QUESTION 1 The vertical distance between a firm's total cost (TC) and variable cost (VC) curves O is equal to the marginal cost, MC. O Decreases as output decreases. O is equal to the fixed cost, FC.
Q: 21. The long-run average cost curve for an industry is represented in the following graph. Add…
A: Short run average cost curves are shown.
Q: Use the graph to answer the question Between points C and D, the long-run average total cost curve…
A: Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: A perfectly competitive firm has the following total cost function: Total output Total Cost 0…
A: Profit is maximized when Price = MC, where MC = Change in TC / Change in Q When Q = 4, MC = (69 -…
Q: Which of the following statement(s) describe sunk cost? 1) All of the answers are correct 2) It…
A: To produce a good, two types of cost are incurred, variable cost and fixed or sunk cost.
Q: Bob's lawn mowing service is a profit maximizing, competitive firm. Bob mows lawns for $27 each. His…
A: Total Revenue=$27*10=$270 Total Explicit Cost=Total Cost-Fixed Costs Total Explicit Cost=$280-$30…
Q: 18. The firm's short-run supply curve will be: a The marginal cost curve b. The marginal cost curve…
A: We know that the supply is the quantity that is sold by a firm during a given period of time at a…
Q: In a fishery the long-run harvest function (harvest volume) is H(E) = aE – bE², with a, b…
A: Long-run harvest function: H(E) = aE - bE2, with a, b representing positive constants and E is…
Q: Given the following short run production cost schedule: Short Run Total Cost Function…
A: Quantity produced Total cost($) Average total cost($) Marginal cost($) 0 20 0 0 10 27 2.7 0.7…
Q: Explain the average-marginal rule in cost curves? (f) What is the market price? (Assume the firm is…
A: We are authorized to answer one question at a time since you have not mentioned which question you…
Q: In the figure below, the firm's initial average total cost curve is SRAC with an initial marginal…
A: A firm in competitive market produces output at Price equals marginal cost.
Q: Q 5. (В) Sunrise Juice Company sells its output in a perfectly competitive market. The firm's total…
A: Answer - Given in the question - Total cost includes a "normal" return on time (labor service) and…
Q: Letters are used to represent the terms used to answer this question: price(P), quantity of…
A: Answer: Correct option: option (B) Explanation: A firm earns profit if the price is higher than the…
Q: 5. Suppose a firm faces the following long run total cost function: TC =q³ - 20q² + 200q. What is…
A: Answer: Given, Total cost function:TC=q3-20q2+200q Let us assume that the given cost function is of…
Q: (The Short-Run Firm Supply Curve) Use the following data to answer the questions below: Quantity…
A: (a) we can calculate marginal cost and average variable cost by using the following equations.…
Q: 1. Diminishing returns happen when the firm adds more amount of a variable input, it should also…
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…
Q: Complete table b. Calculate the total fixed cost for the firm c. Is the firm operating in the…
A: The solution is given below
Q: n the short run, the Sure-Screen T-Shirt Company is producing 500 units of output. Its average…
A: Introduction: Short-run is a term that asserts that at least one input is fixed while others are…
Q: 2. The above table shows a firm's: * a. Short-run and long-run costs. b. Long-run costs: c.…
A: Perfect competition is a market form that involves the production of homogenous goods and services.…
Q: Question 1 The vertical distance between a firm's total cost (TC) and variable cost (VC) curves O…
A: Fixed costs are those costs which a company has to incur irrespective of any business activity like…
Q: The relationship between the firm's average variable, average total, and marginal cost curves above:…
A: The market is a perfectly competitive market structure, due to which the firm has a horizontal…
Q: Quantity of Output Total Cost $12 1 $14 $18 3. $24 4. $32 $42 6. $54 $68 The table above shows the…
A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…
Q: What is the difference between accounting profit and economic profit? Select one: a. Accounting…
A: Firms earn revenue with the help of the sale of the products that it produces. On the other hand, it…
Q: Given the following short run production cost schedule: Short Run Total Cost Function…
A: Since, you have posted multiple subpart questions, as per the guidelines we will answer first…
Q: Suppose that a small family farm sold its output for $100,000 in a given year. The family spent…
A: There are two forms, or types, of cost incurred by a business company : implicit cost and explicit…
Q: Problem #171 Given a firm's total cost at different quantities of output, fill in the table Output…
A:
Q: 33. An economist analyses the long run costs of a firm. It is found that the marginal cost of…
A: Marginal cost is the total cost that increases when the quantity produced is increased, the cost of…
Q: Refer to Figure 3 in Question 29. The quantity of output at which the MC and ATC curves cross is the…
A: In industrial association, the minimum efficient scale (MES) or efficient scale of creation is the…
Q: A firm has the demand and total cost schedules given in the following table. If it wants to maximize…
A: Given Total revenue = price × quantity Profit = Total revenue - Total cost Quantity Price Total…
Q: What are the fixed costs, variable costs, and marginal costs in the operation of a restaurant…
A: Cost functions are derived functions. They are derived from the production function, which describes…
Q: a. Using a correctly labeled graph for Fresh Farm, show each of the following in the short run. i.…
A: (Note: Since there are multiple parts, only the first three have been solved). In case of perfect…
Q: Suppose a factory's marginal cost has a minimum value of $2; its average variable cost has a minimum…
A: find below the answer.
