D D Question 12 When marginal product is diminishing O average variable cost is falling O fixed cost are sunk O average cost is falling O marginal costs are rising
Q: Question: What are the kinds of cost which firm face in short run. Explain theoretically and…
A: Short run is the time period wherein some inputs are held fixed while other inputs are variable. In…
Q: 1. In a the short product process a(an) _marginal product of labor explains why marginal cost is…
A: Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: Number of Output of Fixed Variable Average Marginal Total Average Margina Average Average Workers…
A: The total product directs to the entire portion of the outcome produced within a provided quantity…
Q: your) 8 300 175 100 What graph would represent the total fixed cost curve? (A) C B B Figure J (2) O…
A: Total cost is a sum of fixed cost and variable cost.
Q: Q2. Law of diminishing marginal returns is applicable in both short run as well as long run. is it…
A: The law of diminishing marginal returns expresses that as an ever increasing number of units of data…
Q: 3. Calculate TC, AFC, AVC, ATC and MC. Fixed Variable Costs Average Average Average Marginal Units…
A: 3) The formulas below would be required for the values in the table. TC= FC+ VC Total cost is the…
Q: Answer the next four questions after completing the cost table below: Quantity TC MC AFC AVC ATC 0 1…
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Q: QUESTION 10 If a Cobb Douglas technology (with factors having strictly positive marginal product)…
A: Cobb Douglas's production function depicts the technological relationship between the amount of…
Q: Which of the following statements about average product and marginal product is correct? (A) If…
A: Average product is the total product which is produced divide by the total number of variable inputs…
Q: The marginal product intersects average product at the point where average product is maximum.…
A: Marginal product is the change in the total product due an increase in the one unit of additional…
Q: 42. What is the shape of the average fixed cost (AFC) curve? A. O U-shape Horizontal up to a point…
A: The Answer if given below
Q: Which type of cost does depend on a firm's output? Select one OA marginal cost O B total cost C…
A: Fixed cost is the cost that is incurred on fixed factors and does not change with the level of…
Q: 3. As marginal cost rises, average variable cost necessarily rises. True False
A: Marginal cost (MC) curve is the incremental cost of production, i.e. the cost incurred when one more…
Q: Productivity decreases when O a. Output and hours worked decrease at the same rate Ob. Hours worked…
A: Productivity refers to the ability of the business to produce more output. Productivity determines…
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A: The additional cost of producing one extra item is reflected in the marginal cost. As a result, it…
Q: Find the value of Z. Quantity Total Cost Fixed Cost Variable Cost Marginal Cost $5,000 $4,000 $1,000…
A: Total cost is the sum of variable cost and fixed cost. Variable cost depends on quantity whereas…
Q: Problem 2, From the data given below, calculate: O Average fixed cost, (ii) Average variable cost,…
A:
Q: In short run, variable cost is when output is zero. O a. Zero O b. Less O c. Unchanged O d. More
A: In short run the total cost is equal to the addition of the total variable cost and the total fixed…
Q: Output TFC TVC TC MC ATC A 25 25 ---- -- 1 25 25 50 25 50 C 2 25 40 65 32.5 D 3 25 70 95 E 4 25 110…
A: The marginal cost is the cost of producing an additional one unit of output. Marginal cost (MC) is…
Q: [3] A firm has total variable costs and total costs as indicated in the table below. (a) Calculate…
A: Here, the given table provides information about total variable cost and total fixed cost at…
Q: 6. The cost that a firm incurs in hiring or purchasing any factor of production is referred to as A.…
A: The amount that is being paid by an individual for purchasing a good or service is known as cost.…
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.
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A: A firm which is long-run average total cost (LRATC) shows the average cost per unit of output over a…
Q: QUESTION 1 Jack's Car Wash has average variable costs of $1 and average fixed costs of $2 when it…
A: Total cost is the addition of total fixed and variable cost and average cost is the per unit cost…
Q: Assume that in the short run a firm is producing 800 units of output, has average total costs of…
A: Given:ATC=$150AVC=$100Output=800 units
Q: 1. In a the short product process a(an) marginal product of labor explains why marginal cost is…
A: (1.) In a the short product process a (an) diminishing marginal product of labor explains why the…
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A: "Implicit costs refer to the opportunity costs i.e. the cost of resources which the business owns…
Q: 8. A businessman is thinking of opening a factory in one of these places in Ethiopia: Bahir Dar, or…
A: Represent the table showing the fixed cost and variable cost as follows:
Q: Review Questions QUESTION 13 Which of the following statements is true? A. The marginal and average…
A: Note: As per the guidelines we’ll answer the 1st question. Please submit a new question by…
Q: 3. As marginal cost rises, average variable cost necessarily rises. * True False
A: Marginal cost (MC) curve is the incremental cost of production, i.e. the cost incurred when one more…
Q: Marginal cost is calculated as اختر أحد الخيارات .a. the increase in total cost divided by the…
A: Answer: Correct option: (b) Explanation: Marginal cost: it refers to the cost of producing an…
Q: Your cousin Vinnie owns a painting company with fixed costs of $200 and thefollowing schedule for…
A: Cost is defined as an expenditure that is incurred in the production of a product or service or to…
Q: stlon 24 One of these intersects the horizontal axis and may reach the negative area: O Total…
A: Question 24 The answer is Option 2 - Marginal Product Therefore, Marginal product intersect the…
Q: Which statement is nottrue regarding the total variable cost curve? Select one O A It shows the…
A: The total variable cost is the cost incurred on the variable factors of production.
