. When output is 10, total variable cost is $ b. When output is 20, average fixed cost is $ c. When…
A: Total cost is the sum of variable cost and fixed cost. Fixed cost remains constant at each level of…
Q: Figure 13-5 11 10- Cost 1 23 45 6 D average variable cost CB A 9 10 11 12 Quantity Refer to Figure…
A: There are several types of cost curves that are commonly used in economics to analyze the behavior…
Q: The total fixed cost, total variable cost, and total cost curves are shown for a company that…
A: Average Total CostThe average total cost (ATC) is a key economic metric that represents the average…
Q: 5. Draw the following cost behavior situations. Show Total costs on the Y-axis and the cost driver…
A: Since you have asked a question with multiple subparts, we answer the first three subparts for you.…
Q: a. Complete the following cost schedule by computing marginal cost, average fixed cost, average…
A: a. we will calculate the values in the table: Output TC ($) TFC ($) TVC ($) MC ($) AFC ($) AVC ($)…
Q: 9. Problems and Applications Q9 Jane's Juice Bar has the following cost schedules: In the…
A: Marginal cost can be calculated with the given formula:
Q: Which of the following is not a variable cost at the sandwich shop? O Cost of labor
A: We have to find which is not a variable cost at the sandwich shop.
Q: I remember from my omics classes that average ble cost (AVC) is equal to: can you tell me the…
A: The variable cost is $60 per worker a day. At 90 units of output (i.e. when 90 cars are washed in a…
Q: 5. Provide the formula/calculation for the following costs: Average Total Cost, Average Fixed Cost,…
A: Costs, in general, explains the producer’s expenditure in producing a commodity it includes various…
Q: 2. Assume that the marginal cost of production is greater than the average variable cost. Can you…
A: Formula to calculate AVC and MC:- AVC=TVCQMC=TCn-TCn-1 where; TVC= Total Variable CostTC=Total…
Q: Following are four graphs representing various cost behaviors. Costs 50 Volume $0 0 11 Volume $0 0…
A: Fixed costs are expenses that remain constant within a certain range of production or over a…
Q: Define total cost, average total cost, and marginal cost. How are they related?
A: Production prices ar the expenses incurred by a firm once it manufactures a product or provides a…
Q: 2) The Trouser Company has fixed costs of 2,000 per week. In addition, we have some information…
A: The following are the cost conditions of the company :
Q: Define Minimum Average Cost and Efficient Scale.
A: Minimum Average Cost :The average cost or average total cost is per unit cost incurred by the firm…
Q: 2. Derive the long run average total cost curve and show minimum efficient scale on it.
A: Total Cost curve(TC) is the cost that is incurred in the production of goods in firms. It consists…
Q: The government imposes a $1000 per year license fee on all pizza restaurants. As a result, which…
A: The graph showing the function of the total quantity produced is production cost said to be the cost…
Q: t nces Output 0 1 2 3 $ 4 5 6 7 8 9 Total Cost $2,500 3,410 4,040 4,480 4,900 5,220 5,540 6,310…
A: Disclaimer- “Since you have asked multiple questions, we will solve the first three questions for…
Q: UNITS OF VARIABLE TOTAL MARGINAL AVERAGE PRICE OF INPUT PRODUCT PRODUCT PRODUCT INPUT TOTAL VARIABLE…
A: f. The relationship between marginal product and marginal costMarginal product is the additional…
Q: mework 6 i 1 Saved nics Game Obituary Project Help Save & Exit Submit a. Complete the following cost…
A: Explained belowExplanation:Step 1:To complete the cost schedule, we need to calculate the missing…
Q: 4. Use the information in the following graph to find the values for the following at an output…
A: Marginal cost or MC: It's the additional cost incurred when producing one more unit of output. It's…
Q: .Which of the following is an example of a fixed cost? A. cost of employees who work overtime B.…
A: In general, a firm incurs various costs in the daily business and these costs can be classified as…
Q: Consider an airline's decision about whether to cancel a particular flight that hasn't sold out. The…
A: Since you have posted a question with multiple sub parts, we will solve first three subparts for…
Q: Musashi's Juice Bar has the following cost schedules: In the following table, complete the marginal…
A: Cost is often the outlay made for producing a good or service that a business sells. The price of…
