Owner-supplied labor is a cost that is usually:    included in both accounting costs and economic costs.    included in accounting costs but not in economic costs.    included in economic costs but not in accounting costs.    not included in either accounting costs or economic costs.    ignored because it is impossible to place a value on it

Q: What are economic costs? Group of answer choices Any contractual obligation that results in a flow…

A: The economic cost is the mix of misfortunes of any merchandise that has a worth joined to them by…

Q: Diminishing marginal returns occur when: Group of answer choices the size of the plant is increased…

A: Diminishing marginal returns occur when the addition of one more unit of a variable input leads to a…

Q: What is the Marginal Cost (MC) for the 40th unit of output? Quantity of Labor Total Output Fixed…

A: Ans.  The marginal cost is the change in the total cost of the product when producing an additional…

Q: If marginal cost is below average total cost, then average total cost    Question 10 options:   a)…

A: Marginal cost is the additional cost incurred when production is increased by one unit.

Q: Fixed costs differ from sunk costs in that a firm can avoid fixed costs by not producing anything

A: Avoidable costs are costs that do not occur if the activity is not performed. For example, supply…

Q: As a production process requires labor L and capital K, q = F (L, K). The wage for a labor is $500,…

A: The optimal level of labor and capital is given by the point where the marginal rate of technical…

Q: When the marginal product of labor diminishes average fixed cost rises average variable cost is…

A: Marginal product of labor is the additional output produced by employing an additional unit of…

Q: Which of the following is an explicit cost? The opportunity cost of an owner/entrepreneur’s time…

A: An explicit cost is an out of pocket expense that is incurred in the course of production of a good…

Q: Fixed cost V [ Choose ] all costs that are incurred over the life of a product, process, or service…

A: The sum of all costs spent by a firm in achieving a given level of production is known as total cost…

Q: Normal profits are Multiple Choice   the profits reported by accountants on a firm's annual…

A: ANS Profit is given by subtracting Total Cost (TC) from Total Revenue (TR). Mathematically it is…

Q: nal cost Multiple Choice O equals both average variable cost and average total cost at their…

A: The marginal cost measures the change in the total cost when one additional unit of output is…

Q: Which factor of production is almost never included in a firm's fixed costs? Land Labor Capital All…

A: Land, labor, and capital are considered factors of production.

Q: Fixed costs are best defined as costs that do not vary with output. the amount that one more unit of…

A: Fixed Cost: It is the cost that is incurred for purchasing fixed factors of production. It is…

Q: If producing more output increases average cost then         a)there are diseconomies of scale.…

A: Answer to the question is as :

Q: Costs that change with the level of per unit of production are referred to as ________.     Fixed…

A: cost, in like manner use, the money related worth of labor and products that makers and consumers…

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

A: Answer: Correct option: option 4 (might have a flat portion that indicates a constant average cost…

Q: Complete the following table of short-run fixed costs. (Enter your responses rounded to two decimal…

A: Total cost is the sum of total fixed cost and total variable cost.  Fixed cost are the cost that…

Q: When the average cost is greater than the marginal cost, the firm is producing in which

A: Average cost is the total cost of production divided by the quantity of output produced. It…

Q: Which of the following would be considered a fixed cost of Marty Byrde’s Boat Rides & Rental? Group…

A: Total cost is the sum of fixed cost and variable cost. Fixed cost is that cost that does not depends…

Q: Labor Output Fixed Cost Variable Cost (Number of workers) (Units) (Dollars) |(Dollars) 30 100 30 15…

A: Total cost is the sum of fixed cost and variable cost. Fixed cost is the cost that remains same at…

Q: A bag factory produces 40 units of output. Its average variable cost (AVC) = $23, average total cost…

A: The bag factory produces 40 units of output.The average variable cost is $23. The average total cost…

Q: The minimum efficient scale of a firm Multiple Choice is realized somewhere in the range of…

A: We can calculate long run average total cost by dividing long run total cost by output. Long run…

Q: (a) Explain clearly the difference between accounting cost and economic cost. (b) Explain whether…

A: Running a company necessitates a constant awareness of the financial factors that influence net…

Q: The gap that exists in a graph between total costs and fixed costs represents the variable costs of…

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

Q: Differentiate between explicit and implicit costs. Explain the importance of considering both types…

A: Explicit cost: It is the cost that is incurred in running the day-to-day operations of a business…

Q: Economies of scale are indicated by Multiple Choice the rising segment of the average variable cost…

A: Production becomes more affordable as more units are produced thanks to economies of scale. The…

Q: Fixed cost is

A: Please check the solution below

Q: Average product a) increases when the marginal product is greater than the average product. b) is…

A: This can be described as the concept that shows how much new quantity of the commodity is produced…

Q: Economic cost can best be defined as

A: The economic cost is the mix of misfortunes of any merchandise that has a worth joined to them by…

Q: Find the value of explicit cost of the firm if the revenue generated is $8000 and the accounting…

A: The values given are:- Total revenue = $8000 And accounting profit = $5500 We can calculate the…

Q: Complete the following table of short-run fixed costs. (Enter your responses rounded to two decimal…

A: The average fixed cost is the fixed cost per unit of output.  AFC=TFCq Total fixed cost remains same…

Q: Fixed costs are associated with Multiple Choice   highly adjustable inputs such as labor.   both…

A: Fixed costs are costs that does not change with increase or decrease in production/sales. They are…