q3- The average total cost curve is increasing when marginal cost is: Select one: a. decreasing b. increasing c. less than average total cost d. greater than average total cost
Q: QUESTION 22 Refer to the table below: Quantity of Output Fixed Variable Total Cost Cost Cost 1 $23…
A: Answer to the question is as follows :
Q: The average fixed cost curve will never Intersect with either the horizontal vertical axis
A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…
Q: In a short-run production process, a diminishing marginal product of labor explains why marginal…
A: Marginal Product of Labor: The term marginal product of labor shows that how much additonal or…
Q: Distinguish between/ among a. The short run total fixed cost, total variable cost and total cost…
A: Cost refers to the value of the resource(s) that gets exhausted in the process of production or…
Q: Average total cost, average variable cost marginal cost and marginal product b. The relationship…
A: Average Total Cost or Average Cost is the total cost (TC) divided by the number of units produced…
Q: Question 2 A. List and explain which of the following is a fixed cost or a variable cost for…
A: The cost of fuel used in its planes Variable cost The rent on its piarco headquarters Fixed cost The…
Q: A firm has fixed costs of $60 and variable costs as indicated in the table at the bottom of this…
A: The values are found out by: TC=TFC+TVCAC=AFC+AVCAFC=TFCQAVC=TVCQMCN=TCN-TCN-1
Q: An implicit cost is another name for a(n): Explicit cost Production cost Economic…
A: Option D Implicit cost is a cost to a business that occurs due to the cost of resources that were…
Q: The per-unit cost of an item is its average total cost (= total cost/quantity). Suppose that a new…
A:
Q: Question 4 Use the following table for the (i),(ii) and (iii) questions. Quantity Total…
A: (i)The marginal cost is the additional cost incurred to the firm while producing an additional unit…
Q: Discuss some of the difficulties encountered in applying these economic concepts in practical…
A: The fixed cost is the cost which remains the same even when the firm produces nothing as output.…
Q: A firm pays $500,000 per year on costs that it cannot alter in the short run. This year, it expects…
A: Cost Cost refers to any expense that incur in the process of production. Total cost is made up of…
Q: Q: A farmer plane to harvest maize on his specific land. Discuss all factors of production which he…
A: For a farmer to harvest a crop, he/she will need various factors of production which mainly consists…
Q: If marginal cost is less than average variable cost and output increases, average total cost and…
A: The marginal (MC) cost is the extra cost incurred due to the production of an additional unit of…
Q: When average product increases, which short-run cost variable also changes? The output range over…
A: Marginal cost refers to the change in total cost with respect to change in output. Average total…
Q: Hello, I have finished reading chapter6: product costs and have some trouble understanding the short…
A: Average variable cost(AVC), average total cost (ATC), and marginal cost(MC) all these curves are…
Q: Given the cost information below, answer the following questions. Output Total Cost $10.00 1 19.76 2…
A: Hi! thank you for the question but as per the guidelines, we answer up to three sub-parts. Kindly…
Q: Least Cost Method: *Remember the least cost method is a lot like the utility maximizing rule from…
A: The production will be efficient when the factors are used up to a point where the ratio of marginal…
Q: The data below shows a tabulation on the production of a hypothetical product Output (Q) Total…
A: Production function refers to the functional relationship between input and output.
Q: FIGURE 7-3 $100 90- 80 70 60 50 主 40 30 20 10 1 2 3 4 5 6 7 8 9 10 Quantity of Output Refer to…
A: please find the answer below.
Q: 37) If production displays economies of scale, the long-run average cost curve is A) above the…
A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…
Q: Refer to Figure 1. Which of the short-run average cost curves correctly depict economies to scale?…
A: Long-run average cost The long-run average cost is tangent to the falling portion of the short-run…
Q: A graph represented by a straight line parallel to the output of the X-AXIS is an image of which…
A: The total cost is the sum of total fixed cost and total variable cost of production. The total fixed…
Q: 31. Marginal cost is a Total cost per unit of output b. Average total cost divided by the quantity…
A: 31) Marginal costs are defined as a function of the total cost of production, the costs include both…
Q: Output (units) (units) (units) (units) |(dollars) (dollars) (dollars) 1 $500 $0 1 1 10 (A). $500…
A: We know , TC = TFC + TVC TC = 500+ 600 TC = $1100
Q: Total cost divided by quantity of output is Select one: a. average variable cost b. average total…
A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…
Q: Explain the relationship between total product, marginal product, and average product and how does…
A: Total ProductIn simple terms, we will define Total Product because the total volume or amount of…
Q: Shown are the related cost curves: 550 110 (0) 500 100 450 90 400 (A) 80 (D) 350 70 300 60 (F) * 250…
A: Total cost refers to the sum of all cost incurred for producing the particular level of output from…
Q: $100 90 80 70 60 50 40 30 20 10 1 2 3 4 567 89 10 Quantity of Output Refer to Figure 7-3. Which is…
A: please find the answer below.
