_________ refers to the additional cost spent to produce one more unit of the product. a. Marginal cost b. Money cost c. Sunk cost d. Average cost

Q: Table showing Total Cost and Quantity of Output Quantity of Total Average Total Marginal Cost Output…

A: Average total cost of the total cost per unit of output. Marginal cost is the change in total cost…

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: In a short-run production process, a diminishing marginal product of labor explains why marginal…

A: Marginal Product of Labor:  The term marginal product of labor shows that how much additonal or…

Q: Distinguish between/ among a.  The short run total fixed cost, total variable cost and total cost…

A: Cost refers to the value of the resource(s) that gets exhausted in the process of production or…

Q: Total cost divided by quantity of outout is Select one: a average variable cost b. average total…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: (d) The long run average cost curve is U shaped because up to a certain point you have excess K/L…

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

Q: Draw the short run total cost curve (show the total cost, fixed cost, variable cost). Where the…

A: Formulas to be used:TC = VC+FCATC = TC/QAVC = TVC/QAFC = TFC/OMC = TCn - TCn-1

Q: Question 2 a. A producer borrows money and starts a business. He himself looks after the business.…

A: Total fixed cost (or also called TFC in short) denotes the portion of production cost remaining…

Q: An implicit cost is another name for a(n):     Explicit cost     Production cost     Economic…

A: Option D Implicit cost is a cost to a business that occurs due to the cost of resources that were…

Q: Figure 7-4 Quantity of Output Total Fixed Cost Total Variable Cost $25 $25 $25 $25 $25 $10 $15 $25…

A: TC(total cost) is calculated as the sum of TFC(total fixed cost) and TVC(total variable cost), where…

Q: If Boeing produces 9 jets per month, its long-runtotal cost is $9 million per month. If it…

A: Costs are the expenses that firms incur during the production processes. The firm’s costs depend…

Q: Chapter 11 Production and Costs – Units of Total Marginal Product Total Variable АТС AVC MC Labor…

A: The total production process of a firm/company is an amalgamation of various costs, the optimum…

Q: DEFINE AND EXPLAIN PRODUCTION IN SHORT RUN

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

Q: The table gives costs at Ahmad's Bike Shop. Unfortunately, Ahmad's record keeping has been…

A: Labor (workers) Output (bikes) Total fixed cost (dollars0 Total variable cost (dollars) Total cost…

Q: what is meant by the term Cost of production? Distinguish between fixed and variable cost. Why short…

A: One of the important motives for the firms operating in a market is profit. Profit is the difference…

Q: Refer to Figure: The vertical distance ABis Select one: A. total cost. B. marginal cost. C. total…

A: Curve 1 is the Marginal Cost(MC) Curve Curve 2 is the Average Variable Cost(AVC) Curve Curve 3 is…

Q: 1) In the following market, Marginal Product Marginal cost Workers Output Total Cost Average Total…

A: marginal product = change in total product/change in labor TFC is independent of output produced…

Q: e) In the following diagram of cost curves, how many short runs have been created? State and explain…

A: Average short run curve: It refers to the curve which is a U shaped curve. It decreases the average…

Q: 1. Economies and Diseconomies of scale 2. Graph of marginal cost, average cost and average total…

A: Hi! Thank you for the question but as per the guidelines, we only answer one question at a time.…

Q: Question 2 a) A producer borrows money and starts a business. He himself looks after the business.…

A: An ‘implicit cost’ is a cost that not recorded for accounting purposes. ‘Implicit costs’ represent…

Q: 31. Marginal cost is a Total cost per unit of output b. Average total cost divided by the quantity…

A: 31) Marginal costs are defined as a function of the total cost of production, the costs include both…

Q: il to his long run average cost of production ter than his long run average cost of production than…

A: Economies of scaleLong-run ATC falls as yield increments. Diseconomies of scale Long-run ATC ascends…

Q: lassify each individual element of cost according to its behavior pattern (fixed, variable, or…

A: Fixed costs, variable costs, and semi-variable costs are types of costs that are classified based on…

Q: Mention and explain the cost components certainly do not exist in the long run?

A: The cost components include fixed costs and variable costs.  Variable costs are the costs which vary…

Q: The change in fotal costjof production as the output or total product of the business is expanded…

A: Marginal cost: It is the extra cost of producing an extra unit product.

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: . A producer borrows money and starts a business. He himself looks after the business. Identify…

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

Q: Total Cost Fixed Cost Variable Marginal Cost Average Fixed Cost Average Variable Cost Average Total…

A: Total cost = Fixed cost + variable cost  Also Fixed cost are same at every level of output.

Q: 3. Marginal cost a. Is below average total cost in the range where average total cost is rising b.…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

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: The concept of marginal cost is best described by which of the following? O Mr. Creosote meets a…

A: Marginal cost refers to those cost that firm incurs when it decides to produce an additional unit of…

Q: Fill in the blanks with: (a: rising) (b: at a minimum) (c: at a maximum) (d: falling) (e: constant)…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: Which cost inc with the increase in production? (a) Average cost. (b) Marginal cost. (c) Fixed cost.…

A: According to the given question The cost in economics are usually defined as the amount of the…

Q: 21) In the short run where total variable cost is ________ at a(n) ________ rate, marginal cost is…

A: Total variable cost refers to the total cost incurred by the producer in production activity and it…

Q: Quantity Average Fixed cost Fixed Cost Total Total Average Variable Total Cost Average Total cost…

A: A company must bear two forms of costs while production, variable costs and stuck costs. Variable…

Q: (d) Find the minimum average production cost per unit and the level of production that minimizes…

A: Average cost(AC) is defined as total cost(TC) divided by the total units produced. Here, units are…

Q: Quantity Total Cost Marginal Cost Using Total Cost (Dollars) Variable Cost Marginal Cost Using…

A: The firm produces the goods and services with the inputs of production using labor and capital. The…

Q: How profit is different from the incorporating normal profit and when the normal profit is into…

A:

Q: Define economies of scale and explain why they might arise. Define diseconomies of scale and explain…

A: Define economies of scale and explain why they might arise. When the long-run average total…

Q: 2. Find the volumes over which each site for making a product is the lowest cost. Site Fixed…

A: Given: Site Fixed Variable 1 20000 18 2 10000 23 3 32000 166 4 35000 20

Q: a. Why is the gap or difference between average total cost and average variable cost larger at…

A: Cost is a metric of the possibilities foregone when one product or task is chosen over another.

Q: Consider the following cost information for apizzeria:Quantity Total Cost Variable Cost0 dozen…

A: Costs are the expenses that firms incur in the production of goods and services.

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: a. Construct a diagram of the cost function, where you have the quantity on the X-axis and the cost…

A: Answer;   PART A QUANTITY(q)  cost(C) Fixed (FC) Variable. (VC) Marginal. cost (MC) Average T.…