Marginal cost equals A) all the opportunity cost of producing the amount of output. B) the opportunity cost of producing one more unit of output. C) the profitability derived from producing another unit of output. D) productive efficiency.
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Marginal cost is calculated by differentiating total cost or total variable cost with respect to output.
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- ________ is the cost of using resources to produce another unit of a good. a ) Price. b ) Marginal revenue. c ) Total cost. d ) Marginal cost.Which of the following profits represent economic profit? Choose all that apply. a. Your company sells 1,000 cars per month. Each car costs $20,000. Your cost for parts is $4 million. Your labor costs are $3 million. Your total profit is $13 million. b. During the summer, you make ten go-karts and sell each one for $100. It costs you $200 in supplies. You could have made $500 during the summer if you had chosen to deliver phone books. Your total profit is $300. c. A restaurant makes $10,000 per month in total revenue. Supplies cost $2,000 per month, and labor costs are $3,000 per month. The restaurant's profit is $5,000. d. A high-end airplane company sells five private jets per year. Each jet is sold for $10 million. The profit margin is 12 percent. If you were to change course and make yachts with the same available resources, you would make no additional profit.Production in the Short Run
- A producer borrows money and start a business . He himself looks after the business. Identify the explicit and implicit costs from this information. Please write the answer in brief.What is the term for what you give up to obtain an item? Question 4 options: opportunity cost implicit cost applied cost variable costWrite a topic on economies of scale, economies of scope, or learning curves.
- What occurs when the cost of producing a range of products is lower than the cost of producing each product individuallyWhich of the following is wrong? Select one: a. Economies of scale refer to the production of two or more goods and occur when joint production is less costly than the sum of the costs of producing each good separately. b. When the firm experiences economies of scale, its long-run average cost curve is downward sloping. c. The expansion path describes the cost-minimizing combination of inputs that the firm chooses for every output level. d. When costs increase proportionately with output, the firm’s long-run average cost curve is horizontal.Evaluate the factors affecting firm behavior, such as production and costs
- Gains from Trade - End of Chapter Problem Some people enjoy gardening and will grow their own vegetables, fruits, and herbs in their own backyard or in a leased plot. Many people agree that fresh fruits and vegetables taste better and, in some cases, are relatively cheap to grow. a. What are some reasons that not everyone grows their own vegetable garden? Select all that apply. Some people prefer to go to the grocery store and find everything they need in one spot. do not have time to tend to garden chores like weeding, watering, fertilizing, etc. do not have the space or the willingness or means to rent space to grow a garden. would rather spend time engaging in other hobbies. b. Considering your answers in part a, why do most people not grow their own food? Mainly because food companies are good at marketing their products and get customers hooked by putting additives in their food. many people feel that their comparative advantage lies in other activities, and they are willing to…difference between managerial and market coordinationA firm's inventory is the orders for goods that have yet to be produced. True Or False
