rue or false 1-The marginal cost curve intersects the minimum point of both the average total cost curve and the average variable cost curve.   2-In the short run, if average product (productivity) is at its maximum, the average variable cost is at its minimum.

Q: 1. Explain the difference between an implicit cost and an explicit cost, and how both costs relate…

A: 1.  Implicit cost is the cost that has already occurred in the past. However, these are not direct…

Q: When there are positive fixed costs, can the average variable cost curve and average total cost…

A: We have 3 different costs, ATC, AVC and AFC where ATC is the sum of AVC and AFC. Given that are…

Q: 36) In the short run, if marginal product is A) above; decreasing B) below; decreasing C) above;…

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

Q: Costs 80 MC AVC ATC 120 160 180 200 Refer to the graph above to answer this question. What does…

A: Cost refers to all the expenses that incur in the process of production of goods or services. These…

Q: The marginal cost curve intersects the average total cost curve at the level of output where average…

A: Marginal Cost (MC): Marginal cost occurs when producing an extra unit of output. Average total cost…

Q: At the point where marginal cost equals average total cost, average total cost will be increasing.…

A: The marginal cost refers to the change in total cost when one additional unit of output is produced.…

Q: Matt's birdhouse factory rents equipment for constructing birdhouses and hires students. Matt pays…

A: Fixed cost is the cost incurred during the production of a particular product which is independent…

Q: 39) If the marginal cost curve is below the average variable cost curve, then A) average variable…

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

Q: 1 Average fixed cost equals a. Average total cost minus average variable cost b. Total variable cost…

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

Q: True or false 1-If the marginal product of labor is increasing, the marginal cost of production…

A: 1)Due to increase in marginal product,efficiency would increase,therefore cost would decrease.…

Q: Often the marginal cost (MC) is initially decreasing as Q rises because... the marginal productivity…

A: Marginal product refers to change in total output due to an addition of one more unit of input.

Q: Which of the following statements are true about Marginal Cost (MC) and Average Cost (AC)? 1. MC is…

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

Q: QUESTION 4 Match each of the following terms and descriptions Average Fixed Cost Average Total Cost…

A: Providinf full. Solution.

Q: bath the marginal cost and the average variable cost curves are U-shaped, at the minimum point of…

A: Average total cost is the sum of average Fixed cost and average variable cost. It is referred as…

Q: The shape of the Total Product curve on the production side gives us the shape of which curve on the…

A: The cost of producing a firm's output depends on the number of labor and physical capital which are…

Q: A firm’s marginal product will be at a maximum at which of the following levels of output?…

A: To determine the level of output at which a firm's marginal product will be at a maximum.

Q: Quèstion 33 The increase in total cost that results from producing one additional unit of output is…

A: Average Fixed Cost is the total fixed cost per unit of output.  Average Variable Cost is the total…

Q: a. Complete the following cost schedule by computing marginal cost, average fixed cost, average…

A: a. we will calculate the values in the table: Output TC ($) TFC ($) TVC ($) MC ($) AFC ($) AVC ($)…

Q: What is the formula to calculate profits?

A: Hello. Since you have posted multiple questions and not specified which question needs to be solved,…

Q: A firm analyzes the effects of raising its current level of output and finds that doing so will…

A: The firm average total cost increases if the firm increases its current level of output. The average…

Q: A firm has the production function y = 4LK. The marginal products are given by MP, = 4K and MPK =…

A: Given  Production function: y= 4

Q: In the short run, which cost is fixed and cannot be changed? a) Average cost b) Marginal cost c)…

A: Understanding the various sorts of costs in financial aspects is significant for examining business…

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

A:

Q: Fill in the following cost table where cells have been left blank. In other words, use "Units of…

A: Profit is maximum where P = MC or MR = MC  Profit = Total revenue - Total cost.

Q: True or False The slope of the total cost curve is equal to marginal cost, or the change in…

A: Total cost It refers to all the cost or expense that is incur in a production process.It is given by…

Q: QUESTION 3 Match each of the following terms and descriptions Fixed Cost Total Cost A. fixed cost…

A: Fixed cost is that cost which are not changed as output changed its remains constant. That means if…

Q: Costs per unit H Quantity of output 64. Refer to Figure 8-5. Identify the curves in the diagram. a.…

A: Marginal Cost: it refers to the change in total cost due to 1 additional unit of production. As due…

Q: O Fixed cost. Variable cost. Total cost. is falling when marginal cost is below it and rising when…

A: Cost curves are crucial tools for understanding and analyzing the cost framework for a firm's output…

Q: Use your knowledge of cost functions to calculate the missed cost data in the accompanying table.…

A: Based on the provided information and the cost functions, I have filled out the missing data in the…

Q: When examining the costs faced by a business, explain how economists distinguish between the short…

A: First part The contrast between the short and long runs is critical in economics. It turns out that…

Q: Diminishing returns occurs in the short run because: A.There are variable inputs to production in…

A: According to the law of diminishing marginal returns, the marginal product decreases as more and…

Q: Given the cost information below, answer the following questions. Output 0 Total Cost $ 10.00 19.76…

A: Total cost is the sum of fixed cost and variable cost.=> TC = FC + VC Fixed cost is the cost that…

Q: Which of the following cost curves is never U-shaped? a. the average fixed cost curve b. the…

A: The expenses that are being incurred for carrying out daily transactions of a business is being…

Q: 22) The marginal cost curve intersects the ________ at its minimum. A) average variable cost curve…

A: Marginal cost MC gives the change cost due change in production by one unit. Average variable cost…

Q: which of the following statements about the short-run production is true   A. Total product starts…

A: We have to find true statement of short run production function.

Q: Average variable cost is always increasing as output increases whenever... Group of answer choices…

A: Variable cost refers to the cost that changes as output or production changes. Average variable cost…

Q: a. In the accompanying diagram, place the points labeled Minimum AVC and Minimum ATC in their…

A: The AVC curve, which shows the per-unit variable expenses a company faces at various output levels,…

Q: Refer to Exhibit 21-4. Curve D is a(n) a. average total b. marginal c. average fixed d. average…

A: Average variable cost is the variable cost divided by the quantity. AVC is U shaped curve. Average…

Q: When the average total cost curve is at its minimum, we know that the: a. marginal cost curve is…

A: Meaning of Cost: The term cost refers to the situation under which a firm occurs various expenses…

Q: As long as marginal cost is below average variable cost or average total cost , then average…

A: When MC is below AVC, MC pulls the common down. When MC is above AVC, MC is pushing the typical up;…

Q: At the minimum-cost output OA. average variable cost must equal marginal cost. B. average fixed cost…

A:

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…

Short-Run Costs and Long-Run Costs

Cost of short-run and the long-run is an economic term that describes the cost involved in the production of goods in a firm in the short as well as long period.