Answered: Payments that a firm makes to obtain…

Payments that a firm makes to obtain needed resources comprise its Multiple Choice O costs. O profits O capital. O.revenues.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter7: Production, Costs, And Industry Structure

Section: Chapter Questions

Problem 40P: Return to Figure 7.7. What is the marginal gain in output from increasing the number of batters from...

See similar textbooks

Related questions

Q: 4. On the graph, where do economies of scale exist? A. In the range of outputs from A to B. OB. In…

A: Economies of scale is when the increase in output decreases the long run average cost. Diseconomies…

Q: The return that an entrepreneur can expect to earn, on average, is called Select one: O a normal…

A: Normal Profit is the profit that considers both the implicit as well as explicit costs. It is…

Q: Marginal cost is plotted (as an approximation) halfwa between successive units of output. a. True O…

A: Total cost: Total cost refers to the cost that includes fixed cost and variable cost. Here, fixed…

Q: What s the ourence between accounting proft and economic profe? OA Economic profit subeacts both…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: What you give up to obtain an item is called: Select one: O a. variable cost O b. direct cost OC.…

A: The monetary value that a business has expanded to manufacture something is referred to as cost. The…

Q: QUESTION 9 The slope of the iso-cost curve O a. Depends on the marginal productivity of the inputs…

A: Iso-cost curve: It can be defined as the combination of labors and capital used for production of…

Q: Question 30 Output Total Fixed Cost Total Variatle Cost 12 12 2. 12 12 14 12 21 12 31 44 12 6. How…

A: Total cost is the cost of all activities conducted to produce goods. It is the sum of variable cost…

Q: In the Widgit industry, fixed costs are more than marginal cost. Also, Average Total Cost increases…

A: Marginal cost guides businesses in optimizing production and pricing. It helps gauge the extra cost…

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

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

A: A firm has to bear many cost to start a production process. Total cost is the sum of all costs…

Q: Productivity decreases when O a. Output and hours worked decrease at the same rate Ob. Hours worked…

A: Productivity refers to the ability of the business to produce more output. Productivity determines…

Q: Imagine a fırm that has the following costs and revenue: Revenue: $120,000 Input Costs: $100,000…

A: An economic profit is a difference between the money generated by a business entity's outputs and…

Q: The graph at right shows that the marginal response of cost to the production of skates is A.…

A: Cost can be defined as a concept that shows the amount of expenditure and any other sacrifice such…

Q: Which of the following equations calculates the profits of a firm? O A. Total revenues - Fixed costs…

A: Profit is the difference between the total revenue and total cost.=> Profit = TR - TCTotal…

Q: What is the law of diminishing returns? Why does marginal product eventually diminish? b. Explain…

A: Perfectly competitive market is a market structure where there are many small firms producing…

Q: In the short run, when marginal product is positive and increasing O a. stage 1 production O b.…

A: Decreasing but still positive marginal returns characterise Stage II's short-run production. The…

Q: When a firm experiences declining long-run average total costs as it produces more output, there are…

A: In the LR, the costs depend on the output level, the factor cost, and the factor's quantity which is…

Q: The amount of money that a firm receives from the sale of its output is called O a. net revenue O b.…

A: The primary function of firms is to produce goods and services in an economy for consumers. These…

Q: Dollars Quantity O a. area ADFC O b. area BEQO MC c. area ADQO O d. area ADEB Clear my choice ATC…

A: Total cost is the cost of producing all the units of output. Total cost is the sum of fixed cost and…

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: are likely a fixed cost of a firm. O a. The payments for supplies O b. Travel expenses to meet with…

A: Costs which are fixed in short run is called fixed cost.

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: Quantity Total Cost Fixed Cost Variable Cost Average Average Fixed Cost Average Variable Cost…

A: Total cost refers to the cost incurred by the industry or firm in the entire production process of…

Q: Total Costs Marginal Costs Use the following information to answer the question. Variable Costs $20…

A: Option a) $52: This option is incorrect because it inaccurately computes the average fixed cost for…

Q: Using the graph on the right, determine how the firm should change the quantity of the production…

A: An isoquant curve refers to a curve that helps to identify the combination of inputs that provides…

Q: 1. Which of the following remains constant as output increases? * a. TFC

A: Total variable cost TVC is the cost which varies with the output produced if more units of output is…

Q: Figure 8.3 shows a firm's marginal cost, average total cost, and average variable cost curves. At…

A: Average total cost = 90Average variable cost = 30

Q: Payment made to others is known as O a. Implicit cost O b. Production cost O c. None of these given…

A: When a firm or individual makes a payment to someone else, in the form of salary or rent, etc. It is…

Q: Diminishing marginal returns occur because O average and marginal relationships behave very…

A: Marginal return means the return from the next input hired. It is the return of the one last…

Q: The first building that is constructed by a construction company will take longer to construct than…

A: The significance of productivity in the contemporary economic scenario cannot be overstated. It…

Q: Marginal cost is the one more unit of a good and opportunity cost of producing increases as…

A: Marginal cost refers to additional cost that is incurred by pricing one more unit of a good.

