Please explain whether the following statements are true or false. Question (a) if the owner of a business pays himself no salary, then the accounting cost is zero, but the economic cost is positive. (true or false)  please explain  Question ( b)  A firm that has positive Accounting profit does not necessarily have positive economic profit. ( true or false)  please explain  Question (c) If a firm hires a currently unemployed worker, the opportunity cost of utilizing the worker’s  service is zero.(true or false)  please explain

Q: Which of the following is a variable cost? O Advertisement cost Health insurance O Material cost O…

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: (Figure: Costs of Oil Production) Refer to the figure. Assuming that price equals marginal cost, the…

A: Total profit refers to the remaining total revenue of a firm after deducting all the costs.

Q: Question 2 2a(I)  A snowboard company currently hires 10 skilled employees who are paid a weekly…

A: The total cost of production is the aggregate of fixed and variable costs that are spent in the…

Q: (b) Find the supply function q (p, w1, w2). (c) Derive the profit function 7 (p, w1, w2).

A:

Q: Assuming that the apple farmer could earn $2,000 as an employee elsewhere, then the total economic…

A: Introduction Profit is basically difference between the total revenue and total cost. But total…

Q: 4. (a) A micro-entrepreneur produces caps and hats for women. The output-cost data of the business…

A: Hello. Since your question has multiple parts, we will solve first question for you. If you want…

Q: Specific subject: Microeconomics - Production and Costs Function  Comment on the following…

A: The cost that the firm incurs to produce one additional unit of the output is known as the marginal…

Q: Suppose a firm needs to combine 3 units of machines with 7 units of labor to produce one unit of…

A: Other things being constant, "the demand for the labor is inversely proportional to the wage rate…

Q: Which of the following statements about average product and marginal product is correct? (A) If…

A: Average product is the total product which is produced divide by the total number of variable inputs…

Q: Question 3 NOTE: Economists distinguish between two types of costs: Accounting cost and Economic…

A: Accounting costs are the actual charges that a business incurs in producing and selling its products…

Q: Production of taxi rides (15%) GlobalTaxi runs taxi services around the globe. GlobalTaxi uses two…

A: Hi, thanks for the question. As per the guideline we are allowed to attempt the first question. If…

Q: Which of the following is an example of an implicit cost? depreciation of assets lease payments Rent…

A: When a firm operates in the market, it incurs explicit and implicit cost.

Q: It measures of the rate at which a consumer can give up some amount of one good in exchange for…

A: As per the guidelines answer is given to the first question: "Indifference curves represents…

Q: (a) Explain how a firm uses resource price and value data to determine the appropriate combination…

A: Production function plays an important role to determine the nature of production of a firm and…

Q: Suppose a chair manufacturer is producing in the short run (with its existin plant and equipment).…

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

Q: 3. A company that builds gas pipelines hires rig welders as independent contractors and has them…

A: Fair Labor Standard Act: It refers to an act that helps the employees to get their wages on time. It…

Q: Briefly explain (b) Why Law of diminishing return is more applicable in agriculture sector?

A: In the production process, different factors are used to produce the final output. Each factor has…

Q: Instructions: Click the buttons above the graphing window to show either production functions or…

A: Productivity in the following tables can be found out by dividing output by the number of…

Q: 28 - The most important factor affecting a firm's production decision is the state of the supply…

A: Factors effecting the supply decision : Price of the given Commodity Prices of Other Goods Prices…

Q: 2) Looking back at the TC and TVC costs what would the graph look like? (You don't have to plot any…

A: Total cost is the sum of total fixed cost and total variable costs.

