MC Qu. 41 If the variable cost curve is a straight...If the variable cost curve is a straight line, then themarginal cost curve will be horizontal.marginal cost curve is upward sloping.Omarginal cost curve will be U-shaped.Omarginal cost curve may be U-shaped.

The variable cost refers to the cost that changes with change in the level of output. It falls to…

MC Qu. 41 If the variable cost curve is a straight... If the variable cost curve is a straight line, then the O marginal cost curve will be horizontal. O marginal cost curve is upward sloping. marginal cost curve will be U-shaped. O marginal cost curve may be U-shaped.

MC Qu. 41 If the variable cost curve is a straight... If the variable cost curve is a straight line, then the O marginal cost curve will be horizontal. O marginal cost curve is upward sloping. marginal cost curve will be U-shaped. O marginal cost curve may be U-shaped.

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: 4) Which of the following cost curves is upward sloping at any output level? Average fixed cost…

A: The cost curve refers to the graph of the costs of production as a function of the total quantity…

Q: Figure 13-5 11 10 ↑ Cost OOOO. marginal cost Refer to Figure 13-5. Curve C represents which type of…

A: Marginal cost is the additional cost incurred by producing one more unit of output.Average Variable…

Q: COST 10 9 80 6 5 3 لیا 2 B 1 2 3 4 5 6 7 8 9 10 QUANTITY Refer to Figure 13-2. Which of the curves…

A: Average variable cost is the variable cost divided by the quantity.AVC is U shaped curve.Average…

Q: 1. The table below contains information of a firm's production and costs in the short run. Use the…

A: Total Cost = Total Variable Cost + Total Fixed Cost Average Fixed Cost = Total Fixed Cost/Quantity…

Q: Refer to the diagram to the right. Identify the curves in the diagram. OA. E = marginal cost curve;…

A: Marginal cost, Average variable cost and average total costs are U shaped curve. They first decrease…

Q: L Q TVC TC AVC AFC ATC MC 4 20 5 26 6 30…

A: Total cost is the sum of fixed and variable costs. Average cost is the per unit cost of output.…

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

Q: QUESTION 23 In the short run, a firm using variable labor and fixed capital inputs achieves the O…

A: Average Total Cost (AC): Average total cost is the ratio of total cost and units that that the firm…

Q: QUESTION 5 The marginal cost curve passes through the minimum point of the average fixed cost curve.…

A: The marginal cost is the cost of producing additional output. It helps to evaluate the revenue and…

Q: Relationship between marginal and average cost) assume that labor and capital are the only inputs…

A: Cost is the amount used by the firm in the production function of goods and services. Divided as…

Q: Which of the following would be a reasonable explanation for the law of diminishing marginal…

A: An economic principle that asserts that as extra units of a variable input are added to a fixed…

Q: Suppose that the marginal cost of producing a pound of cereal is $2, irrespective of the level of…

A: Marginal cost is in addition to total cost because of producing one more unit of output. Average…

Q: 8 882 889222 100 QUANTITY OF OUTPUT (Units) 90 60 50 40 30 20 10 1 +++ 3 4 5 6 7 8 9 10 LABOR…

A: Visual aids like graphs, diagrams, and models play a vital role in economics by simplifying…

Q: 50 40 Costs per 30 unit (dollars) 20 10 0 11 500 SRATCA SRATC SRATC A 1,000 1,500 2,000 Quantity of…

A: We need to determine at what level of weekly output the average total cost is minimized. This…

Q: Cost LRAC A Quantity Figure 1 Long run average cost curve for a firm Figure 1 shows a long run…

A: We have to find Long run average cost curve.

Q: nd: Output (Q) 1 2 3 4 AVC 9 TFC 10 10 10 10 AFC 10 5 3.33 2.5 ATC 15 16 18 TC MC XXXX

A: Formulas for solving the given question: TC = TFC+TVC ATC = TC/Q AFC = TFC/Q AVC = TVC/Q MC = TCn-…

Q: As the accounting industry expands, the demand for certified public accountants (CPAs) also…

A: Demand refers to the desire or willingness of individuals or organizations to purchase a particular…

Q: Cost LRAC B A Quantity Figure 1 Long run average cost curve for a firm Figure 1 shows a long run…

A: In economics, when the firm expands or grows then there exists a change in its cost too. When the…

Q: QUESTION 19 Assume short-run production. Select the statements that are true. O The marginal cost at…

A: Marginal cost is the exchange in total production cost that comes from making or producing one extra…

Q: Input (Labor) Output TEC TVC TC MC ATC AVC 50 $125 $15 85 $125 $30 OA-S35 -525.83 O A-5280 B-5182…

A: Formula to calculate ATC:- ATC=TCQ Formula to calculate…

Question

MC Qu. 41 If the variable cost curve is a straight...
If the variable cost curve is a straight line, then the
marginal cost curve will be horizontal.
marginal cost curve is upward sloping.
Omarginal cost curve will be U-shaped.
Omarginal cost curve may be U-shaped.

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: Define the variable cost

VIEW

Step 2: Choose the right Answer

VIEW

Solution

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 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

3) Which of the following is not true about the marginal cost? Oo The marginal cost (MC) curve is U shaped. It can be calculated by dividing the change in the total cost by the change in the output. It is the additional cost incurred by a firm from changing output by a certain amount. It can be calculated by dividing the total cost by the quantity.
When fixed costs are ignored because they are irrelevant to a business's production decision, they are called O explicit costs. O implicit costs. Osunk costs. O opportunity costs.
Question 4 For a firm, the production function represents the relationship between OOO implicit costs and explicit costs. quantity of inputs and total cost. quantity of inputs and quantity of output. quantity of output and total cost. iz Instructions Question 5 Grace is a self-employed artist. She can make 20 pieces of pottery per week. She is considering hiring her sister Kate to work for her. Both she and Kate can make 35 pieces of pottery per week. What is Kate's marginal product? O 15 pieces of pottery O22.5 pieces of pottery O 35 pieces of pottery O 55 pieces of pottery
Question 6 Not yet answered Marked out of 1 Remove flag Drawinue nare If the average fixed cost of seven tubs of ice cream is $50, the total cost of zero tubs is: O a. $350 Ob. $250 c. $500 Od. $200 Clear my choice Next page
Question 8 Which of the following is not a variable cost at the sandwich shop? O Cost of labor Cost of tomatoes O Cost of delivery Cost of rent Question 9