Q: Quantity of cherries Total Cost (in pounds) S2 13 16 21 28 38 Use Table: Cherry Farm. Suppose there…
A: Supply curve: Supply curve is a graphical representation of of the relation between price of a…
Q: What are fixed costs? What are variable costs?
A: Hi student, As per the guideline we are providing answer for one question. Since you are requested…
Q: the average variable cost curve. the marginal cost curve. the average fixed cost curve. the marginal…
A: A natural monopoly firm experience economies of scale, i.e., a decrease in ATC as output increases.…
Q: onsider a firm with the following cost function: C (q) = 4q^2 + 100 Find the long-run supply…
A: The long-run supply is the supply of goods available when all inputs are variable. Here, we…
Q: (T/F) When price in a perfectly competitive market increased from $5 to $10, John's production…
A: In a perfect competition market, the equilibrium price is achieved when: P=MC=AC In this, AC…
Q: 18. The firm's short-nun supply curve will be: 2 The marginal cost curve b. The marginal cost curve…
A: We know that the supply is the quantity that is sold by a firm during a given period of time at a…
Q: 1)As a firm increases production, average total cost _____. a will stay the same b will decrease c…
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: What are the fixed costs, variable costs, and marginal costs in the operation of a restaurant…
A: Fixed costs refers to the cost of fixed factors, they remain same irrespective of output. In case of…
Q: What is the term for the lowest level of output at which a firm's goods are produced at minimum…
A: please find the answer below.
Q: Table: Cherry Farm Quantity of cherries Total Cost (in pounds) S2 13 16 21 28 38 Use Table: Cherry…
A: The average total cost (ATC) reflects the cost incurred per unit of output produced.
Q: Which of the following is correct? economic profit + implicit costs = accounting profit O implicit…
A: Economic Profit is the difference of between the total revenue and total cost of all the inputs.…
Q: мсо 17 If a firm exhibits X-inefficiency, the implication is that: A unit production costs are…
A: When talking about the imperfectly competitive market, the term X-efficiency is used to explain a…
Q: (T/F) When price in a perfectly competitive market increased from $5 to $10, John's production…
A: A market system where all producers and consumers have full and symmetric information and there are…
Q: 10. Problems and Applications Q10 An industry currently has 100 firms, each of which has fixed…
A: The completed table is given below.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Cost (thousands of $) The graph shown on the right represents the cost C (in thousands of dollars) of refining x gallons of gasoline per hour (in thousands). The vertical axis represents the cost, and the horizontal axis represents the number of gallons of gasoline refined. Cost of refining gasoline per hour 1000- 800- 600- 400- Answer the following questions below in parts (a) through (d). 200 O 100 200 300 400 500 600 700 800 Number of Gallorns (thousands) (a) What is the cost of refining 200 thousand gallons of gasoline per hour? thousandUse the following table to calculate AVC - use previous calculations and keep your calculation for follow up questions: Total Output Total Cost TFC TVC AFC AVC ATC MC 0 $20 10 $40 20 $60 30 $90 40 $120 50 $180 60 $280 a. Total Output Total Cost AVC 0 $20 $20 10 $40 $2 20 $60 $2 30 $90 $2.33 40 $120 $2.5 50 $180 $3.20 60 $280 $4.33 b. Total Output Total Cost AVC 0 $20 $10 10 $40 $20 20 $60 $20 30 $90 $23.33 40 $120 $25.5 50 $180 $32 60 $280 $43.33 c. Total Output Total Cost AVC 0 $20 $2 10 $40 $2 20 $60 $2.33 30 $90 $2.5 40 $120 $3.20 50 $180…28 24 point A point E epoint F 20 point B 16 point C point D 4 12 16 20 24 product X 12 8. 4. product Y
