QUESTION 3 Why is it important to distinguish between the short run and the long run when making production decisions? ◇ Long-run decisions cannot be changed once approved. It takes more time to alter some inputs than others. Accountants track short-run but not long-run costs. O Short-run solutions tend to have more implicit costs.

Q: 1. True of False: if false, please explain why a. A firm with a small labor force typically…

A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: he marginal cost of driving a mile is $0.33. (Round your response to two decimal places) an deciding…

A: The answer is as follows:-

Q: Examples of variable costs include sales commissions, utility costs, raw materials, administrative…

A: Administrative costs are not considered as variable costs

Q: (d) The long run average cost curve is U shaped because up to a certain point you have excess K/L…

A: Dear student, you have asked multiple questions in a single post. In such a case, I will be…

Q: Which of the following is true of fixed costs?   a. Fixed costs can be changed, but it is…

A: Fixed costs are those that do not change with changes in the output level produced. They are the…

Q: Lesson 8 - Costs Question 4

A: The correct answer is:d. ATC intersects with AVC at the minimum of ATC.  This statement is correct…

Q: An employee from the Mixing department worked 36 hours during the week. His salary is $12.00 per…

A: In cost accounting, costs are classified into different categories for budgeting and financial…

Q: Order the following components of a long run average cost curve as output expands based on which…

A: In the long-run, an average cost curve shows different phases of production when average cost…

Q: Economist describe short run decisions as constrained decisions while long run decision are…

A: In the short run, few costs are fixed and few are variable but in the long run their will be no…

Q: 3. Nokia sells a new budget cell phone. Based on information provided by the accounting department,…

A: Given  The average variable cost for Nokia cell phone: AVC=$30+Q           .........(1) Average…

Q: The long run is best defined as a time period O during which at least one input cannot be changed. O…

A: Some factors of production vary with the output produced in the short run, while some remains…

Q: Suppose a firm produces cars and the minimum efficient scale is 2,000,000 cars. The inputs are labor…

A:

Q: QUESTION 5 The marginal cost curve passes through the minimum point of the average fixed cost curve.…

A: The marginal cost is the cost of producing additional output. It helps to evaluate the revenue and…

Q: Ike's Bikes is a major manufacturer of bicycles. Currently, the company produces bikes using only…

A: No. of factories Q=100 Q=200 Q=300 Q=400 Q=500 Q=600 1 260 200 160 200 280 400 2 330 240 160 160…

Q: In Exhibit 7-6, the total fixed cost is: O 1,000. O 3,000. O 5,000. O 6,000.

A: The total fixed cost is cumulative of all expenses incurred on the procurement of factors that…

Q: Which of the following is also known as the firm's planning curve? The total cost curve O The…

A: Over the long run, all inputs are variable and firm can change its plant size according to the…

Q: Please.do fast and add explanation

A: It is important to distinguish between the short- and long-term effects of production decisions for…

Q: D. Average Cost (AC) E. Average Variabel Cost (AVC) F. Average Fixed Cost (AFC) Please solve…

A:

Q: To the economist, total cost includes Multiple Choice O O O O explicit and implicit costs. neither…

A: Total cost is an economic measure that sums all expenses paid to produce a product, purchase an…

Q: 1. In a the short product process a(an) marginal product of labor explains why marginal cost is…

A: (1.) In a the short product process a (an) diminishing marginal product of labor explains why the…

Q: Define explicit costs and implicit costs.      b. Assume the following: * A firm buys a unit of…

A: Explicit cost is the cost that is incurred for paying external expenses like wages to employees,…

Q: 50. If all inputs are trebled and the resultant output is doubled, this is a case of

A: answer is given below

Q: Economic costs of production differ from accounting costs in that Select one:   a. economic costs…

A: There are many associated costs of production in the process of production. These costs can be of…

Q: Answer the following Questions. Include referencing where additional sources have been used a. Why…

A: Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: The slope of an average cost curve exhibiting diseconomies of scale is -- Infinite O Zero O Negative…

A: In a market, diseconomies of scale refer to the situation when a firm faces an increase in the…

Q: Question 3 If a firm is able to double output when it doubles input, it has... Group of answer…

A: "Returns to scale refers to the rate at which output produced changes when all inputs in the…

Q: Question A3 FC VC Bob runs a book-binding business, and the production of bound books requires two…

A: Returns to scale refers to the relationship between the scale of production and the resulting change…

Q: QUESTION 19 Assume short-run production. Select the statements that are true. O The marginal cost at…

A: Marginal cost is the exchange in total production cost that comes from making or producing one extra…

Q: If average total costs increase when the output level increases, then there are diseconomies of…

A: The expenses that are being incurred for running a business and carrying out its various…

Q: Accountants and Economists differ in their calculations of profits in that; Select one: a.…

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

Q: 1. What is the cost of the engine block? 2. What is the direct labor cost? 3. What is the total cost…

A: A part of the wage bill or payroll that can be specifically and consistently assigned to or…

Q: If accounting profit is $400,000 greater than economic profit, what do implicit cost equal?

A: We know that: Accounting profit = Total revenue- Total explicit cost Economic profit = Total revenue…

Q: Cost of Homework. These distinctions between economic and accounting costs apply also to the…

A: The economics as a study is associated with the use of decision making, and choice making, as the…

Q: Cost (dollars) 150 100 50 0 5 10 D $15 20 B Output (teapots per day) 5. Refer to Figure above. Which…

A: A. The vertical gap between curves B and C is equal to average variable cost. [FALSE]The vertical…

Q: t6Q*t cQ+d a Find: minimum of mc and QM- mC Min= Qm= B) Find miniMUM AVC, AVCmin,and the output whee…

A: Marginal cost is teh additional change in total cost due to an additional unit of production.…

Q: What are diseconomies of​ scale? Diseconomies of scale is   A. when the marginal product of labor is…

A: Answer: Correct option: option D Explanation: Diseconomies of scale: when an increase in a firm’s…

Q: If AFC is $18 at a quantity of output of 200 units, and ATC is $27 at the same quantity of output,…

A: Total Cost is the total expenses incurred by producer when they produce goods and services , it…

Q: When fixed costs are ignored because they are irrelevant to a business's production decision, they…

A: The question is asking us to identify the term used to describe fixed costs that are ignored because…

Q: Question 1 20 Output (units per day) 15 10 5 U 9 TP b a 0 1 2 3 4 5 6 Labor (workers per day) In the…

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

Q: Šuppose that a producer is faced with input combinations that yield 500 units. Assume that capital…

A: Optimal input combination is where Isocost line is tangent to Isoquant curve.