Q: LAST WORD Suppose that minimum efficient scale for producing items with a 3-D printer is 100 times…
A: The lowest point on a cost curve at which a corporation can manufacture its product at a competitive…
Q: According to the Law of Diminishing Returns As more units of a variable factor are used with a fixed…
A: The proportional change in output (goods or services) owing to changes in the inputs of production…
Q: Assume a firm has fixed costs of $80 and variable costs as indicated in the table below. Complete…
A: Average cost represents the per unit cost of production. Marginal cost is the incremental cost of…
Q: Serena and John run a business that sets up and tests computers. Assume that Serena and John can…
A: Opportunity cost is the cost of producing one good in terms of other. Opportunity cost shows the…
Q: Why do average variable costs eventually rise if a company's output increases enough? O Diminishing…
A: Costs refer to the expenses that firms incur to purchase raw materials and the factors of production…
Q: IS the 45 40 MC ATC 30 25 15 10아 MR 8 10 14 Output 12 16 20 22 26 O A. 5 units O B. 20 units O C. 16…
A: In the monopoly market, there is a presence of a single seller selling a unique product in the…
Q: Refer to the table below. Note that the first column shows variable costs. Quantity Cost Fixed Total…
A: The total revenue will be calculated as price multiplied by the quantity of units sold
Q: quantity of machines 100 90 80 70 60 50 40 30 20 10 O $3450 (10,84) O $6000 O $3000 O $4250 10…
A: Economic costs involve not just the accounting costs but also the opportunity cost of making one…
Q: 3514e77ebfcb001ff309cb Chapter 7 - Production, Cost and Industry Structure OPEN The table below…
A: Total Cost refers to total cost or expenses incurred for producing goods and services. Fixed Cost…
Q: Assume that a firm in a perfectly competitive market is making a loss in the short run. In the long…
A: 1) Assume that the firm in a perfectly competitive market and in the short run, it is making a…
Q: 7. What is the total cost for the firm if they decide to produce 240 units? $ 8 540 540 140 530 120…
A: Total cost (TC) is a comprehensive financial measure that represents the total economic cost…
Q: (Table) Based on the table, Output is the marginal cost when moving from forty to forty-eight units.…
A: TFC=$500 TC=TVC+TFC MC=Change in total costChange in output
Q: The table below reports production and cost data for a local bakery. Workers 1 2 3 4 5 6 7 8 9 10…
A: Competitive firm is one kind of firm which competes with another firm but with identical goods and…
Q: 7. Suppose a firm has only three possible plant-size options, represented by the ATC curves shown in…
A: Long run average cost : The long run average cost curve is the locus of the minimum point of all…
Q: What is the Average Total Cost (ATC) for producing 84 units of output? Quantity of Labor 5 7.4 07…
A: Total cost is the total cost of producing the goods. Total cost is the sum of total fixed cost and…
Q: Which of the following is correct? The break-even point occurs when: Select one: O a. contribution…
A: Break even point occurs where the Total Revenue is equal to the total cost.
Q: Exhibit 23-8 Price and Col (dk) Price and Co (akin) 11 10 ** AVC 0 11 10 O Fm A 70 90 100 150…
A: The market is characterised by a large number of sellers and buyers with homogeneous products. The…
Q: Graph below shows the cost curves for a perfectly competitive firm (its total fixed costs are…
A: In a market with perfect competition, the market determines the price. The company determines the…
Q: management of a firm wants to introduce a new product. The p -$2,850+$2.75Q that is the break-even…
A: At break even point total sales is equal to the total cost and there is no loss and no profit and…
Q: The table below shows cost data for producing different amounts of cough syrup. Use the given…
A: Total cost is the sum of fixed cost and variable cost Fixed cost remain fixed for all level of…
Q: Plant sizes get larger as you move from ATC-1 to ATC-4. ATC-2 Output 1,500 ATC-1 ATC-3 ATC-4 $ 10 15…
A: The average cost of producing output 1500 to 2500 is minimum when the firm uses plant size ATC-1.…
Q: Answer the question on the basis of the following cost data. Output Total Fixed Cost Total Variable…
A: Marginal cost:Marginal cost is the additional unit that is added to the total cost. It is…
Q: The total product curve in the figure demontrates: Output ..... 144- TP O A. Increasing marginal…
A: In a market, total product refers to the total output generated at a specific combination of input…
Q: Using the table below and a benchmark year of 1992, what is the output index for 1988? YEAR 1988…
A: The output index measures the total changes in the output of particular goods and services within an…
