Which of the following is an example of an implicit cost? Group of answer choices A)Federal taxes paid by the firm. B)$25 hourly wage paid to a seasonal clerk that a firm employs on a contract basis. C)The $40,000 in rental income an entrepreneur no longer receives after converting the rental space to their new storefront. D)$60,000 spent to purchase the lumber needed to create a product.

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A: Marginal cost refers to the additional cost of producing one more unit of output.

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A:

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A: Given: R(q) = 50q - q2C(q) = 15 + 10q   (i) Fixed cost is that component of total cost function that…

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

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A: Total cost is the sum of fixed cost and variable cost. Fixed cost is that cost that does not depends…

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A: Marginal cost of Q is equals to TC (Q) - TC(Q-1) So, MC(Q=2) = TC(Q=2) - TC(Q=1)

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A: Step 1: Step 2:Thank you Step 3: Step 4:

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A: NOTE: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…

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