Q: Charlie Co. sells pastries and its production and cost table is given below. A worker costs $100 a…

A: Marginal productivity of labor= change in total productivity / change in labor

Q: Economies of scale in production and sale is one of the sources of possible... Select one: O a.…

A: Economies of scale implies there's a decrease in average cost with increase in output.

Q: Sam's Club can sell identical items at a lower price than Macy's because of Sam's Club's: O…

A: It can be defined as a form of cost of producing an output which changes when there is any change in…

Q: A firm will operate so long as the price O A. exceeds average variable cost. OB. equals the…

A: A firms optimizes its output at the point where the marginal revenue is equal to the marginal cost .

Q: QUESTION 35 As you add more and more units of a variable factor to a fixed factor, marginal output…

A: According to the law of variable proportion as more and more units of variable factor ( say labor)…

Q: The concept of opportunity cost is that the economic cost of using a factor of production is the…

A: An opportunity cost shows the possible gains that a person, buyer, or organization lacks by…

Q: What is the average fixed cost and average variable cost if nine instructional modules are produced?…

A: Cost is the total amount spent or the total expenditure which is incurred while producing a product…

Q: PPF is based on Select one: a. Indirect cost O b. Opportunity cost c. Variable cost O d. Fixed cost

A: The production possibility frontier (PPF) the combination of two goods and services which can be…

Q: Bob produces candles. The average total cost reaches its minimum at a quantity O A. the same as the…

A: The AVC curve, which shows the per-unit variable expenses a company faces at various output levels,…

Q: Exhibit 6-13 Cost curves In Exhibit 6-13, ATC is shown by the graph labeled: O a. V. KERKE Q b. I. O…

A: The Average Total Cost (ATC) curve is a graphical representation of the average cost per unit of…

Q: The marginal cost (MC) curve intersects the? Select one: O a. ATC and AFC curves at their minimum…

A: Marginal cost is the cost of producing additional output. Marginal cost is the change in total cost…

Question

Payments that a firm makes to obtain needed resources comprise its Multiple Choice O costs. O profits O capital. O.revenues.

Expert Solution

This question has been solved!

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

SEE SOLUTION Check out a sample Q&A here

Step 1: Define payment and resources

VIEW

Step 2: Determine the answer

VIEW

Solution

VIEW

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

The Mazoon Company paid for the advertisement of their milk and milk products to Oxygen Advertising Agency. Choose the cost incurred by Mazoon company. O a. Production cost O b. Explicit cost O c. All of these O d. Opportunity cost
Material Requirements Plan (MRP) is an input to- O a. Inventory Plan O b. Master Production Schedule (MPS) O c. Production Plan O d. Production Activity Control O e. Strategic Business Plan
If a firm produces nothing, which of the following costs will be zero? Select one: a. variable cost O b. fixed cost c. opportunity cost O d. total cost
Draw the marginal-cost and average-total-cost curvesfor a typical firm. Explain why the curves have theshapes that they do and why they intersect wherethey do.
A computer company produces affordable, easyto-use home computer systems and has fixed costs of$250. The marginal cost of producing computers is $700for the first computer, $250 for the second, $300 for thethird, $350 for the fourth, $400 for the fifth, $450 for thesixth, and $500 for the seventh.a. Create a table that shows the company’s output,total cost, marginal cost, average cost, variablecost, and average variable cost.b. At what price is the zero-profit point? At whatprice is the shutdown point?c. If the company sells the computers for $500, is itmaking a profit or a loss? How big is the profitor loss? Sketch a graph with AC, MC, and AVCcurves to illustrate your answer and show theprofit or loss.d. If the firm sells the computers for $300, is itmaking a profit or a loss? How big is the profitor loss? Sketch a graph with AC, MC, and AVCcurves to illustrate your answer and show theprofit or loss.
pleas give ne correct answwrr with explanation and dont use chatGPT
Quantity Total Cost Average Variable Cost Marginal Cost Fixed Variable Average Total Average Fixed Cost Cost Cost Cost $50 S50 SO 1 $150 F $120 M P $120 R. In the table above, what is the value of A? O $25 O $200 O $100 O $50
The Production Process and Costs 6. A firm's fixed costs for 0 units of output and its average total cost of produc- ing different output levels are summarized in the table below. Complete the table to find the fixed cost, variable cost, total cost, average fixed cost, aver- age variable cost, and marginal cost at all relevant levels of output. Q 0 100 200 300 400 500 600 FC $10,000 VC TC AFC AVC ATC $200 125 133 1/3 150 200 250 193 MC
None
What is the difference between accounting profit and economic profi? OA Economic profit subtracts both explicit and implicit costs from total revenue, while accounting proft only subtracts explicit costs. OB. Accounting profit only subtracts implicit costs from total revenue, while economic profit only subtracts explicit costs. OC Economic profit only subtracts implicit costs from total revenue, while accounting profit only subtracts explicit costs. OD. Accounting profit suberacts both explicit and implicit costs from total revenue, while economic profR only subtracts explicit costs
A 85 45 30 25 10 D. 10 18 20 32 Refer to the graph, at quantity 32 Marginal Cost (MC) is Select one: O a. $25 O b. $85 $45 O d. $30
Typically, the marginal cost curve is marginal returns suggests that added units are O upward-sloping; more costly to produce Odownward-sloping; more costly to produce O upward-sloping: less costly to produce because diminishing