Q: 13 When average total cost is at is minimum A erage variable cost a decreasing baverage total cost…
A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…
Q: QUESTION 10 When Total product is at Maximum, Marginal product will be - O B. Negative ---- -- A.…
A: Total product (TP): - Total product is the amount of total final goods and services produced by a…
Q: Quantity otTabor (workers) Total product (lawns mowed per hour) 0. 0. 3 4. 15 22 6. 26 28 table…
A: Marginal productivity of labor measures change in productivity after hiring an additional unit of…
Q: (a) Find the marginal cost function C'(x). C'(x) Use it to estimate how fast the cost is increasing…
A: Answer: Given values: To find: Marginal cost function and marginal cost (at 60,000) Average cost…
Q: O b) diminishing marginal product.
A: The value of resources declined over time means the value of increase in total production decreases.…
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A: ABC Co. has a variable cost of $100. We can have the quantity produced and total variable cost in…
Q: alculate and plot the following: No of Units Total Cost 0…
A: In microeconomics, there are different types of costs, like total cost, average cost, marginal cost,…
Q: 1. The value of the inputs owned and used by a firm is an explicit cost. O a. True O b. False
A: When a firm makes production activities, there are different type sof cost associated with this…
Q: 3. What is the average variable cost (AVC) of producing 3 tables? * a. 10 Ob.6 Oc 3 d. 5
A: Average variable cost= Total variable cost/ Q Here total variable cost at three units needs to be…
Q: c) Define the firm's cost function and derive it. Assume that each wheel costs £4 and each frame…
A: A general fixed proportions production function is of the form when the output requires 1/a units…
Q: (a) Explain intuitively why a firm's average cost curves are U-shaped and why does its average…
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: (1) Quantity of Output, Q (units) (3) (5) (2) Total Fixed Cost (S) Averoge Fixed Cost Average Total…
A: Costs are the expenses firms incur in the production of goods and services.
Q: 5. Economies of scale occur when a. the long run total cost is decreasing b. the long run total…
A: Answer to the question is as follows :
Q: A) What is the differences between marginal product and marginal cost. Write short note and support…
A:
Q: Economies of scale occur when the long run total cost is decreasing the long run total cost is…
A: In a market, organizations may face all the three faces of cost, such as increasing, decreasing or…
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- A computer company produces affordable, easy-to-use home computer systems and has fixed costs of 250. The marginal cost of producing computers is 700 for the first computer, 250 for the second, 300 for the third, 350 for the fourth, 430 for the fifth, 450 for the sixth, and 500 for the seventh. Create a table that shows the companys output, total cost, marginal cost, average cost, variable cost, and average variable cost. At what price is the zero-profit point? At what price is the shutdown point? If the company sells the computers for 500, is it making a profit or a loss? How big is the profit or loss? Sketch a graph with AC, MC, and AVG curves to illustrate your answer and show the profit or loss. If the firm sells the computers for 300, is it making a profit or a loss? How big is the profit or loss? Sketch a graph with AC, MC, and AVG curves to illustrate your answer and show the profit or loss.Figure 9-16 $/4 MC 6.70 6.00 ATC 4.90 AVC 4.00 = MR 2.80 2.60 12 14 If the price-taker fırm in Figure 9-16 9-16.png is currently producing 6 units, then to maximize profit in the short run, it should keep producing 6 units increase production to 12 units increase production to 14 units increase production to 8 units O shut downUnder which of the folowing examples is t likaly that the accounting profit is positive and the economic profit is negative? OA Using a restaurant you purchased to sell Menican food instead of talian food. OR It you use a diamond mine as a touriet atraction instead of using it for mining. Oc Opering a bank branch near a university campus. OD. Such a scenario, where accounting cost is positive and economic profit is negafive, is not possibie.
