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- Answer the following. a. Discuss the managerial uses of production function. b. List out the factors that cause economies and diseconomies of scale.How do you calculate whether your business has an economic profit using marginal approach to profit maximization? and what does an economic profit means?how does "Economic Profit" differs from the measurement of profit in other fields such as Accounting. How are costs measured in Economics?
- What is marginal cost? Fixed cost?Nimbus,Inc.,makes brooms and then sells door to door.Here is the relationship between the number of workers and Nimbus's output during a given day:a.Fill in the column of marginal products.What patterns do you see?How might you explain it?b.A workers costs $100 a day, and the firm has fixed cost of $200.Use this information to fill in the column for total cost.c.Fill in the column for average total cost.What pattern do you see?d.Now fill in the column for marginal cost.What pattern do you see?e.Compare the column for marginal product with the column for marginal cost.Explain the relationship.f.Compare the column foraverage total cost with the column for marginal cost.Explain the relationship.Give two example of fixed cost?
- Distinguish between explicit and implicit costs, giving examples of each. Why does the economist classify normal profit as a cost? Is economic profit a cost of production? Explain why or why not.Hi, I am studying chapter 11 from Microeconomics 21st edition. I am still confused about a certain concept. Why does MC cut ATC at its minimum point?Thank youAt what level of production does the marginal cost have the least value? What is the marginal cost at this level of production?
- Why do economists measure profit differently from accountants?What are Fixed Costs?Gerstner added $20 billion in annual revenue to IBM. Which one of the following formulas would calculate the profit IBM earned? Select one: a. Profit = cost – income b. Profit = price x cost c. Profit = income – cost d. Profit = price x units sold