4. Give an example of a fixed cost and a variable cost.
Step by step
Solved in 2 steps
- 30.Refer to Figure 1. Curve 1 is Outdoor Equipment's Select one: a. Marginal cost curve. b. Average total cost curve. c. Average fixed cost curve. d. Average variable cost curve.15 3. Jane's Juice Bar has the following cost schedules: Quantity 0 vats of juice $0 1 10 12 25 3 45 4 70 100 135 10 1 12 13 14 15 Variable cost Total cost $30 40 55 75 100 130 165 Calculate average variable cost, average total cost, and marginal cost for each quantity. Put these numbers in the table below. Quantity Average variable cost Average total cost Marginal cost a. b. Graph all three curves (average variable cost, average total cost and marginal cost) using Excel or a piece of grid paper. Attach the graph to this assignment. What is the relationship between the marginal-cost curve and the average total cost curve? Between the marginal cost curve and the average variable cost curve? ExplainQuestion 6 Not yet answered Marked out of 1 Remove flag Drawinue nare If the average fixed cost of seven tubs of ice cream is $50, the total cost of zero tubs is: O a. $350 Ob. $250 c. $500 Od. $200 Clear my choice Next page
- Fill in the following cost table. For the first few rows, you can work from left to right. However, as you get to the last two rows, you will need to use the information from the right side of the table to work back to the left side. We do not calculate average costs at a quantity of 0. Q TFC TVC TC AFC AVC ATC MC 0 5,000 0 XXXXXX XXXXXX XXXXXX XXXXXX 1 3.000 3,000 2 5,000 3 11,000 4 3,250 5 4,000 Can you tell if this is the short run or long run? Can you tell which level of output yields the highest profit? If so, what is the output level? If not, explain. Economists define the “Break-even Price” as the lowest point on the average total cost curve or the lowest average total cost given in a table. What is the break-even price in this problem? Economists define the “Shutdown Price” as the…Consider the production of hamburgers. The average total cost (ATC) and average fixed cost (AFC) of producing hamburgers are illustrated in the graph to the right Use the four-point curve drawing tool to graph the average variable cost of producing one, two, three, and four thousand hamburgers. Properly label this curve Carefully follow the instructions above, and only draw the required objects. Cost (cente per unit) 26 24- 22- 20 18- 16 14- 12- 10 B 6 4- 2 ATC AFG Quantity of hamburgers (in 1000s) Q du1:27 Ces A firm's output, variable costs, and total costs are given in the table below. Instructions: Enter your answers as a whole number. a. Calculate marginal cost using the formula given in the chapter: ATotal cost/AQuantity. Quantity 10 20 30 50 Quantity 0 10 20 30 40 Variable cost ($) b. Calculate AVariable cost/AQuantity. 50 50 120 200 300 420 Variable cost 50 120 200 300 Total cost ($) 420 100 150 220 300 400 520 Total cost ($) 100 150 220 300 400 520 Marginal cost ($) AVariable cost ($)/ AQuantity
- 16. The total cost to make q quilts is C(q) = 73 +1.2q +0.05q2. a. What is a function for the marginal cost? b. Find a quantity that minimizes the average cost.Section 11.5 The Short-Run and Long-Run Average Total Cost Curves exhibit 1 SRATC for small plant SRATC for medium plant SRATC tor large plant LRATC B $500 $400 Economies of Scale Constant Returns to Saie 1,000 1,200 Quantity of Computers (per day) Notice that the long-run average total cost (LRATC) curve is much flatter than the short-run average total cost (SRATC) curve. This is because firms can be more flexible in the long run-they can choose which short-run cost curve they want to operate along, by choosing their plant scale. But they cannot do this in the short run, during which they are stuck with their existing short-run cost curve. That is, in the short run, the firm operates with the short-run curve it has based on past decisions. However, in the lang run, the firm is able to choose the short-run curve it wants to use. In Exhibit 1 above, explain why the curve between A and B looks different than the curve from A to C. Provide an example of how a firm could opt to follow the…4.The Marginal Cost Curve is shaped like a Nike swoosh. graph. 5.The Marginal Cost Curve crosses the Average Total Cost curve and Average Variable Cost curves at the lowest point. graph.
- a. Calculate marginal cost using the formula given in the chapter: ATotal cost/AQuantity. Quantity Variable cost ($) Total cost ($) Marginal cost ($) 0 0 100 1 60 160 2 110 210 100 3 180 280 100 4 270 370 100 5 400 500 100 b. Calculate AVariable cost/AQuantity. Quantity Variable cost ($) AVariable cost Total cost ($) ($)/ AQuantity 0 0 100 1 60 160 100 2 110 210 100 3 180 280 100 4 270 370 100 5 400 500 100Costs and Profit Maximization: Work It Out 1 Suppose Margie decides to lease a photocopier and open up a black-and-white photocopying service in her dorm room for use by faculty and students. Her total cost, as a function of the number of copies she produces per month, is given in the table. Number of Photocopies Per Month Total Cost Fixed Cost Variable Cost Total Revenue Profit 0 $100 1,000 $110 2,000 $125 3,000 $145 4,000 $175 5,000 $215 6,000 $285 a. Fill in the missing numbers in the table, assuming that Margie can charge 6 cents per black-and-white copy. Margie's fixed cost is: $ Variable cost, 0 photocopies/month: $ Variable cost, 1,000 photocopies/month: $ Variable cost, 2,000 photocopies/month: $ Variable cost, 3,000 photocopies/month: $ Variable cost, 4,000 photocopies/month: $…1. How does fixed cost affect marginal cost? Why is this relationship important? 2. Is it possible for total utility to increase while marginal utility diminishes? Explain. 3. Define economies of scale and explain why they might arise. Define disecononies of scale and explain why they might arise.