35) What is the firm’s efficient scale? A. the quantity of output that minimizes average total cost B. the quantity of output that minimizes average variable cost C. the quantity of output that minimizes marginal cost D. the quantity of output that minimizes average fixed cost 34) Marginal cost increases as the quantity of output increases. What property does this reflect? A. diminishing total cost B. increasing marginal product C. increasing total cost D. diminishing marginal product

35) What is the firm’s efficient scale? A. the quantity of output that minimizes average total cost B. the quantity of output that minimizes average variable cost C. the quantity of output that minimizes marginal cost D. the quantity of output that minimizes average fixed cost 34) Marginal cost increases as the quantity of output increases. What property does this reflect? A. diminishing total cost B. increasing marginal product C. increasing total cost D. diminishing marginal product

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter12: The Cost Of Production

Section: Chapter Questions

Problem 3CQQ

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image 1 : the following average-total-cost schedule: Quantity Average Total Cost (Number of players) (Dollars) 600 300 601 301 Your current level of production is 600 devices, all of which have been sold. Someone calls, desperate to buy one of your music players. The caller offers you $550 for it. You ( should , or should not ) ? accept the offer. image 2 : Quantity Total Cost Variable Cost (Dozens of pizzas) (Dollars) (Dollars) 0 280 0 1 320 40 2 350 70 3 380 100 4 420 140 5 470 190 6 530 250 The pizzeria's fixed cost is ? .
27. If a firm will produce an additional unit of good or services, determine what will happen to their costs? a. The total cost will decrease b. The total cost will increase c. The total cost will be the same d. The total cost will be equal
Multiple choice - microeconomics 45) Refer to Figure 13-2. What does the changing slope of the total-cost curve reflect? A. decreasing marginal cost B. decreasing marginal product C. decreasing average variable cost D. decreasing average total cost 44) What distinguishes short-run cost analysis from long-run cost analysis for a profit-maximizing firm? A. In the short run the size of the factory is fixed B. In the short run there are no fixed costs C. In the short run the number of workers used to produce the firm’s product is fixed. D. In the short run output is not variable.
1. How does fixed cost affect marginal cost? Why is this relationship important? 2. Is it possible for total utility to increase while marginal utility diminishes? Explain. 3. Define economies of scale and explain why they might arise. Define disecononies of scale and explain why they might arise.
QUESTION 15 Costs per unit The vertical difference between curves F and H measures O marginal cost average total cost O average fixed cost average variable cost E LL F G H Quantity of output
Economics Question: Marginal cost is defined as the change in total cost when: a) Total fixed cost increases b) Total variable cost decreases c) One more unit of output is produced d) Average cost decreases Don't use chatgpt please provide valuable answer otherwise be ready for disupvote
1. Marginal cost is calculated for a particular increase in output by A) multiplying the change in total cost by the change in output. B) multiplying the total cost by the change in output. C) dividing the total cost by the change in output. D) dividing the change in total cost by the change in output.
Just a discussion post no format needed Topic: Increase in Fixed Costs 1. Suppose a business experiences a sudden increase in its fixed costs. For example, suppose property taxes increase dramatically. What impact, if any, will this have on the following: 1. the firm's AFC (average fixed cost); 2. the firm’s AVC (average variable cost); 3. the firm’s ATC (average total cost); and, 4. the firm’s MC (marginal cost)? 2. What changes, if any, is there likely to be in these same cost CURVES?
Question 9 Which of the following relationship is correct? When marginal cost (MC) starts to increase; average variable cost (AVC) starts to decrease When marginal product (MP)starts to decrease, marginal cost (MC) starts to increase When marginal product (MP) starts to decrease, marginal cost (MC) starts to decrease O When marginal product (MP) starts to increase; marginal cost (MC) starts to increase
Quantity Produced (Q) 1 2 345 1 2 75 (² Show Transcribed Text 3 Quantity Produced (Q) Average Cost (AC) 100 1. Determine the Total Cost (TC) and Marginal Cost (MC) from the given schedule. 2. Construct the Average Cost (AC) and Marginal Cost (MC) curves based on the information obtained. 3. Illustrate the relationship between AC and MC using the graph and the schedule. 4 60 5 60 70 Quantity Produced (Q) 1 2 345 Average Cost (AC) 100 75 60 60 70 1. Determine the Total Cost (TC) and Marginal Cost (MC) from the given schedule. 2. Construct the Average Cost (AC) and Marginal Cost (MC) curves based on the information obtained. 3. Illustrate the relationship between AC and MC using the graph and the schedule.
1a. Define average product and marginal product. Briefly explain reasons for a diminishing marginal product. b. What are three stages of production? Which stages reflect a firm’s observed behavior versus experimental situation? Briefly justify your answer.
Question 5 Average variable cost is always increasing as output increases whenever... Group of answer choices average total cost is increasing. marginal cost is above it. total output is increasing. total cost is increasing.