1. Factors that increase productivity and explain each

Q: Quantity Average Fixed Cost Average Total Cost 1 140 2 75 3 60 4 55 5 54 6 20 60 Short run…

A: Diminishing returns to production starts where marginal cost increases with an increase in output,…

Q: 2. You are the manager of production at a firm that sells high performance road bikes. Your firm has…

A: Answer: Quantity Average cost (AC) Total cost= AC*Quantity Marginal cost 548 bikes $245…

Q: a. Why will firms in most markets be located at or close to the bottom of the longrun average cost…

A: A.  Why will firms in most markets be located at or close to the bottom of the long-run average cost…

Q: Define the concept of short run and Long run ( ..). Then, use an example each to illustrate the…

A: In the short run production, it is assumed that at least one of the input is fixed and the remaining…

Q: Farmer McDonald's gives banjo lessons for $20 an hour. One day, He spends 10 hours planting $100…

A:

Q: 2 3 4 5 7 8 Units Total Total Total Average fixed cost (R) Average variable cost Average product…

A: We know that ,  TC=TFC+TVC AVC=TVC/TP AFC=TFC/TP AC=TC/TP

Q: QUESTION 1 Table 13-16 Average Average Variable Marginal Fixed Variable Quantity Total Cost Fixed…

A: Total cost is a sum of fixed cost and a variable cost.

Q: (d) Evaluate the following statement. "I used my own money, my own land and my own equipment to…

A: The opportunity cost of a particular activity option in microeconomic theory is the loss of value or…

Q: Microeconomic Question (c) Use well labelled diagrams to show how production isoquant can be used…

A: The Law of Returns to scale states that when all the factors of production are increased in the same…

Q: 9) A chocolate company makes truffles using labor and capital. The company pays the workers $12 per…

A: The problem of reducing costs is, in mathematics, a problem. In limited optimization. The firm wants…

Q: Discuss the issue of “achievement of the economy of scale” and how it could help in company’s…

A: Economy of scale increases the profits of company. It is because cost would be lower and revenue…

Q: 1. Show and explain the relationship between total product, average product and marginal product.

A: Average Product (AP)= Total Product (TP)/ Labour (L). It denotes the addition of variable factor to…

Q: XX XX XX XX 20 4,000 40 10,000 60 15,000 80 19,400 100 23,000 a. Complete the table. b. What is the…

A: *Answer:      a.

Q: 8) EFG Company is using labor and capital to build phones. The last employee produced 90 more phones…

A: The marginal product for a factor of production refers to the addition in output as a result of…

Q: QUESTION 1 Table 13-16 Average Variable Marginal Average Variable Average Total Fixed Quantity Total…

A: In economics, average variable cost (AVC) is  described as a firm's variable costs divided by the…

Q: 27) What do we know about fixed costs?  A. They are incurred only when production is at capacity…

A: The firms operating in a market incur two types of costs, fixed costs, and variable costs. Variable…

Q: 2. Solve the following Workers Output Marginal product Total costs АТС MC 1 20 2 50 90 4 120 140 150…

A: Given: To Find: To fill in the column for marginal cost: Compare the column for the marginal…

Q: 4. Firm's Costs Your cousin Vinnie owns a painting company with fixed costs of $250 and the…

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

Q: 1. Explain the Theory of Production in Microeconomics. 2. Differentiate labor-intensive and…

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

Q: Define total cost, average total cost, and marginal cost. How are they related?

A: Production prices ar the expenses incurred by a firm once it manufactures a product or provides a…

Q: Short Run Production Relationships         List and explain the 3 Short Run Production…

A: Production function is neoclassical production function. It is upward sloping, concave and marginal…

Q: Quantity of labor Total product (workers) (lawns mowed per week) 1 30 55 75 80 82 Kenya owns a lawn…

A: Marginal product is the change in total product with respect to change and labour inputs.

Q: Economics MPL Betsy's Bangles produces and sells woven bracelets. The table shows information about…

A: Answer to the three sub parts of the question is as follows:

Q: 1 2 3 4 5 7 8 Units Total Total Total Average fixed cost (R) Average variable cost Average product…

A: Total product is the total output (Q) produced by the firm. AFC is the fixed cost per unit of Q. AVC…

Q: M/c question - Micro 21)For a firm, what does the production function represent? A. the…

A: 21) option c is the correct answer option-c       quantity of inputs and quantity of output…

Q: A firm produces good Y with just 2 factors: Capital which is fixed in supply and labour which is…

A: Given: labor 1 2 3 4 5 6 7 8 9 TP 8 15 24 30 35 37 38 38 36 Note: Due to multiple subparts…

Q: Costs in the short run versus in the long run Ike’s Bikes is a major manufacturer of bicycles.…

A: We can clearly represent the table as follows Here, the left most column represents the number of…

Q: Farmer McDonald gives banjo lessons for $20 an hour. One day, he spends 10 hours planting $100 worth…

A: Accounting profit is the difference between total revenues and explicit costs where explicit costs…

Q: 29. Vanable costs: aDo not exist in the long run. b. Are the only costs that exist in the long run.…

A: Costs incurred on fixed factors that cannot be altered in the short run are called Fixed Costs. They…

Q: Question 4.4.  Which expression is another way of saying "marginal cost"?  Scarce resources…

A: Since you have posted multiple independent questions in the same request, we will solve the first…

Q: A firm has fixed costs of $60 and variable costs as indicated in the table below. Complete the…

A: a) Total Product Total Fixed Cost ($) Total Variable Cost ($) Total Cost ($) Average Fixed Cost…

Q: 4. Firm's Costs Your cousin Vinnie owns a painting company with fixed costs of $200 and the…

A: * SOLUTION :-  By using the formulas we write the table  AFC=FC/Q AVC=VC/Q ATC=AFC+AVC

Q: firm had sales revenue of $1 million last year. It spent $600000 on labor, $150000 on capital…

A: Following is the given information: Sales revenue = $1 million Amount spent on labor = $600000…

Q: a. Compute the average cost and marginal cost. Units of output Total Cost Average Cost Marginal Cost…

A:

Q: Q)Distinguish between explicit and implicit costs, giving examples of each. (a) What are the…

A: In common usage, cost refers to the monetary value of goods and services purchased by producers and…

Q: Instructions: 1. Complete the table making the appropriate calculations. 2. Graph Fixed cost,…

A: fixed cost is independent of output produced whereas variable cost varies with the level of…

Q: a) Explain The Law of Diminishing Returns. b) Distinguish between the terms short run and long run…

A: In the production process, different inputs are used to produce the final output. Each input has its…

Q: Total Total Total Average Average Average Total Man Product Fixed Variable Fixed Variable Total Cost…

A: Total cost is the sum of fixed cost and variable cost. Marginal cost refers to change in total…

Q: Explain the difference between explicit costs and implicit costs.

A: There are various type of cost exist in the production process.

Q: When do firms decide to shut down production in the short run? Explain it.

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

Q: Problem -2: The following table gives total output or total product as a function of labor units…

A: Diminishing returns occur when after addition of certain units of input,total product starts to…