2. The marginal opportunity cost of the second unit of pizza is:

1) Define total cost, average total cost, and marginal cost. How are they related?

Would you please tell me how the economies of scale can spread out the cost of production, so that the average cost of each product is reduced?

Is total cost 0 when the level of production is 0?

How to calculate the Average cost of producing 1, 2,...15

“Sunk cost is a fixed cost, but not in the long term.” Is this statement true or false? Explain!

Let's play around with the concepts of total cost versus marginal cost Suppose a grocery store figures out that it costs $500 per week to hire a full time worker who can fill pickup orders. Create a table with room for 5 columns and 6 rows in your notes Use the top row for titles. The first (left) column should be titled Number of Workers and should have 0, 1, 2, 3, 4 as values. We're going to analyze whether the store should hire 0, 1, 2, 3 or 4 workers. Title the next column Total Cost (TC) and the third column Marginal Cost (MC). Put an X in the MC square corresponding to 0 workers. That would be the cost of going from negative 1 workers to 0 workers, let's leave it blank YOu'll see that marginal columns tend to start across from the first unit. We'll use the remaining columns later. What is the Marginal Cost per week of hiring the 4th worker? $500 O $1,000 O $1,500 $2,000

A firm pays its accountant $10,000. Is this and explicit or implicit cost? Explain.

write down 2 examples of implicit cost?

Jenna knits scarves and then sells them on Etsy, an online marketplace. Let C(x) =4x+20 represent the cost C in dollars to produce 1 to 6 scarves. A.) Create a table to show the relationship between the number of scarves x and the cost C. B.) What are the domain and range of C? C.) What is the meaning of C(3)? D.) What is the meaning of the solution to the equation C(x) =40?