A firm will earn economic profits whenever   Question 29 options:   A)  average revenue exceeds average total costs.   B)  marginal revenue exceeds marginal costs.   C)  marginal revenue exceeds variable costs.   D)  average revenue exceeds average variable costs.

Q: Diminishing marginal returns occur when: Group of answer choices the size of the plant is increased…

A: Diminishing marginal returns occur when the addition of one more unit of a variable input leads to a…

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: 36) In the short run, if marginal product is A) above; decreasing B) below; decreasing C) above;…

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

Q: If profit is maximum at sales of 700 units, does the firm have no choice but to limit sales at this…

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

Q: 7) When a firm becomes so large it is difficult to coordinate and control, it is most likely that A)…

A: Diseconomies of scale is a situation where the growth of the business becomes extremely large. As it…

Q: economies of scale, followed by diseconomies of scale. increasing costs, followed by decreasing…

A: The average cost is the per unit cost of production . It can be determine by dividing the total cost…

Q: How do fixed costs change over the long-term? Do costs get re-categorized into a variable cost when…

A: Fixed costs are the costs that do not change with the change in quantity while variable costs are…

Q: What is accurate about calculating accounting profit? a) Includes implicit cost. Ob) Usually less…

A: To produce goods and service monetary value incurred on factors of production used in the process of…

Q: ATC is decreasing, is ATC is above (greater), equal, or less (below) than MC? ________ choose one…

A:

Q: always a) greater than its accounting profit because economic profit considers imp costs, which…

A: The economic profit is the difference between total revenue and total cost (including implicit…

Q: Rising short-run average variable costs of production for a firm indicate that   Question 4 options:…

A: Average variable costs are the costs incurred on variable factors or inputs per unit of output. The…

Q: An economist estimates the cost function for Redwood Hill Farm, LLC as shown below. Redwood Hill…

A: For a specific production of a commodity, cost refers to the expense made by a producer on factor…

Q: Fill in the blanks in the table below. The problem is a "puzzle" so the blanks are not necessarily…

A: Total cost is the sum of fixed cost and variable cost.=> TC = FC + VC Fixed cost is the cost that…

Q: The difference between variable cost and fxed cost is that Select one: a. fixed cost is paid even…

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

Q: Gooey Bites sells snack packs for $3 per pack. Variable expenses involved in producing snack packs…

A: The total cost function is the aggregate of all fixed and variable costs incurred in the process of…

Q: In a company, amount of total fixed costs is 6000 TL Variable cost per unit is 10 TL. Selling price…

A: The number of additional units required to pay the cost of a marketing campaign or other sort of…

Q: Elegant Settings manufactures stainless steel cutlery. The table below shows the company's cost…

A: The cost data is provided below. Quantity Long Run Average Cost1004020035300304003050035

Q: Need help with c (the break even point) and d (the price range for which the company will make a…

A: X                      Y = 159.24x+65065.22 280 159.24*280+65065.22 =…

Q: A manufacturing firm faces the cost of production as follows : Quantity Total Fixed Costs Total…

A: Formulas used in the question are as follows:   Average Fixed Cost = Total Fixed Cost/ Output…

Q: State the relationship between average variable cost (AVC), and marginal cost (MC) when AVC is…

A: 1. AVC (Average variable cost) is decreasing, when the MC (Marginal cost) is less than AVC (Average…

Q: Due to the diminishing marginal returns in the short run production, for a typical firm, in the…

A: Diminishing marginal returns refers to the situation when firm is facing an increase in marginal…

Q: nal cost Multiple Choice O equals both average variable cost and average total cost at their…

A: The marginal cost measures the change in the total cost when one additional unit of output is…

Q: If Open Text, a firm in Kanata, Ontario decides to stop production in the short run, its costs will…

A: In economics, the two types of costs that a corporation incurs when producing goods and services are…

Q: Question 16 In this table, the fixed cost of production is: 口 Output Total Cost Variable Cost 0…

A: In economics, understanding the different types of costs associated with production is crucial for…

Q: ABC is a small business producing instructional modules for disabled children in public schools. The…

A: Since you have posted a question with multiple sub-parts, we will provide the solution to only the…

Q: Question 4. (a) Explain how the long-run average cost curves will differ between a private hospital…

A: Economics as a subject deals with the allocation of scarce resources among humans with unlimited…

Q: A firm has the following total revenue and total cost schedules: TR = $2Q. TC = $5,500 + $1.3Q.…

A: Given:- TR=$2Q TC=$5500+$1.3Q To calculate:- Break even output level and profit at 8600 unit sale=?…

Q: If you know that when Bombardier, a hypothetical firm in Montreal produces 10 units of output, total…

A: Here, given information is: Total output: 10 units Total cost: $1,030 Average fixed cost: $10 To…

Q: Using the below table, calculate the marginal product and identify where the producer should halt…

A: The total product is the total amount (or volume) of output produced with a given amount of input…

Q: mine if the The ATC is rising when the MC is below the ATC. ATC= True FC + VC Q Answer Bank All…

A: Cost, in like manner use, the financial worth of labor and products that makers and shoppers buy. In…

Q: A producer can produce 2500 units of wood rts per day at a plant located in USA. e steady demand for…

A: Given that, Yearly demand is  500 * 200 = 100000   The arrangement cost  is $50   holding…

Q: A business incurs the following costs: • Labor: $125/unit • Materials: $95/unit • Rent:…

A: Total variable cost refers to the addition of all costs that are not constant but vary based on the…

Q: Suppose a firm has only three possible plant-size options, represented by the ATC curves shown in…

A: Production cost is the monetary value incurred on factor of production . And average total cost is…

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: The gap that exists in a graph between total costs and fixed costs represents the variable costs of…

A: Total cost is the sum of variable and fixed costs. TC = TVC + TFC

Q: True or false The unit share of fixed costs changes in a direct direction with the change in the…

A: Fixed cost: It is the cost that remains constant and does not get affected by the increase or…

Q: Use your knowledge of cost functions to calculate the missed cost data in the accompanying table.…

A: The cost function refers to a function of the prices of inputs and quantity of output whose value is…

Q: Fixed cost is

A: Please check the solution below

Q: If the total cost of 20 units of a product is $20, and the total cost of 21 units is $21, then from…

A: Marginal cost is defined as the change in total production resulting from producing an extra unit of…

Q: Average fixed cost decreases as quantity increases. True False

A: Total fixed cost(TFC) is the cost(C) which remains fixed in the short-run. For example: cost(C)…

Q: Use the following information to answer question 22-23 Number of Workers Hired 4 3 6 7 B seventh…

A: Since you have posted multiple MCQs from different topics, we will be solving only the first two…

Q: The Retread Tire Company recaps tires. The fixed annual cost of the recapping operation is $60,000.…

A: The breakeven point is a financial concept that refers to the level of sales or production at which…

Q: The Scranton Bullet Company is considering relocating its manufacturing operations to Mexico. This…

A: Long-term refers to a period of time that is sufficient to allow all factors of production to be…

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…