020-2021 BahMarginal cost is given by 12 eu.54. Fixed cost is 56. What is the total cost?O a. 6e0.5QOb. 24e0.5Q+32Oc. 6e0.5Q 50O d. 24e0 5Q56

Answered: Marginal cost is given by 12 e0.5Q.…

Marginal cost is given by 12 e0.5Q. Fixed cost is 56. What is the total cost? O a. 6e0.5Q + 56 O b. 24e0.5Q + 32 O c. 6e0.5Q + 50 O d. 24e0.5Q + 56

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Related questions

Q: When a firm is earning normal profit from the production of a good, it is true that O total revenues…

A: The firms, businesses, or producers are those who are involved in the production process of goods,…

Q: If 15 workers produce 100 license plates, 16 workers produce 120 license plates, and 17 workers…

A: The marginal product of labor is the additional output gained by hiring one more labor or worker,…

Q: Assuming labor is the only cost for production, a firm hires labor up to the point at which the wage…

A: The term labor describes the physical and mental effort put forth by people to produce commodities…

Q: The parallel lines illustrate different levels of total spend on both factors. is it true or false

A: Iso-cost lines are representative of various combinations of two inputs (factors) that can be…

Q: A typical firm will aim to move to the lowest possible isocost line, while maintaining a certain…

A: An isocost line is a graphical representation of all the combinations of inputs (usually capital and…

Q: Assume that a firm in a perfectly competitive market is making a loss in the short run. In the long…

A: 1) Assume that the firm in a perfectly competitive market and in the short run, it is making a…

Q: Using the isoquant/isocost graph, the least cost input combination of producing a given output is…

A: Isocost curve is the curve whose all points shows the same cost. Isoquant curve is the set of all…

Q: The following is a firm's cost schedule when it employs different levels of workers. What is the…

A: Economic costs involve not just the accounting costs but also the opportunity cost of making one…

Q: What is the quantity that will minimize the average total cost? 04 O 7.5 20 O 11

A: The Average total cost refers to the per unit cost of production. ATC = TC/Q The ATC includes both…

Q: Diminishing marginal product suggests that the marginal a. cost of an extra worker is decreasing O…

A: Law of diminishing marginal productivity states that the marginal production from the additional…

Q: In economics, how long is the long run? O 5 years or more O More than 12 months O 24 months or…

A: Mainly, there are two types of run in economics. 1. Long run 2. Short run

Q: QUESTION 10 If a Cobb Douglas technology (with factors having strictly positive marginal product)…

A: Cobb Douglas's production function depicts the technological relationship between the amount of…

Q: Diminishing marginal returns impliles that O A. marginal product is constant. O B. marginal product…

A: return to scale describe the scale of production happen in long run , it have 3 returns increasing…

Q: When diminishing marginal returns to labor sets in, that means: Select one: O a. With an increasing…

A: The difference between the total production and the additional output brought on by an additional…

Q: Many hospitals have regularly scheduled surgery and active emergency departments. Based on the…

A: Economies of scope allude to the cost benefits that a business or organization can accomplish by…

Q: Suppose Joann knows the average total cost of producing 9 gallons of ethanol is $5, while the…

Q: Labor Output 0 1 2 3 4 $1 $1.13 O $9 0 10 18 24 28 $27 Variable Cost 5 15 20 Consider the table…

A: The average total cost is computed by taking two numbers, the total cost of production and the…

Q: A house cleaning business operates using a car. All data in $s. Monthly costs of car lease is 345,…

A: Total variable cost is the aggregate amount of all variable costs associated with the cost of goods…

Q: Which of the following statements is not correct? Select one: O a When MC is below AVC,…

A: The MC cuts the AVC at the minimum point of AVC. The production function shows the relationship…

Q: Answer the question on the basis of the following cost data. Output Total Fixed Cost Total Variable…

A: Marginal cost:Marginal cost is the additional unit that is added to the total cost. It is…

Q: Which of the following is also known as the firm's planning curve? The total cost curve O The…

A: Over the long run, all inputs are variable and firm can change its plant size according to the…

Q: The total product curve in the figure demontrates: Output ..... 144- TP O A. Increasing marginal…

