If output per per person is .25 and the wage rate is 10,what is the average variable cost?

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: Suppose the marginal product of labor is MPL=10 and the cost of each worker is w=50. What is the…

A: In the labour market, the firms are the ones who demand labour and the workers are the ones who…

Q: Explain why the fixed cost has no influence at all on marginal cost.

A: In the short run, a firm will have two types of cost: fixed cost and variable cost. Total variable…

Q: Why is the Average Total Cost curve U-shaped?

A: The average cost (AC) or average total cost (ATC) is the cost per unit of production. The average…

Q: How is the difference between average total cost and average variable cost impacted by an increase…

A: Average total cost is the total cost per unit whereas average variable cost is the total variable…

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: What are the fixed and variable cost?

A: Fixed costs are that cost which remains same and incur even when there is no production.  Variable…

Q: Give two example of fixed cost

A: Cost is the total expenditure incurred by a producer in producing a good or services. Cost has two…

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

A: In economics, the concept of costs and their relationship with the quantity of a variable input is…

Q: What are economies and diseconomies of scale? How do they arise? What do they imply for the shape of…

A: Long run average cost is the lower cost for the production of every unit. It comprises several short…

Q: True or False? This marginal cost function is the derivative of the production function.

A: We have, Cw1,w2,y=w113+w2133y2 The marginal cost  MC = Cyw,y It means the C(w1,w2,y) function is…

Q: True or False The slope of the total cost curve is equal to marginal cost, or the change in…

A: Total cost It refers to all the cost or expense that is incur in a production process.It is given by…

Q: What happens to fixed cost as the quantity produced increases?

A: In the market, when a firm makes production activities, there are various costs incurred during this…

Q: Q FC VC 0 1,000 0 20 1,000 350 50 1,000 700 90 1,000 1,050 125 1,000 1,400 145 1,000 1,750 160 1,000…

A: Fixed Costs (FC): These are expenses that stay the same regardless of your production level. They're…

Q: Use the cost table below to find the following marginal costs. Output quantity Total Variable Cost…

A: The cost structure of a firm determines its productivity. The total cost of a firm comprises of…

Q: Explain economies of scale and how to determine if a firm is experiencing it or not from their cost…

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

Q: Ifmarginal cost is below average total cost, average total cost will

A: During the production of the communities the overall cost incurred is referred to be as a total cost…

Q: State two examples of the fixed cost and two examples of the variable cost in economics

A: According to the given question Fixed cost are those cost in economics which are basically and…

Q: Is it true or not that the marginal cost  C′(x) is equal to the average cost at the critical points…

A: Average cost is the cost of making a single product calculated by dividing the Total cost by the…

Q: How does labor influence marginal product? There's the saying "the more the merrier," but is this…

A: Marginal Product of labor increases with decreasing rate. Marginal Product of Labor(MPL) is a change…

Q: Is total cost 0 when the level of production is 0?

A: # We know that total cost is the sum of total fixed cost and total variable cost.

Q: How to calculate the Average cost of producing 1, 2,...15

A: average cost = C/Q = 1000 + 100*Q for every Q we first calculate the C by using the formula C=1000+…

Q: irs of shoes their total cost is $500. Elliot's arginal cost to produce the 31st pair of shoes is 1.…

A: Average total cost = total cost/quantity Marginal cost is the additional cost incurred in order to…

Q: What is the firm's average fixed cost of producing 1,500 gadgets?

A: Fixed cost refers to the cost incurred by a firm irrespective of the level of output produced by a…