If total cost is equal to total revenue, then profit is equal to zero. a. True O b. False

Q: A firm's total profit is generally at a maximum when total cost is at a minimum. a. True O b. False

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

Q: Marginal cost is plotted (as an approximation) halfwa between successive units of output. a. True O…

A: Total cost: Total cost refers to the cost that includes fixed cost and variable cost. Here, fixed…

Q: As the quantity produced increases, then a. variable cost always decreases b. average fixed cost…

A: Total cost is defined as the sum of all exposed being incurred by the producer in order to producer…

Q: What is the total revenue when output is 1, total cost is 35, marginal cost is 10, fixed cost is 25,…

A: Rеvеnuе rеfеrs to thе total incomе gеnеratеd by a businеss or an individual through thе salе of…

Q: A firm is producing the profit-maximizing amount of output when it is producing where its curve…

A: The total cost is the sum of fixed cost and variable cost. The fixed cost is the cost of fixed…

Q: onl This Question: M Hom The graph shows the average variable cost curve and average total cost…

A: The cost of creating each level of output is represented by the total cost curve, so if we can…

Q: Calculate average revenue when it is given that Total revenue is $70 and output is 5 units

A: Given information is as follows:- Total revenue = $70 Output = 5 units We need to find the value of…

Q: 85 45 30 25 10 D. 10 18 20 32 Q cefer to the graph, at quantity 32 Marginal Cost (MC) is

A: here we find the cost curve and answer the following as follow-

Q: What is the law of diminishing returns? Why does marginal product eventually diminish? b. Explain…

A: Perfectly competitive market is a market structure where there are many small firms producing…

Q: If marginal cost and marginal revenue are $30 and $44  Find marginal profit

A: According to the above mentioned question, the values are:- Marginal cost = $30 Marginal revenue =…

Q: Marginal cost is equal to the change in average variable cost divided by the change in total output…

A: Total cost is the sum of fixed cost and variable cost. Variable cost increases with increase in…

Q: Mariel runs an ice cream shop. Her short-run cost is given by 300 + 3000 + 3g where q s the number…

A: TC(total cost) has 2 components- TFC(total fixed cost) and TVC(total variable cost). ATC(average…

Q: At a market price of $5 your artisanal pencil business maximizes profits by producing 484 pencils…

A: The profits will be computed as total revenue minus total cost. The total revenue refers to the…

Q: 66. Refer to Figure 12-4. What is the amount of its total fixed cost? 1. A) $1,080 2. B) $1,440 3.…

A: In economics, a competitive firm operates in a perfectly competitive market, characterized by the…

Q: The pizzeria's fixed cost is $ Complete the third column of the following table by calculating the…

A: Fixed cost is independent of quantity. It is the total cost when no quantity is produced. Variable…

Q: Which of the following is correct with respect to economic profit? PLEASE EXPLAIN THANKS!   A.…

A: The main objective of any firm is profit maximization and a firm maximizes its profit by producing…

Q: Calculate economic and accounting profit, and explain the importanceof the difference.

A: Profits are the excess of the revenue receipts over the firm’s total spending incurred during a…

Q: If a firm produces nothing, which of the following costs will be zero? Select one: O a. variable…

A: Total cost is the summation of total fixed cost and Total variable cost. Total fixed cost are those…

Q: Which of the following is not included in total cost? Select one: O a cost of the product to the…

A: A company's cost is the amount of money it has to spend to create its products or services. It is…

Q: A computer company produces affordable, easyto-use home computer systems and has fixed costs of…

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

Q: If a firm will produce an additional unit of good or services, determine what will happen to their…

A: The total cost of production equals the sum of the fixed cost and the variable cost. The fixed cost…

Q: When output is zero, total fixed cost is zero. O True O False

A: Total fixed cost it is cost that do not vary with level of output.

Q: You learn that a firm's average total costs (ATC) and average variable costs (AVC) are exactly…

A: Total cost is the sum of fixed cost and variable cost.=> TC = FC + VCFixed cost is the cost that…

Q: Calculate the marginal cost, marginal revenue and profit for each unit of production.  ii. How many…

A: MC = TCn -TCn-1    Profit = TR - TC

Q: When the article said that Bird was making 19% gross margin profit, this is O A. Accounting profit…

A: Introduction Net profit is the difference between revenue and cost. Gross profit margin is a…

Q: 3) Which of the following is not true about the marginal cost? The marginal cost (MC) curve is U…

A: Marginal costs are significant in economics as they aid businesses to maximize profits. When MC is…

Q: A company operates a summer camp. The cost data for a 12-week summer camp is as follows: Charge per…

A: Profit is the difference between total  revenue and total cost.

Q: The difference between accounting profit and economic profit is O total revenue. O marginal product.…

A: Profit is the income earned after deducting the total costs or expenses from the total revenue of…

Q: How profit is different from the incorporating normal profit and when the normal profit is into…

A:

Q: Is a type of cost which does vary with the unit of production and will change with the number of…

A: cost refers to the monetary worth of products and services purchased by producers and customers.…