A: In a market, total product refers to the total output generated at a specific combination of input…

Q: 2. 3 pts Question 6 Table 5.1 Total Total Cost Output 0. 000 0 1. 3,500 3. 4 000' 4,500 5. 5,200 9.…

A: find below the answer

Q: What does a business' labour-demand curve represent? Select one: O a. the quantity of labour…

A: The labor market illustrates how the equilbrium wage rate and quantity of labor are determined by…

Q: QUESTION 7 Assume the price of corn is $4.00 per bushel, no matter how much you produce, and…

A: Marginal input cost refers to the additional cost incurred when producing one more unit or…

Q: Which of the following is an implicit cost? i. wages paid to workers ii. the normal profit iii. the…

A: Implicit cost is that cost in which there is no exchange of cash and is not recorded for accounting…

Q: Refer to the diagram, representing Slippery Slope Oil Company. What is the user cost of extracting a…

A: Given the price per Barrel = $70 Given the EC when quantity zero = $10

Q: Suppose the total cost of producing T-shirts can be represented as TC = 36+ 2Q. The average total…

A: Average total cost = Total cost/output ATC = TC/Q

Q: Figure 4.2 O there is waste. O it is very difficult and very expensive to increase output once the…

A: TC represents "Total Cost." A financial statistic called total cost is used in business and…

Q: The table below shows the computer server installation options and their benefits and costs for a…

A: As the table shows the cost of installing 1 server is $900 and then for the installation of 2nd…

Q: A cost which has a fixed element below which it will not fall is known as O a. Cost of production. O…

A: The expenditure incurred in the production of services and goods is termed as cost. There are…

Q: Ralph runs a small bakery in D.C. He is debating whether he should extend his hours of operation. He…

A: In economics, profit maximizing refers to the behavior of firms when they seek to maximize their…

Q: The WipeOut Ski Company manufactures skis for beginners. Fixed costs are $30. Fill in Table 7.16 for…

A: Total Cost is the sum of fixed and variable cost. Average total cost(ATC) is per unit of total…

Q: Assume that the marginal cost of production is less than the average variable cost. Can you…

A: Average Variable Cost refers to the variable cost per unit of output. It can be calculated by…

Q: After graduating from high school, Quinn Thompson decided to enroll in a 2 year program at the local…

A: Opportunity cost is the cost of next best alternative use. In simple words, it is the loss which a…

Q: Output (Q) Marginal Product Labor 20 20 50 3 100 4 1. 2.

A: We have to find output when L = 2.

Q: When is average total cost increasing? Select one: O a. whenever marginal cost is increasing O b.…

A: The MC=ATC at the minimum of ATC and the ATC is increasing if MC>ATC. An average increases if the…

Q: Refer to the figure below. What can we conclude from this figure? Graph of Per Unit Costs What is…

A: The creation of additional output due to the result of additional input being placed into the…

Q: A decreasing Average Cost Function is consistent with a. Fixed Costs and an increasing Average…

A: The total cost incurred by a firm includes fixed costs and variable costs. Fixed costs will not…

Q: (Figure: Representative Firm) The figure shows the cost curves for a representative firm. At an…

A: Fixed costs don't change based on the volume of sales or output. The number of products or services…

Q: Consider the three figures below, depicting possible cost functions for a firm. The horizontal axis…

A: The summation of all of the costs being incurred in the production for a specific output level by a…

Q: Suppose a particular firm exhibits constant returns to scale as it increases its output over any…

A: Returns to scale refers to proportional change in total cost in response to proportional change in…

Q: Output Total Cost 105 1 125 140 180 4. 240 320 The average fixed cost at a quantity of 2 is given by…

A: Formula: Average fixed cost= total fixed cost / output

Q: THEMATICAL ECONOMICS (IKT216) IZ EXAM -APRIL 27, 2022-16:00 RATION: 65 MINUTES ERE ARE 10 QUESTIONS.…

Q: Workers Total Total Cost Hired Output $20 40 $40 3 80 $60 120 $90 10 160 $130 15 200 $180 21 240…

A: Total Cost refers to the sum of the costs of all the goods and services that are produced by a firm.…