Q: 22. What does the Long Run Average Cost curve depict? a) It depicts the relationship between Average…
A: Long-run average total cost (LRATC) is a business metric that addresses the average cost per unit of…
Q: Which of the following statements regarding marginal analysis is true? A. If total cost…
A: To sum up, marginal analysis is described as the cost of identifying the level of output at an…
Q: Q2.Average cost curves (except for average fixed cost) tend to be U-shaped, decreasing and then…
A: Average Cost(AC) is the cost of each unit that is evaluated by dividing Total Cost by the amount of…
Q: Question 33 Which of the following cost curves does not have a shape that is explained by the law of…
A: "Since you have asked multiple questions, we will solve first question for you .. If you want any…
Q: Fill in the blanks with: (a: rising) (b: at a minimum) (c: at a maximum) (d: falling) (e: constant)…
A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…
Q: Explain the relationship between total, marginal and average cost
A: The total cost is the summation of total variable cost and the total fixed cost that a firm incurs.…
Q: 6. Identify the short run cost curve for the variable cost: a). Curve 1 b). Curve 2 c). Curve 3 d).…
A: Hello. Since your question has multiple parts, we will solve the first question for you. If you want…
Q: (d) Find the minimum average production cost per unit and the level of production that minimizes…
A: Average cost(AC) is defined as total cost(TC) divided by the total units produced. Here, units are…
Q: A. Team Wang has the following costs for the short-run production of different quantities of a good:…
A: A cost function is a function of input prices and output quantity whose value represents the cost of…
Q: Show the relationship between short-run marginal and average cost curves, and long-run marginal and…
A: In the short run there are two types of costs:- fixed costs and variable costs. In the short run…
Q: Answer the next question(s) on the basis of the following cost data. Notice that fixed cost is $24.…
A: “Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: Refer to the information provided in the Figure below to answer the question(s) that follow. Cost…
A: Here, we can see that Curve 1 is the Marginal Cost (MC) curve which cuts Curve 2 and Curve 3 at…
Q: Nokia sells a new budget cell phone. Based on information provided by the accounting department, the…
A: Total cost is sum of fixed cost and variable cost. Fixed cost does not depend on quantity whereas…
Q: Construct the average fixed cost, average variable cost, and average total cost schedules and the…
A:
Q: what is the Explicit and Implicit cost? find the accounting profit and the economic profit Suppose…
A: Explicit cost are those cost which is hired by producer from outside' Implicit cost also known as…
q3-
The
decreasing
increasing
less than average total cost
greater than average total cost
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- What is a long-run average cost curve?Which costs are measured on per-unit basis: fixed costs, average cost, avenge variable cost, variable costs, and marginal cost?What shapes would you generally expect each of the following cost curves to have: fixed costs, variable costs, marginal costs, average total costs, and average variable costs?
- Average cost curves (except for avenge fixed cost) tend to be U-shaped, decreasing and then increasing. Marginal cost curves have the same shape, though this may be harder to see since most of the marginal cost curve is increasing. Why do you think that average and marginal cost curves have the same general shape?A. Graph total fixed cost, total variable cost and total cost B. Explain how the law of diminishing returns influences the shapes of the total variable-cost and total costbcurvesQuestion 15 Marginal cost intersects average total cost at minimum average total cost. True False
- a. Define economies of scale and explain why they might arise. Definediseconomies of scale and explain why they might arise. b. Explain the relationship between total product, marginal product, and averageproduct.c. How does fixed cost affect marginal cost? Why is this relationship important?a. Complete the following table and answer two questions about costs. Instructions: Enter your responses rounded to the nearest whole dollar. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. Rate of Output Total Cost Marginal Cost Average Cost $ 60 65 $ 75 $ 105 $ 1 $ 5 $ 65 2 $ 10 $ 62 3 $ 30 $4 20 4 $ 140 $ 35 2$ 5 5 180 $ 40 $ 5 b. What output has the lowest per-unit cost equal to marginal cost? units c. What is the value of fixed costs?4. If the 15th unit of output has a marginal cost of $29.50 and the average cost of producing 14 units of output is $30.23, what will happen to the average cost of production if the 15th unit is produced? 1. Average cost will fall. My question is why will Average cost fall?
- 2b statements is true or false and explain If marginal cost is larger than average cost, average cost will fall as output increases.1. Explain the difference between an implicit cost and an explicit cost, and how both costs relate to economic and accounting profits. 2. Explain the concept of diminishing marginal product with a graph. 3. What is the difference between average variable cost and average total cost? Please explain each of the cost concepts with graph(s). 4. Explain the relationship between the marginal cost curve and the average cost curve. Draw both of the cost curves to reflect the relationship. 5. Explain economies of scale and diseconomies of scale for a firm with graph(s).1. Which average total cost curve has the lowest average total cost of producing 30,000 bushels of wheat? 2. Over what range of output is the farmer experiencing economies of scale? 3. Over what range of output is the farmer experiencing diseconomies of scale? 4. Which average total cost curve has the lowest possible average cost of production? 5. Which average total cost curve represents the largest plant?