- F a) Draw the demand process cycle and label it fully. b) A door company has the following materials in inventory. Inspect the table below and answer the following questions Material Average (in Kilograms) Price Aluminum 3884 $3.0 Steel 5850 $1.4 Iron 200 $1 Work in Progress Average Price Fence 78 230 Final Products Average Price Door 300 300 Window 550 240 i. Calculate the number of turns. ii. Calculate the cost per day.What is the total cost associated with producing eight units of the control varlable, a (identify point B in the tablej? 34 Marginal Harginal Harginal Net Bеnefit Control Total Net Costs Benefits Benefit Total variable Benefits Cost Sepped B(Q) C(Q) MB(0) MC(0) MND (0) 900 100 800 900 100 800 2 1,700 300 800 200 600 2,400 600 1,800 700 E 400 1,000 1,500 400 500 2,000 2,000 1,800 1,400 4 600 200 3,500 500 3,900 2,100 D 600 -200 4,200 4,400 4,500 2,800 300 700 -400 800 200 800 -600 4,500 100 900 -800 10 4,500 5,500 -1,000 1,000 -1,000 Mutiple Choice 3,000 3,600 3,800 4,200pols Add-ons Help Last edit was seconds ago xt I UA Calibri 11 + 三 2 | 3 II | I 4 II| II6 4. Thanks to years of consistent contracts and an outstanding administration, Crestwood High School has formed one of the best teaching staffs in the State of Michigan. This staff has learned how to work seamlessly with each other and students. They are now able to effectively teach more students in every class than before. *Name the determinant: Automakers have introduced new heating lamps to their paint shops that allow them to dry layers of paint faster than ever before. These newly invented heaters use less energy and have greatly increased output. 5. *Name the determinant: 27°C Rain II 近
- H.W 7/ For the following data: Fixed cost = 100,000 ID Variable cost per unit = 300 ID Selling price per unit=500 ID n = 500 Calculate BEP by using chart methoduestion 10 Your Answer: $ Answer 18 30 25 20 10 100 200 300 Based on the attached graph calculate the total cost if y = 300. units ATC AVC YQuick Check Multiple Choice No (3) A firm is producing 1,000 units at a total cost of $5,000. If it were tom increase production to 1,001 units, its total cost would rise to $5,008. What does this information tell you about the firm? (a) Marginal cost is $5, and average variable cost is $8. (b) Marginal cost is $8, and average variable cost is $5. (c) Marginal cost is $5, and average total cost is $8. (d) Marginal cost is $8, and average total cost is $5.
- A worker fell from the roof of a 2 storey building due to lack of fall protection. He incurred head fractures. He was confined in the hospital and was advised to rest for at least 6 months under further observation. 1. Identify the Direct Costs 2. Identify the Indirect Costs180.00 Short Run Cost Curves Numerical Data Labels Are Adjacent ToTheir Associated Markers (Markers Are The Squares, Dots, or Triangles On The Curves) MC AVC ATC 162.60 160.00 140.00 130.20 120.00 101 40 100.00 92,56 90.60 80.00 85.80 84.92 80.91 80.60 77.74 76,20 16.20 77,68 60.00 61.80 54.60 54.60 48.60 40.00 43.80 40.20 40.20 37,80 36.60 36.60 37.80 2.20 20.00 1.40 0.00 13 15 16 17 18 19 20 21 10 11 12 14 Quantity The figure shows a competitive firm in the paper clip industry. The price of a paper clip is $130.20. The firm's profit is O• $548.20 O • $751.05 O• $892,80 O • $1,096.24 180.00 Short Run Cost Curves Numerical Data Labels Are Adjacent ToTheir Associated Markers (Markers Are The Squares, Dots, or Triangles On The Curves) 160.00 162.60 MC AVC -ATC 140.00 130.20 120.00 100.00 101.40 92.56 80.00 RS 80 90.60 s0.91 84.92 16,20 80.60 774 76.20 77.68 60.00 54.60 61.80 54.60 40.00 48.60 40.20 43.80 37.80 40.20 36.60 20 36.60 20.00 140 0.00 10 11 12 13 14 15 16 17 18 19 20 21…Use the following table to calculate MC - use previous calculations and keep your calculation for follow up questions: Total Output Total Cost TFC TVC AFC AVC ATC MC 0 $20 10 $40 20 $60 30 $90 40 $120 50 $180 60 $280 a. Total Output Total Cost MC 0 $20 $0 10 $40 $4 20 $60 $3 30 $90 $3 40 $120 $3 50 $180 $3.6 60 $280 $10 b. Total Output Total Cost MC 0 $20 $0 10 $40 $2 20 $60 $2 30 $90 $2.33 40 $120 $2.5 50 $180 $3.2 60 $280 $4.33 c. Total Output Total Cost MC 0 $20 $0 10 $40 $2 20 $60 $2 30 $90 $3 40 $120 $3 50 $180 $6 60 $280…