Question

020-2021 Bah
Marginal cost is given by 12 eu.54. Fixed cost is 56. What is the total cost?
O a. 6e0.5Q
Ob. 24e0.5Q+32
Oc. 6e0.5Q 50
O d. 24e0 5Q
56

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

8. Ahmed's Pizza House sells extra-large deluxe pizzas at OMR 9.000 per pizza. The cost of ingredients to make extra-large deluxe pizza is OMR 2.000. Ahmed pays each of his employees OMR 60 per day. He also incurs a fixed cost of OMR 120 per day. Calculate Ahmed's variable cost per day when he produces 50 extra-large deluxe pizzas using two NC- AVC x workers. %3D 10 100
QUESTION 18 The law of diminishing returns indicates that O A. the demand for goods O C. as extra units of a variable O D. beyond some point, the extra utility O B. because of economies and diseconomies of scale, a competitive resource are added to a fixed resource, marginal product will decline beyond some point derived from additional units of a produced by purely competitive industries is downwarde sloping product will yield the consumer firm's long-run average total cost curve will be U-shaped smaller and smaller extra amounts of satisfaction
Suppose you have a pizza shop. Your rent is $800 and you've spent $1950 on labor and materials to make 550 pizzas in one month. What are your total FIXED costs? O $800 O $1950 O $2750 Cannot be determined
Capital (K) Q= 100 Labor (L) The firm's optimization problem is to minimize total cost for a given level of output. In the diagram above, why is that achieved at point E rather than at point F? Select one: O a. Although E uses more labor than F, output is higher to compensate for increased costs. O b. Total costs are the same at Fand E, but the firm prefers the combination of inputs at E. O c. F uses more capital than E, and capital tends to be more expensive than labor. O d. Total costs at E are lower than at F because E is on a lower isocost line.
69 O Completed 17 out of 20 Question 7 of 20 Because P> MR, which equation applies to the value of a firm's marginal product? O VMPL = MRPL O VMPL > MRPL O MRPL = VMPL O VMPL < MRPL LAPTOP LOGIN acer r USERNAME: student PASSWORD: Broward1 TravelMate B F8 F10 F11 95
Solve this economic it early. Not copy paste
The following is a table of cost for a toy manufacturing firm. The variable input is labor. Use this table to answer the following question. Average variable Average fixed cost Average Variable Quantity of toys Total costs cost total cost costs $0 $20 $10 A $40 В In the cell B, which number is correct? 10 O 5 none of these options is correct O 15
Q18
The profit (in dollars) from the sale of x lawn mowers is II(x) = 70 x -0.07 x2 - 750. The correct interpretation of the marginal average profit of producing 40 mowers is Select one: O a. Can not tell. O b.At production level of 40 mowers a unit increase in production will increase the total profit by $0.40 per mower. O c. At production level of 40 mowers the average profit is increasing at a rate of $0.40 per mower. O d. At production level of 40 mowers the average profit is $0.40 per mower.
Ot
Let's assume that a firm produces 60 products. Its total weekly cost (TC) at this output is $2,100. This includes TVC and TFC. We also know that the firm employs 3 part- time workers at a wage cost of $600 per worker per week. This is the firm's only variable cost (TVC). What is the firm's average fixed cost (AFC) at this output? O $2.50. O $2. O $5. O $100. O $10. Let's assume that a firm's total weekly costs are as follows: 1. Salaries of hired workers $5,000. 2. Supplies = $1,000. 3. Rent = $600, 4. The owners have invested a certain amount of their own money into the business. This could have earned them interest of $200 per week if they had chosen to put it into a bank instead of investing it into their business. 5. The value of the owner's time is estimated to be $800 per week. What are the firm's total economic costs? O $6.000 O $7.600. O $900. $7.500. O $6.700.
Bozo is a clown. He wants to start a clowning business where he sends other clowns out to birthday parties. Use the graph to Birthday parties answer the questions. 20 19 18 17 16 15 14 13 12 What is the marginal product of the third worker? O 2 11 10 6. 8. 7. 3.0 9. 3. 2. I 2 3 9 10 4 56 8. This production function demonstrates Workers diminishing marginal costs. a negative marginal product of labor. diminishing marginal returns to labor. diminishing output.