Explain the difference between explicit costs and implicit costs.

Q: мса 13 Assuming no change in input prices, if the marginal productivity of labour falls as…

A: Here, it is given that the marginal productivity of labor falls as the production of output rises…

Q: the fixed input is the two hectare of land and the variable input is fertilizer explain how the…

A: The law of diminishing returns state that increasing a factor of production does not always lead to…

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: Question # 01 a. Think of setting up some kind of easy business like establishing a beauty salon, a…

A: Answer - "Thank you for submitting the question.But, we are authorized to solve one question at…

Q: 3. Determined whether each statement is true or false and provided an explanation. A. If a firm has…

A: "Since you have asked a question with multiple sub-parts, we will solve first three sub-parts for…

Q: Fill in the column for marginal cost in the previous table. (Hint: MC = ) Fill in the column for…

A: In economics, the marginal cost of production is the change in total production cost that comes from…

Q: 57: The creation of a unit of good Y requires the work of 3 specialists and 7 units of capital. The…

A: Inputs: 3 Specialists 7 units of capital Going pay per labor = $4 Lease on a unit of capital = $1

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: "returns to scale"

A: Law of variable production states that if we keep one factor fixed and keep increasing the other,…

Q: How the shape of the total variable cost curve (TVC) and total cost curve (TC) is related with the…

A: Cost refers to the financial valuation of products and services purchased by manufacturers and…

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: 1. Why do marginal costs tend to rise, and marginal benefits tend to fall? Explain.

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

Q: What is the marginal physical product (MPP) of a variable input, like labor?How do you derive the…

A: The marginal physical product (MPP) is the change in output caused by a change in the amount of…

Q: which are two (2) sources of internal economies of scale for a business organization, please…

A: A microeconomic concept that relates to elements that lower production costs while increasing output…

Q: 21. Understand the difference between implicit and explicit costs. An implicit cost is one in which…

A: In economics cost of a firm includes explicit and implicit costs.

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: 1. How much is fixed cost (TFC)? For the following questions, first check: a) is P greater than or…

A: Hi student, thanks for posting the question. As per the guideline, we are providing answer for the…

Q: If a firm has economies of scale, it must have increasing returns to scale. True or false? Explain.

A: Answer - Need to find - The statement is true or false Given in the question - If a firm has…

Q: Question 1 Output (Q) Total Fixed Cost (TFC) Total Variable cost (TVC) 0 100…

A: Marginal cost is the the cost incurred when an additional unit of input is hired. Mathematically, it…

Q: Total Average Fixed Variable fixed variable total Output Costs MC Costs Costs costs costs costs a.…

A: Answer a. To complete the table given, different formula's are to be used.  Total Fixed Cost = 100…

Q: 22. Suppose an artist put on 5 concerts in Korea last month for an average total cost of $1 million…

A: Average Total Cost(ATC) is the total cost divided the total quantity. ATC=total costtotal quantity…

Q: At 100 units of output, total cost is Tk 30,000 and total variable cost is Tk 14,000. What does the…

A: The total cost of the firm refers to the fixed cost in total and the variable cost in total incurred…

Q: 1. Factors that increase productivity and explain each

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

Q: 3. Suppose that labor is the only variable input to the production process. If the marginal cost of…

A: 3. There exists some important relationships between the productivity measures such as TP, MP, AP…

Q: 10: What is the Difference between Fixed Costs, Variable Costs, and Marginal Costs?

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

Q: Distinguish between input and output.

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

Q: statements is true or false and explain If marginal cost is larger than average cost, average cost…

A: Marginal cost is the additional cost incurred in order to produce an additional unit of output.

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

A: In economics, average variable cost is a firm's variable costs divided by the quantity of output…

Q: QUESTION 5 20 poin Match each of the following terms and descriptions Constant returns to scale when…

A: Economies of scale occurs when long run average cost falls as production increases. Diseconomies of…

Q: As the level of production increases in the short-run, the Average Variable Cost (AVC) curve…

A: In a market, a firm faces different cost curves in the short-run and in the long-run because there…

Q: How does fixed cost affect marginal cost? Why is this relationship important?

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

Q: 31. Applied Optimization Due Wednesday, Mar 25, 11:59pm CDT O Find the economic lot or economic…

A: Let the optimal number of production runs be N and economic order quantity per production run be x.…

Q: 9) What are two examples of fixed costs?

A: Hi, since you have asked for #3, providing answer for the 9th question that comes third.  Total…