Please answer the following questions:  a. Explain how input, output and cost are interrelated. b. Explain the meaning of Marginal Cost.

Q: How does a cost behave in response to a change in activity? Give an example?

A: Cost also changes with the change in the activity. There are two types of costs- fixed costs and…

Q: At what level of production does the marginal cost have the least value? What is the marginal cost…

A: The marginal cost curve is the U-shaped curve.

Q: Explain why the fixed cost has no influence at all on marginal cost.

A: In the short run, a firm will have two types of cost: fixed cost and variable cost. Total variable…

Q: Based on the graph provided  i. What is Freda’s marginal cost for each cookie? ii. What is Freda’s…

A: Marginal Opportunity Cost :  Marginal Opportunity Cost may be defined as that amount of a good…

Q: The table below shows Crystal’s total cost of producing different quantities of tie-dyed t-shirts…

A: Total cost is the sum of fixed cost and variable cost. Fixed cost is total cost at 0 units and…

Q: The following data refer to Questions 23 and 24 only. Number of workers Total Product Marginal…

A: Total product is the total output produced by a firm. Marginal product is the extra output produced…

Q: Please define total cost, average total cost, and marginal cost. Explaine how these terms are…

A: Average Total Cost (ATC) shows the cost per unit of production and is calculated by dividing the…

Q: The table below shows Crystal’s total cost of producing different quantities of tie-dyed t-shirts…

A: In Economics, Total cost refers to the sum of fixed costs and variable costs. Fixed cost is the…

Q: Describe marginal cost in your own words.

A: Cost accounting is a method of financial management that examines a business's variable and fixed…

Q: If the marginal cost is increasing does this tell you whether the average variable cost is…

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

Q: Define total cost, average total cost, and marginal cost.  How are they related?

A: Total Cost (TC) is the cost of production of a good and it includes both the variable cost i.e. the…

Q: Define total cost, average total cost, and marginal cost. How are they related?

A: Production prices ar the expenses incurred by a firm once it manufactures a product or provides a…

Q: Why is economic cost known as opportunity cost? What are included in economic costs?

A: Opportunity cost refers to the cost of a foregone opportunity. The cost involved when an opportunity…

Q: When thinking about cost analysis in Microeconomics, what are the real-world problems that occur…

A: Economies of scale are cost savings that can arise when a business expands the production scale and…

Q: 4. What is the significance of the point where the marginal cost curve intersects the average total…

A:

Q: Discuss about the concept of marginal cost using your own example?

A: Meaning of Cost: The term cost refers to the situation under which a firm occurs various expenses…

Q: Why producers must take important notice of marginal output when minimizing cost?

A: Marginal product is the output produced by using one additional unit of factor.

Q: a.)Suppose that labor is the only variable input in the production process. If the marginal cost of…

A: Note: You have uploaded two questions at a time. Hence, we shall answer only the first one for you.…

Q: The cost curve for producing widgets passes through the following points and is piecewise linear in…

A: Costs are the expenses that firms incur in the production of goods and services.

Q: If the marginal cost is increasing, do you know whether average variable cost is increasing or…

A: Marginal cost is U shaped and average variable cost is also U shaped.

Q: Explain Marginal cost (MC)?

A: Marginal cost is the net addition made to the total cost when one more unit is produced.

Q: Jane’s Juice Bar has the following cost schedules:a. Calculate average variable cost, average total…

A: The fixed cost is the cost that is associated with the fixed factors of production (factors that…

Q: Which of the following statements correctly explains the average cost and the marginal cost of…

A: Marginal cost refers to additional cost that incurs from producing one more unit of output.