Graphically, the marginal cost curve and the average total cost curve intersect where average total cost is minimized marginal cost is minimized fixed cost is minimized average total cost is maximized

Q: If marginal cost is $69 and the change in output is 17 units  Calculate change in total cost

A: The information being given is as follows:- Marginal cost = $69 Change in output = 17 units  Change…

Q: Douglas Fur is a small manufacturer of fake-fur boots in Chicago. The following table shows the…

A: Average total cost (ATC) is calculated by dividing total cost by the total quantity produced.…

Q: Marginal product will eventually go down because of  the law of diminishing marginal utility.  the…

A: The marginal product of a factor input is the additional output that is generated when an…

Q: The above cost curves are for a firm producing flour, which is measured in pounds.  1. What is the…

A: A cost curve is a graph that shows the costs of production as a function of the overall quantity…

Q: Find the value of the profit when the total revenue is $65 billion and total cost is $25 billion?

A:

Q: What would be the value of economic profit if explicit cost is $200, implicit cost is $150 and total…

A: The data presented in the question above is:- Explicit cost of the firm = $200 Implicit cost of firm…

Q: Long-run average total cost (Multiple Choices )     might have an upward-sloping segment that…

A: Long run average total cost is the long run cost per unit. Economies of scale refer to the situation…

Q: What does fixed cost refer to in economics? a) Costs that vary with the level of production b) Costs…

A: Fixed costs are a key idea in financial matters and business, playing an essential part in the…

Q: The cost function of producing Q units of good s.t:

A: ‘Total cost’: ‘Total cost’ is the amount that includes all the expenses that are paid to produce a…

Q: The accompanying table gives cost data for a firm that is selling in a purely competitive market.…

A: One of the primary concepts in economics is the concept of marginal cost, which is the extra expense…

Q: Identify the economies of scale where the producer operates. Show cost curves of the firm…

A: The economies of scale means when the level of production or output is raised, the average cost of…

Q: When average variable cost is at a minimum, Multiple Choice   marginal cost is at a maximum.   the…

A: Option D When AVC is at a minimum, APL is at maximum AVC and AP are inversely related.

Q: The total cost changes from 92 to 122 and the quantity changes from 1 to 2 Calculate the value of…

A: # change in total cost divided by the change in total quantity is referred to be as the marginal…

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

A: The optimal level of labor and capital is given by the point where the marginal rate of technical…

Q: When the marginal product of labor diminishes average fixed cost rises average variable cost is…

A: Marginal product of labor is the additional output produced by employing an additional unit of…

Q: Find the marginal cost function. C(x) = 174 + 1.7x The marginal cost function is C'(x) = ||.

A: The cost function is: C(x) = 174+1.7x

Q: 1) Consider an independent pizza shop. List at least 5 explicit costs. 2) Consider an independent…

A: Explicit cost is the one that is actually incurred by a firm. It includes the out-of-pocket…

Q: We expect the marginal cost to increase as this firm produces more computers. But when the firm…

A: The rise or fall in the cost of producing/providing one more product is referred to as marginal…

Q: Fill in the remaining cells of the following table. Quantity Total Cost Marginal Cost Fixed Cost…

A: Meaning of Cost: The term cost refers to the situation under which a firm occurs various expenses…

Q: If producing more output increases average cost then         a)there are diseconomies of scale.…

A: Answer to the question is as :

Q: Short-run average total cost      shows the minimum average total cost for each level of output…

A: Answer: Correct option: option 4 (might have a flat portion that indicates a constant average cost…

Q: When the average cost is greater than the marginal cost, the firm is producing in which

A: Average cost is the total cost of production divided by the quantity of output produced. It…

Q: The total cost changes from 92 to 122 and the quantity changes from 1 to 2 Calculate the value of…

A: Marginal cost refers to the additional total cost derived from an additional quantity produced.…

Q: When the marginal product of labor is increasing marginal cost is decreasing constant increasing at…

A: The marginal cost is the cost of producing an additional one unit of output. Marginal products of…

Q: rue? Marginal cost is equal to marginal revenue. O This is the quantity a firm would choose to…

A: AVC=TVC/Q MC= change in TC/ change in Q

Q: Fill in the remaining cells of the following table. Quantity Total Cost Marginal Cost Fixed Cost…

A: Quantity Total Cost Marginal Cost Fixed Cost Variable cost AVC ATC 0 120 --- 120 0 0 0 1 210 90…

Q: a. In the accompanying diagram, place the points labeled Minimum AVC and Minimum ATC in their…

A: The AVC curve, which shows the per-unit variable expenses a company faces at various output levels,…

Q: Fixed cost is

A: Please check the solution below