Q.4 Marginal Cost is closely related to:(a) Total variable cost(b) Total cost(c) Total fixed cost(d) All of the above

# marginal cost measures the change taking place in the value of total cost when the quantity…

Answered: Q.4 Marginal Cost is closely relate (a)…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Problem set Production Functians Given the gellowing hy pothetical data an (x) and tätal Phypical Pro duct (TPP) oy XZ Carporation. input Marginal Phuysical Product (MPP) Input x) Tatal Physical Pně duct (TPP) Average Phyoi cal Product CAPP) 14 24 8. 32 10 38 12 42 14 44 44 18 42 20 30 024
According to the Keynesian model of macroeconomic equilibrium, a decrease in aggregate demand Select one: O a. will cause the price level to fall substantially. O b. will cause an increase in aggregate supply that will restore full employment. O c. will not cause unemployment. O d. will not cause nominal wages to decline sufficiently to restore full employment.
Which of the following would be categorized as an implicit cost? a. not being able to spend your $10,000 savings if you sink the money in your business b. the cost of purchasing supplies for your house-cleaning business c. the cost of purchasing auto insurance for your dry-cleaning delivery business Ob and c only O all of the above O a only Oa and c only
A worker fell from the roof of a 2 storey building due to lack of fall protection. He incurred head fractures. He was confined in the hospital and was advised to rest for at least 6 months under further observation. 1. Identify the Direct Costs 2. Identify the Indirect Costs
10.Which of the following is an example of a fixed cost? A. cost of employees who work overtime B. cost of machinery C. cost of flour at a bakery D. cost of employees who work standard hours
19) Accounting costs and economic costs differ because A) Economic costs include explicit costs and accounting costs do not. B) Accounting costs include explicit costs and economic costs do not. C) Economic costs include implicit costs and accounting costs do not. D) Accounting costs include implicit costs and economic costs do not. anscribed Text C 20) Megan used to work at the local pizzeria for $15,000 per year but quit in order to start her own deli. To buy the necessary equipment, she withdrew $20,000 from her inheritance (which paid 8 percent interest). Last year she paid $25,000 for ingredients and $500 per month rent but had revenue of $50,000. She asked her dad the accountant and her mom the economist to calculate her costs for her. A) Dad says her cost is $31,000 and Mom says her cost is $47,600. B) Dad says her cost is $31,000 and Mom says her cost is $35,000. Dad says her cost is $9,000 and Mom says her cost is $2,400. D) Dad says her cost is $25,000 and Mom says her cost…
Identify what constitutes social cost of production.
Q)Distinguish between explicit and implicit costs, giving examples of each. (a) What are the explicit and implicit costs, say for example for joining university study? (b) Why does the economist classify normal profits as a cost? (c) Are economic profits a cost of production?
2b statements is true or false and explain If marginal cost is larger than average cost, average cost will fall as output increases.
2. As an employee of the Rays-R-Us Corporation (a solar panel company), you have been asked to determine the nature of their long-run cost structure. Some cost data has been collected for you and appears in the table below. Quantity of Generators Labor Costs Tools Cost $2 $4 $7 $8 $15 $24 $28 $41 $65 $80 Total Cost Long Run Average Cost $10 12 14 16 20 30 42 1 4 5 8 9 10 70 100 (a) Fill in the missing values in the table. (b) Graph the firm's long-run average cost curve below. (c) Determine the range of output levels over which there exists economies and diseconomies of scale, and mark these ranges on your graph.
1. Mr. Jack is in the process of expanding his manufacturing business. He decided to open a plant in the coming year. He has four locations in mind. The costs information for these locations is in the following table.Locations A B C DFixed Costs 60,000 80,000 100,000 130,000Variable Costs/unit30 20 15 10 i. Write an equation to represent the total costs for each location.ii. Draw the total costs lines for each location on the same axes. (Use output ranges of 2000, 4000, 6000, 8000 etc. and intervals of $50,000 on the Y axis.iii. Over what range of output is location A the most preferred location?iv. Over what range of output is location B the most preferred location?v. Over what range of output is location C the most preferred location?
(J)

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Q.4 Marginal Cost is closely relate (a) Total variable cost (b) Total cost (c) Total fixed cost (d) All of the above