Q: If a firm is producing a given level of output in an economically efficient manner, then it must be…
A: This can be defined as a cost that shows the type of cost that an individual, business, or any other…
Q: #Units Produced 0 1 2 لا S A Use Table 4-3 200. 110. 70. Total Revenue 260. 0 600 780 What is the…
A: Average cost, also known as average total cost (ATC), is the total cost of producing a certain…
Q: Figure 4.2 O there is waste. O it is very difficult and very expensive to increase output once the…
A: TC represents "Total Cost." A financial statistic called total cost is used in business and…
Q: The table below shows the computer server installation options and their benefits and costs for a…
A: As the table shows the cost of installing 1 server is $900 and then for the installation of 2nd…
Q: Quantity Total Cost Fixed Cost Variable Cost Average Average Fixed Cost Average Variable Cost…
A: Total cost refers to the cost incurred by the industry or firm in the entire production process of…
Q: Harvey's Hardware is thinking about starting a line of lawnmowers to serve its customer base in the…
A: Introduction The labor force, also known as the workforce, is the total of all people available to…
Q: After graduating from high school, Quinn Thompson decided to enroll in a 2 year program at the local…
A: Opportunity cost is the cost of next best alternative use. In simple words, it is the loss which a…
Q: Which of the following statements is TRUE? O A. If marginal cost is greater than average total cost,…
A: The total production process of a firm is an amalgamation of various costs, the optimum quantity…
Q: (Figure: Representative Firm) The figure shows the cost curves for a representative firm. At an…
A: Fixed costs don't change based on the volume of sales or output. The number of products or services…
Q: In the basic EOQ model, if total annual demand = 6000 units per year, ordering cost per order =…
A: Economic order quantity (EOQ) is the ideal quantity that a company should purchase to decrease…
Q: Suppose a particular firm exhibits constant returns to scale as it increases its output over any…
A: Returns to scale refers to proportional change in total cost in response to proportional change in…
Q: Quantity of Number of Baseballs Labor Per Day 40 78 113 145 175 202 225 Refer to Table 20. This…
A: In the labor market of the economy, the market forces of demand and supply of labor determine the…
Q: The table below shows cost data for WipeOutSki Company, which manufactures skis for beginners. If…
A: Answer: The following formulas have been used: Total cost=Fixed cost+Variable costAverage variable…
Q: What is the marginal cost of the eighth unit based on the table? 0 1 2 3 4 5 6 100 110 115 125 140…
A: This can be defined as a cost that shows the type of cost that an individual, business, or any other…
Q: • point of diminishing returns (D) most productive point (P) economic capacity (E) Once a point is…
A: No of Workers TP 1 10 2 80 3 180 4 240 5 280 6 294 Variable Cost = 220 per day Fixed…
Q: Suppose you have a pizza shop. Your rent is $800 and you've spent $1950 on labor and materials to…
A: Given: Cost of Rent = $800 Cost of Labor & raw material to make pizza= $1950
Q: Consider the following production schedule: Total Cost $ 4.00 $ 7.00 $ 8.00 $ 12.50 $ 17.20 $ 22.00…
A: The total fixed cost is the cost that producer has to pay irrespective of amount of output
Q: If you know that average variable cost is at a minimum, then you can deduce that marginal cost is…
A: Average Variable Cost is calculated by dividing total variable cost with the output. Variable Cost…
Q: The total cost of Mr. Plow, a snow-removal business, is given in the table below. Quantity…
A: Total Profits of 5 drive ways = Total revenues of 5 driveways - Total cost of 5 drivewaysTotal…
Q: Average total cost tells us the O 1) cost of the last unit of output, if total cost does not include…
A: A firm calculates average cost to determine their efficiency in the production process. A higher…
Q: QUESTION 35 As you add more and more units of a variable factor to a fixed factor, marginal output…
A: According to the law of variable proportion as more and more units of variable factor ( say labor)…
Q: In the table, the average variable cost at 2 units of output is
A: Answer to the question is as follows :
Q: Nina is a farmer that grows and sells tomatoes. Her total explicit and implicit costs are 950000 per…
A: The sum of all costs, both fixed and variable, is known as the Total cost. The cost per unit…
Q: Suppose that Dent Carr's long-run total cost of repairing s cars per week is c(s) = 4s² + 12 for s>0…
A:
Q: The following is a table of cost for a toy manufacturing firm. The variable input is labor. Use this…
