State two examples of the fixed cost and two examples of the variable cost in economics

Q: What are the average total cost, average variable cost, average fixed cost, and marginal cost of…

A: Q=4 TC=140 TFC=50 ∆TC=140-110         =30 ∆Q =4-3       =1

Q: The statements and equations show various ways of defining average variable cost, marginal cost, and…

A: Average Variable cost refers to the variable cost per unit. It can be calculated as follows: In…

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: Explain why the fixed cost has no influence at all on marginal cost.

A: In the short run, a firm will have two types of cost: fixed cost and variable cost. Total variable…

Q: An individual is both the owner and the manager of a shop taken on rent. Identify implicit cost and…

A: Explicit cost:- Standard business costs that appear in the accounting records and have a direct…

Q: Give the formulas for average fixed cost (AFC), marginal cost (MC), average variable cost (AVC), and…

A: Average fixed cost = Fixed cost / quantity Marginal cost = Differentiating the total revenue…

Q: Are all fixed costs also sunk costs?

A: Sunk Cost: It refers to the cost that is once incurred can’t be recovered.Fixed Cost: It is the cost…

Q: Specific subject: Microeconomics - Production and Costs Function  Comment on the following…

A: The cost that the firm incurs to produce one additional unit of the output is known as the marginal…

Q: The''Sad Student'' Company finds that it costs a total of (q)=9720+500q-1.5q^(2)+0.005q^(3)…

A: The total cost function (q)=9720+500q-1.5q^(2)+0.005q^(3)  answer d  The constant term in the…

Q: suppose Jack produces chocolate with two inputs : factory and labor.  If the workers become more…

A: Labor productivity has increased. Labor productivity and cost of production (except fixed cost) are…

Q: Use Exhibit 2. For Comfy Chair Factory, which of the following statements is (are) correct? (x) The…

A: Total cost is the summation of Fixed cost and variable cost . Where varible cost when there is no…

Q: Introduction to Calculus in Economics (continued): In the previous Problem Set question, we started…

A: Differentiation is the process of finding derivatives. It basically gives the rate of change in one…

Q: Use the cost table below to find the following marginal costs.   Output quantity Total variable cost…

A: Marginal cost is the additional cost incurred from producing an additional unit of output.

Q: Assume that for a quantity produced of 20, the total cost is 500 and the average fixed cost is 10.…

A: We will answer the first question since the exact one was not specified. Please submit a new…

Q: Miguel and Jake run a paper company. Each week they need to produce 1,000 reams of paper to ship to…

A: Marginal rate of technical substitution is the ratio of marginal product of labor and marginal…

Q: Give two example of fixed cost

A: Cost is the total expenditure incurred by a producer in producing a good or services. Cost has two…

Q: What is the difference between the explicit and implicit cost

A: Cost In popular use, cost refers to the monetary worth of products and services purchased by…

Q: Define and explain the difference between economics of scale and economies of scope. Include an…

A: Definition: Economies of scale are cost-saving strategies in a production process by increasing the…

Q: Average cost curves (except for average fixed cost) tends to be u-shaped , decreasing and then…

A: Marginal cost is nothing but the additional cost required to produce one extra unit while average…

Q: Jake is a corn farmer in Nebraska. He rents his land on a long-term lease for $250,000 a year. He…

A: Total cost =total variable cost + total fixed cost

Q: Consider the following cost information for a pizzeria: Quantity Total Cost Variable Cost (Dozens of…

A: The pizzeria's fixed cost is 280. This is because when the pizzeria is producing 0 quantitiy he is…

Q: The''Sad Student'' Company finds that it costs a total of (q)=9720+500q-1.5q^(2)+0.005q^(3)…

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

Q: Austin's total fixed cost (TFC) is $350/month at his cupcake bakery.  Austin employs 10 workers and…

A: The amount of output produced determines the fluctuation in variable costs. Labor costs are one type…

Q: Give two examples of variable costs

A: Variable costs are those costs which vary with the production level and thus gets changed as the…

Q: fisherman has a fixed cost of Rs.10 (his rod). The variable cost of his time is Rs.5 per hour. Graph…

A: total cost = total fixed cost + total variable cost

Q: What is the typical shape of the average fixed cost curve, Why is it shaped this way. Graphically…

A: Average Fixed Cost (AFC) is the cost that must be incurred in fixed quantity regardless of the level…

Q: Suppose Ralph has a chicken processing plant with the total cost function shown in the accopmanying…

A: Fixed cost does not depend on output. It remains fixed even when firm produces 0 units. Variable…

Q: Suppose a pizza parlor has the following production costs: $5.00 in labor per pizza, $4.00 in…

A: Fixed Cost is constant at all units of output produced.  Vraiable Cost changes as the output…

Q: “Sunk cost is a fixed cost, but not in the long term.” Is this statement true or false? Explain!

A: In an economy, the cost is classified in different forms according to its effect on organizational…

Q: Suppose function of Total Cost (TC) is the following: CT = 300 + 3Q + 2Q2 Where AT is total costo…

A: Answer to the question is as follows:

Q: ( Relationship Between Marginal Cost and Average Cost ) Assume that labor and capital are the only…

A: Fixed cost is independent of output produced. Whereas variable cost varies with the level of…

Q: C(x) = 0.01x-0.3x + 10x gives the cost, in thousands of dollars, to produce x thousand items. (a)…

A: We are going to find the Marginal Cost and Minimum marginal Cost and output required to answer this…

Q: you calculate the marginal cost per dozen pizzas using the information on total cost. Also,…

A: The below formula can be used to find the marginal cost. Marginal Cost = Change in total costChange…

Q: When thinking about cost analysis in Microeconomics, what are the real-world problems that occur…

A: Economies of scale are cost savings that can arise when a business expands the production scale and…

Q: Suppose Marcus produces chocolate with two inputs: factory and labor. If the workers become more…

A: If the workers become more productive due to the training provided to them, the output would also…

Q: Give few examples of "Sunk Cost" from your real-life experience.

A: Money that was already spent that cannot be recovered is referred to as a sunk cost. The axiom that…

Q: Explain why the average variable cost curve and the average total cost curve get closer to each…

A: In the short run the inputs are both fixed and variable, so all the costs incurred are also fixed…

Q: Define fixed and variable costs of production. Why do you think bigger firms may have a lower…

A: 1. Variable costs tend to vary based upon the amount of output being produced. They include…

Q: 3. XYZ corporation produces widgets. Its short-run marginal cost curve is given by MC (q) = 10 – 5q…

A: Given information MC=10-5q+q^2 Marginal cost is the additional cost incurred by producing additional…

Q: is it true that the marginal cost curve is represented by a quadratic equation if the total cost…

A: When a firm generates output to earn revenue, it tries to serve an output level at which it is able…

Q: Give an quantitative example of marginal and average cost.

A: Average cost is the equivalent of total fixed cost (TFC) and total variable costs (TVC) divided by…

Q: Explain the theoritical relationship between average variable cost and the marginal cost

A: Average variable cost is the total variable cost per unit of output.  AVC = TVC / No of units…

Q: What is direct cost? What is indirect cost? Provide detailed definitions and  example for both

A: The total cost of a product is generally categorized into direct and indirect costs.

Q: The average variable cost curve and the average total cost curve get closer to each other as output…

A: The average variable cost refers to the variable cost per unit. The average total cost is the…

Q: Q.4 Marginal Cost is closely relate (a) Total variable cost (b) Total cost (c) Total fixed cost (d)…

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