- ull touch LTE 10:08 PM O O 37% O A docs.google.com What is the relationship between a perfectly competitive firm's marginal cost curve and its short-run supply curve? * The marginal cost curve of a perfectly competitive firm is the firm's short-run supply curve at the point where price is less than average variable cost. The marginal cost curve of a perfectly competitive firm is the firm's short-run supply curve at the point where price is equal to or greater than average variable cost. The marginal cost curve of a perfectly competitive firm is the firm's short-run supply curve at all points. The two are unrelated Page 4 of 5 Вack NextA market is in long-run equilibrium and firms inthis market have identical cost structures. Supposedemand in this market decreases. Describe whathappens to the profit-maximizing output quantityfor individual firms as the market leaves and thenreturns to long-run equilibrium.JYour business has the capacity to produce up to 5 units/week. The table & graph below show average cost (AC) for different weekly production levels. Your objective is to maximize profit each week. Average Cost 22 20 AC 18 1 20 14 2 15 12 3 12 10 1 2 4 4 13 Quantity 15 Your product sells in the market for $21/unit, and you can sell as many units at that price as you can bring to market. You know from your economics training that deciding how much to produce should rely on marginal concepts like marginal cost (MC). So, based on the AC table above, create a table that shows the MC of each unit. (Assume that there are no fixed costs, so total costs are zero if Q=0.) Based on MC for each unit, determine the profit-maximizing quantity to produce and sell. BRIEFLY explain your answer. (Your answer needs to be based on MC and being able to sell each unit for $21.) AC ($/unit)
- What is the difference between accounting profit and economic prof? A Economic profit subtracts both explicit and implicit costs from total revenue, while acounting profit only subtracts explicit costs. OR Accounting proft only subtracts implicit costs from totsi revenue, while economic profit only subtracts explicit costs. OC Economic proft orly subtracts implicit costs from total revenue, while accounting profit only subtracts explicit costs. OD. Accounting proft suberacts both explicit and implicit costs from total revenue, while economic proft only subtracts explicit costsAn industry currently has 100 firms, each of whichhas fixed cost of $16 and average variable cost asfollows:Quantity Average Variable Cost1 $12 23 34 45 56 6a. Compute a firm’s marginal cost and average totalcost for each quantity from 1 to 6.b. The equilibrium price is currently $10. How muchdoes each firm produce? What is the total quantitysupplied in the market?c. In the long run, firms can enter and exit themarket, and all entrants have the same costs asabove. As this market makes the transition to itslong-run equilibrium, will the price rise or fall?Will the quantity demanded rise or fall? Will thequantity supplied by each firm rise or fall? Explainyour answers.d. Graph the long-run supply curve for this market,with specific numbers on the axes as relevant.A firm in a perfectly competitive market has an average total cost of $40 for the 100th good it sells. Its fixed costs are $100. The average total cost of the 101th good is $41. If the market price is $50 this firm should O sell only 100 goods because the marginal cost of the 101th exceeds marginal revenue. O sell 101 because price is greater than average total costs. O sell 101 goods because it adds to profits. O sell 101 goods because its fixed costs are so low. 55. つ25 MacBook Air 000 esc F1 F2 F3 F4 F5 F7 23 $ & 1 3 7 Q W E R Y tab A S F G caps lock C V B shift alt
- A computer company produces affordable, easyto-use home computer systems and has fixed costs of$250. The marginal cost of producing computers is $700for the first computer, $250 for the second, $300 for thethird, $350 for the fourth, $400 for the fifth, $450 for thesixth, and $500 for the seventh.a. Create a table that shows the company’s output,total cost, marginal cost, average cost, variablecost, and average variable cost.b. At what price is the zero-profit point? At whatprice is the shutdown point?c. If the company sells the computers for $500, is itmaking a profit or a loss? How big is the profitor loss? Sketch a graph with AC, MC, and AVCcurves to illustrate your answer and show theprofit or loss.d. If the firm sells the computers for $300, is itmaking a profit or a loss? How big is the profitor loss? Sketch a graph with AC, MC, and AVCcurves to illustrate your answer and show theprofit or loss.You learn that a firm's average total costs (ATC) and average variable costs (AVC) are exactly equal. What does that mean? O Marginal cost is zero O ATC and AVC must be equal to zero O Average fixed costs (AFC) are zero O Economic profit is positive O Economic profit is negative11. Explain the condition of equilibrium of a firm based on marginal cost and marginalrevenue. Need details explanation and make sure that no plagiarised answer