A: We are going to find the average variable cost to identify the value of B.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
- Let's assume that a firm produces 60 products. Its total weekly cost (TC) at this output is $2,100. This includes TVC and TFC. We also know that the firm employs 3 part- time workers at a wage cost of $600 per worker per week. This is the firm's only variable cost (TVC). What is the firm's average fixed cost (AFC) at this output? O $2.50. O $2. O $5. O $100. O $10. Let's assume that a firm's total weekly costs are as follows: 1. Salaries of hired workers $5,000. 2. Supplies = $1,000. 3. Rent = $600, 4. The owners have invested a certain amount of their own money into the business. This could have earned them interest of $200 per week if they had chosen to put it into a bank instead of investing it into their business. 5. The value of the owner's time is estimated to be $800 per week. What are the firm's total economic costs? O $6.000 O $7.600. O $900. $7.500. O $6.700.Bozo is a clown. He wants to start a clowning business where he sends other clowns out to birthday parties. Use the graph to Birthday parties answer the questions. 20 19 18 17 16 15 14 13 12 What is the marginal product of the third worker? O 2 11 10 6. 8. 7. 3.0 9. 3. 2. I 2 3 9 10 4 56 8. This production function demonstrates Workers diminishing marginal costs. a negative marginal product of labor. diminishing marginal returns to labor. diminishing output.Table) Based on the table, what is the average total product when John's Salsa Company hires three people? Total 1741 4 KIL I O 33 O 13 O 11 Farmer Jean sells corn in a perfectly competitive market. The market price for a bushel of corn is $6. Jean has six hundred bushels of corn to sell. If her total variable cost is $3,300 and her total fixed cost is $300, then: 000 Jean should raise her price. Jean is earning a positive economic profit. Jean is minimizing her losses. Jean is earning a normal profil.
- Typically, the marginal cost curve is marginal returns suggests that added units are O upward-sloping; more costly to produce Odownward-sloping; more costly to produce O upward-sloping: less costly to produce because diminishingA Share Zoom TVC TC AVC MC 0. 15 23 30 Answer the following questions:QUESTION 1 Consider the following cost function (with input prices taken as constants): c(y) =y. What is MC(y)? Oa. y313 O b.y? C. O d. 2y QUESTION 2 Consider the following cost function (with input prices taken as constants): c(y) = y. What is AC(y)? Oa. 3y2 Ob.y Oc. 2y3 Od.y313
- 190722 n Quantity Total Revenues Explicit Costs Implicit Costs 4. 50 40 10 75 67 15 6. 100 100 20 125 132 25 8. 150 164 30 Refer to the table above. An output level of 6 units results in Select one: O A. normal profits. O B. economic profits of zero. OC. positive economic profits. O D. accounting profits of zero. ge(Table: Production Function for Quinoa) Use Table: Production Function for Quinoa. Assume that the fixed input consists of 10 acres of land and a tractor, which have a combined cost of $150 per day. The cost of labor is $100 per worker per day. The total cost of producing 75 bushels of quinoa is: Table: Production Function for Quinoa Number of Workers Bushels of Quinoa 10 1 2 3 4 5 transcript O $7,650. O $1,225. O $650. O $1,150. 10 25 45 60 70 75Suppose that a business incurred implicit costs of $250,000 and explicit costs of $500,000 in a specific year. If the firm sold 10,000 units of its output at $80 per unit, it's economic profit is O 150,000 O 100,000 300,000 O 50,000
- If a firm quadruples(4x) in size and output triples (3x), what is the returns to scale? O A Increasing returns to scale O B O с O D Constant returns to scale Decreasing returns to scale Cannot determine. What are the firm's fixed costs?$ c. What is the variable cost of producing 475 units of output (use least-cost)?$ d. How many units of the variable input should be used to maximize profits?e. What are the maximum profits this firm can earn?$ f. Over what range of the variable input usage do increasing marginal returns exist?From ___ to ____g. Over what range of the variable input usage do decreasing marginal returns exist?From ___ to ___h. Over what range of input usage do negative marginal returns exist?From ___ to ___ . What are the firm's fixed costs?$ c. What is the variable cost of producing 475 units of output (use least-cost)?$ d. How many units of the variable input should be used to maximize profits?e. What are the maximum profits this firm can earn?$ f. Over what range of the variable input usage do increasing marginal returns exist?From to g. Over what range of the…Cost Per Year O O O 1 At what level of output does average total cost equal marginal cost? ♂ Q4 QQQQ Q8 TC VC FC Output