Q: 5. (Table: Cakes) Use Table: Cakes. Pat is opening a bakery to make and sell special birthday cakes.…

A: The costs for buying mixers is provided below:Number of mixersFixed CostAverage Variable…

Q: 1- "Human resource managers have some distinct functions"

A: The principal functions of HR manager are discussed below: Planning HR Programmes, Procedures etc.:…

Q: 2. (Short-run costs, Evren wants to go into the donut business. For $500 per month he can rent a…

A: Given information Production function: Q = 5KL Where Q is tons of donuts K is capital  L is labor…

Q: The creation of a unit of good Y requires the work of 3 specialists and 7 units of capital. The…

A: Given information Manufacturing Good 'Y' requires the following resources: Units of Labour…

Q: Confetti Bakery sells bread, cake, and other baked goods. After analyzing their production and…

A: For production of goods and services, firms hire factors of production from the household sector in…

Q: PQ7.2(a) Case: Average Revenue Demand Curve (AR): P=120 -0.02Q Weekly Production (Q) Price (P)…

A: The demand curve represents the quantity demanded by consumers at different price levels. Total…

Q: 21. Josh, an entrepreneur, has disposed the following products: a. 2 boxes of canned goods @…

A: Since you have provided multiple questions, we will answer the first question. If you want any…

Q: Table linking output to inputs Units of Labor Input Quantity of Output Marginal Product Marginal…

A: Marginal product is the additional product gained when one more unit of variable factor is employed.…

Q: Short-Run Cost Question2: Lisa has a lawm-mowing business Lisa hires students at $40 a day to mow…

A: Given: Labor Total Product 0 0 1 20 2 44 3 70 4 94 5 114 6 120

Q: Question-1 (Profit maximization) ( 1/2 1/3 A firm has two variable factors and a production function…

A: Optimal production level or profit maximizing output is achieved at the point where rate of change…

Q: his question related with Linear Programming Course 2-A firm produces two different products; Alpha…

A: There is two product, alpha, and beta. The table below shows the input used per unit of alpha and…

Q: d) Evaluate the following statement. "I used my own money, my own land and r equipment to start my…

A: Business is the action of bringing in one's living or bringing in cash by delivering or trading…

Q: ($/Unit) Marginal Cost Q1 Quantity (Units per time period) A) In the above diagram, marginal cost…

A: There is inverse relationship between marginal cost and marginal product due to applicability of law…

Q: (Long-run costs,) Carmela's pasta factory employs workers and pasta machines according to the lowing…

A:

Q: Suppose you have a production technology that can be characterized by a learning curve. Every time…

A: The cost that depicts the sum of variable cost and fixed cost is known as the total cost. The change…

Q: 57: The creation of a unit of good Y requires the work of 3 specialists and 7 units of capital. The…

A: Inputs: 3 Specialists 7 units of capital Going pay per labor = $4 Lease on a unit of capital = $1

Q: When a fictitious firm produces 4 sweaters, the total cost is 40. The total cost of producing 5…

A: Here, given information is: Total cost of producing 4 uniits of sweater: 40 Total cost of producing…

Q: 1. (10 points) (a) You are an efficiency expert hired by a manufacturing firm that uses K (capital)…

A: Approach to solving the question:For part (a), we need to check if the firm is minimizing cost by…

Q: Currently, your unit labor cost is $9.40 and you have an automation rating of 4. You change the…

A: Given the following information: *Unit labor cost at present =$9.40*Automation rating increases from…

Q: Problem 18-01 (algo) Suppose that you own a 20-acre plot of land that you would like to rent out to…

A: Normal profit refers to the level of profit that allows a firm to cover all of its implicit and…

Q: Consider the revenues and costs in 2019 for Spruce Decor Inc., an Alberta-based furniture company…

A: DISCLAIMER  “Since you have asked multiple question, we will solve the first three question for you.…

Q: Suppose a firm only has $100 thousand dollars to spend in purchasing iron I and copper C to…

A: A budget constraint is an economic word that refers to the total amount of products you can afford…

Q: ( Relationship Between Marginal Cost and Average Cost ) Assume that labor and capital are the only…

A: Fixed cost is independent of output produced. Whereas variable cost varies with the level of…

Q: 2. (a) If a production function exhibits decreasing returns to scale and the quantity of all inputs…

A: Decreasing returns to scale (DRS) holds when a proportional increase in all inputs ends up in a rise…