If we know a firm's demand for an input then we can derive the firm's a. mission, vision, and values b. output supply c. opportunity cost O d. stock price

Q: his refers to the ratio of a small increment of cost and a small increment of output. a. Increment…

A: Below is the formula for marginal cost:

Q: Cost MC Select one: ATC AVC ABC D Quantity C in the figure above represents the output level where…

A: MC, marginal cost is the additional cost incurred to produce one more unit of the good.

Q: Which of the following is an implicit cost to a firm that produces a good or service?  A. Labor…

A: Opportunity cost shows the forgone units of one good in acquiring the other good.  Implicit cost is…

Q: Solve the attachment.

A: Marginal cost is the addition to the total cost due to the production of an extra unit of output,…

Q: Draw the marginal-cost and average-total-cost curvesfor a typical firm. Explain why the curves have…

A: Average-Total-Cost (ATC): Average total cost refers is cost of production of per unit output that is…

Q: Short Run Production Relationships         List and explain the 3 Short Run Production…

A: Production function is neoclassical production function. It is upward sloping, concave and marginal…

Q: What stage of production is efficient region of production in short run?

A: There are three stage of production. The law of variable proportion can be divided into three…

Q: Farmer McDonald gives banjo lessons for $20 an hour. One day, he spends 10 hours planting $100 worth…

A: Accounting profit is the difference between total revenues and explicit costs where explicit costs…

Q: Total Cost Fixed Cost Variable Marginal Cost Average Fixed Cost Average Variable Cost Average Total…

A: Total cost = Fixed cost + variable cost  Also Fixed cost are same at every level of output.

Q: MC AFC AC AVC Quantity Refer to the diagram above. Based on the information illustrated in the…

A: The additional expense required to produce a single additional piece of output is known as the…

Q: A firms total profit equals?

A: The amount of money a company makes by selling its goods or services at a specific price is revenue.…

Q: The difference between economic profit and accounting profit is?   Average cost Direct costs…

A: Cost is the expenditure incurred by firms on the production of goods and services. The cost can be…

Q: a. Why is the gap or difference between average total cost and average variable cost larger at…

A: Cost is a metric of the possibilities foregone when one product or task is chosen over another.

Q: Explain the idea behind diminishing marginal returns and give a real-life example.

A: Diminishing Marginal Returns happen while expanding one unit of creation, while holding different…