a) The economic costs of a firm are payments to resource owners, sufficient to divert these resources from alternative consumption possibilities. b) Economic profit is an implicit cost. c) The larger the volume of production in the firm, the lower the total fixed costs.

The Brain Bucket Company (BBC) produces helmets for winter sports. It has production facilities in Toronto and Winnipeg. The production function for the Toronto facility is Qr LT, (1) where LT is the quantity of labour hired in Toronto. The production function for the Winnipeg facility is VLw. (2) Qw where Lw is the quantity of labour hired in Winnipeg. The wage rate in Winnipeg is one and the wage rate in Toronto is two. Answer the following: (a) If BBC wishes to produce Q helmets at the lowest possible cost, how should it distribute production between the two cities? Use your answer to find a function showing the cost of producing Q helmets.

5. A toy factory has an annual demand for 20,000 of tops. It cost $1.50 to store one top per year. It costs $500 for each production set-up for these tops and $3.50 to manufacture a single top. Find the total cost function. fM Total Cost of Production is: T(g) = : + gM +, where q is number of units per productionm run; k is cost of storing 2 one item per year; g is cost of manufacturing a single unit of the product; f is fixed set-up cost for a production run; M is total demand of units per year. Given Constants Total Cost Function Find the optimum number of tops per batch as well as the number of batches per year. optimum number of tops optimum number of batches Find the total cost for this optimum production schedule. Optimum Total Cost

A firm faces the following costs: total cost of capital = $8,000; price paid for labor = $20 per labor unit; and price paid for raw materials = $6 per raw-material unit. Initially, the firm can produce 2,000 units of output by combining its fixed capital with 250 units of labor and 400 units of raw materials. After the firm improves its production process, it can produce 5,000 units of output by combining its fixed capital with 150 units of labor and 300 units of raw materials.   How will the firm's total costs change as a result of the improved production process?   Instructions: Enter your answers as a whole number.   Total cost changes from $ ___ using the original process to $ ___ using the improved process.   plz answer correct asap dont answer by pen pepar