Lakes region in New York State produces wine. The climate favors white wines, but reds have been produced successfully in the past 15 years. Categorize the following costs incurred by one winery as either fixed or variable. Are the wages paid to the same workers who pick the grapes at the end of August or early September a variable or fixed cost?

Q: If you were a taxi driver, the daily revenue and cost are as the following: Revenue: $250 Variable…

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A: Marginal cost is defined as the extra coat a firm incurs by employing an extra unit of input.

Q: Economies to scale refer to

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A: Cost function can be written as follows:

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

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Q: A manufacturing firm faces the cost of production as follows : Quantity Total Fixed Costs Total…

A: Formulas used in the question are as follows:   Average Fixed Cost = Total Fixed Cost/ Output…

Q: g) What will be the firm’s total fixed costs?

A: Fixed cost is that component of total cost that is independent of the output level.

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Q: The graph shows the cost curves are they profit maximizing firm in a competitive market. If the…

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Q: Consider the following cost information for a pizzeria: Quantity Total Cost Variable Cost (Dozens of…

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Q: Identify a fixed cost

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

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Q: In the short run, which cost is fixed and cannot be changed? a) Average cost b) Marginal cost c)…

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A: Total cost is the sum of variable and fixed costs. TC = TVC + TFC

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Short-Run Costs and Long-Run Costs

Cost of short-run and the long-run is an economic term that describes the cost involved in the production of goods in a firm in the short as well as long period.