The following data refer to Questions 23 and 24 only. Number of workers Total Product Marginal Product 1 8 2 10 3 25 समाण पेमामा स 4 30 --- 3 6. 34 Please refer to the data set above. When two workers are employed:

Q: What is Explicit Cost?

A: The cost of production is the cost incurred in the process of production in the economy by a firm.…

Q: Explain Implicit and Explicit cost with the help of suitable example?

A: Firms undertake production by employing many resources. There are hiring costs of inputs like labor…

Q: How does a cost behave in response to a change in activity? Give an example?

A: Cost also changes with the change in the activity. There are two types of costs- fixed costs and…

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: Why is the Average Total Cost curve U-shaped?

A: The average cost (AC) or average total cost (ATC) is the cost per unit of production. The average…

Q: How is the difference between average total cost and average variable cost impacted by an increase…

A: Average total cost is the total cost per unit whereas average variable cost is the total variable…

Q: What effect, if any, does diminishing marginal product have on the shape of the marginal cost curve?

A: According to the law of diminishing marginal returns, after a certain level adding additional units…

Q: If the average-total-cost curve is falling, what is necessarily true of the marginal-cost curve? If…

A: Costs of production, which comprise expenses of many kinds, are incurred during the production of…

Q: how can i calculate net cost if i have an equation for marginal cost and marginal benefit?

A: Net Cost (NC) is generally used to do cost-benefit analysis. Hence, it is a measure to determine the…

Q: Please define total cost, average total cost, and marginal cost. Explaine how these terms are…

A: Average Total Cost (ATC) shows the cost per unit of production and is calculated by dividing the…

Q: If the average-total-cost curve is falling, what is necessarily true of the marginal-cost curve? If…

A: Total Cost is equal to the sum of both fixed and variable costs. Fixed Cost remains fixed for all…

Q: What explains the shape of the average and marginal cost curves?  Is it linked to any production…

A: Marginal cost is the measurement of change in total cost with the increment of quantity produced by…

Q: Why does total cost increase faster as output increases?

A: A producer has to incur various types of costs in order to produce goods and services. This includes…

Q: What does average fixed cost fall with increase in output?

A: Fixed cost per unit of output is known as average fixed cost. Because the same amount of fixed costs…

Q: The minimum average cost occurs when the average cost is equal to the marginal cost.

A: The total cost incurred by a firm includes fixed cost and variable cost. Fixed costs are the costs…

Q: Why is having a business objective of increased economies of scale always desirable?

A: Economies of Scale in the Business World When it comes to economies of scale, the size of the…

Q: Ebba Kantzen says the following: "I am currently producing 10,000 pizzas per month at a total cost…

A: Cost can be defined as a concept that shows the amount of expenditure and any other sacrifice such…

Q: What is the difference between explicit and implicit costs in economics?

A: Explicit costs are the immediate, personal installments a business makes to work, like wages,…

Q: Would you please tell me how the economies of scale can spread out the cost of production, so that…

A: Economies of scale are achieved when a business starts witnessing the cost reductions due to…

Q: Why is economic cost known as opportunity cost? What are included in economic costs?

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

Q: How is the optimum point of production for a firm determined?

A: Point of optimum production is that in which the plant is operated at its full capacity. When the…

Q: Why should sunk costs be ignored for decision making? Give an example of why it makes sense to…

A: Sunk cost are those cost which have been caused and the sum spent can not be recovered.since the…

Q: What is economies of scale? What are differences between internal and external economies of scale?

A: Economies of Scale: When a company expands its production then usually the cost per unit falls.…

Q: If marginal cost is less than average cost, average cost must fall when more units are produced.…

A: The marginal cost is change in total output when one additional unit of input is used.

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: Explain the relationship between the average cost and the marginal cost?

A: