Consider the marginal cost curve associated with cleaning your dorm room. Label the vertical axis “time” and the horizontal axis “percent clean.” What would this marginal cost curve look like?

Q: Explain Implicit and Explicit cost with the help of suitable example?

A: Firms undertake production by employing many resources. There are hiring costs of inputs like labor…

Q: How does a cost behave in response to a change in activity? Give an example?

A: Cost also changes with the change in the activity. There are two types of costs- fixed costs and…

Q: How can we predict cost behavior?

A: Cost behaviour shows the relation between the total cost and activities level. We can predict the…

Q: At what level of production does the marginal cost have the least value? What is the marginal cost…

A: The marginal cost curve is the U-shaped curve.

Q: If marginal physical product is continually declining, what does marginal cost look like?

A: The marginal physical product is the additional output which can be produced by the firm by…

Q: An individual is both the owner and the manager of a shop taken on rent. Identify implicit cost and…

A: Explicit cost:- Standard business costs that appear in the accounting records and have a direct…

Q: Based on the graph provided  i. What is Freda’s marginal cost for each cookie? ii. What is Freda’s…

A: Marginal Opportunity Cost :  Marginal Opportunity Cost may be defined as that amount of a good…

Q: The table below shows Crystal’s total cost of producing different quantities of tie-dyed t-shirts…

A: Total cost is the sum of fixed cost and variable cost. Fixed cost is total cost at 0 units and…

Q: The marginal cost of an additional crab leg is ​$.

A: The marginal cost of an additional crab leg is ​$0

Q: Explain why the marginal cost curve intersects a U-shaped average cost curve at its minimum point.

A: Marginal cost (MC): - it is the additional cost incurred due to the production of additional units…

Q: how can i calculate net cost if i have an equation for marginal cost and marginal benefit?

A: Net Cost (NC) is generally used to do cost-benefit analysis. Hence, it is a measure to determine the…

Q: Three managers of APISYONADO Company are discussing a possible increase in production who do you…

A: MR.NADO is correct as according to him  the extra revenues from selling the additional perfume…

Q: Use the following information to answer the question Quantity (number ofFixedVariable Total Marginal…

A: Marginal cost is the cost which occurs due to the production of one more unit of output is called…

Q: how is the slope of the total cost and marginal cost related?

A:

Q: What is marginal cost? Fixed cost?

A: Costs refer to the expenditures which are incurred by the firms in order to purchase various factors…

Q: Give a numerical example to show that as marginal physical product (MPP) rises, marginal cost (MC)…

A: Marginal Physical Product (MPP) is the addition to the total physical product when an additional…

Q: Give an example of an opportunity cost that an accountant would not count as a cost. Why would the…

A: Opportunity cost, in economics, is related to the concept of scarcity and represents the potential…

Q: What explains the shape of the average and marginal cost curves?  Is it linked to any production…

A: Marginal cost is the measurement of change in total cost with the increment of quantity produced by…

Q: Cassian is attending a football game at the University of Georgia. It's a hot and sunny day and he…

A: Marginal cost is the additional cost that is required in order to produce an additional unit.

Q: What is the explicit and implicit cost? Can explicit or implicit be used for a business or…

A: Cost refers to the sum of money a corporation spends on making or producing products or services.…

Q: Marilyn opens an insurance brokerage. Which of the following is an example of her implicit cost?…

A: Opportunity cost: - opportunity cost is a forgone benefit that we could have earned by applying all…

Q: What is sunk cost? Provide an example of a sunk cost. Why are such costs irrelevant in making…

A: Costs refer to the expenses which are made by the firms in the production of goods, and services.…

Q: Mauricio has a circus act, and he has a budget of $720 to spend on monkeys and unicycles. The cost…

A: The budget of the person is given as $720. The cost of unicycle (U) is $120 and that of monkey (M)…

Q: Marginal cost is ?

A: Microeconomics deals with the several components of a single firm or an individual. The subject’s…

Q: In economics, the cost of production is defined as the expenditures incurred to obtain the factors…

A: 1) When a firm pays the annual allowance of $10,000to the accountant, is an economist cost. This is…

Q: Why do you think that average and marginal cost curves have the same general shape?

A: Average cost: it is the per unit cost of production calculated by using the following formula.

Q: Why should sunk costs be ignored for decision making? Give an example of why it makes sense to…

A: Sunk cost are those cost which have been caused and the sum spent can not be recovered.since the…

Q: C(x) = 0.01x-0.3x + 10x gives the cost, in thousands of dollars, to produce x thousand items. (a)…

A: We are going to find the Marginal Cost and Minimum marginal Cost and output required to answer this…

Q: If the marginal cost equals average cost, we are at the _____ point of the ____ curve.

A: Marginal cost is that cost which is incurred because of producing one additional unit of the output,…

Q: According to below Figure which of the following point is representing resources are not used t…

A: This depicts a PPF(Production Possibility Frontier). It represents a combination of goods and…

Q: We know there is a link between productivity and costs. For example, recall the link between the…

A: In an economist's terms, when we talk about productivity, then we are talking about the marginal…

Q: If production increases, what happens to average variable cost (AVC), does it increase only,…

A:

Q: Jenna knits scarves and then sells them on Etsy, an online marketplace. Let C(x) =4x+20 represent…

A: (A). We have C(x)=4x+20 and the value of x should be from 1 to 6. Put values of x in the cost…

Q: Explain how studying for an exam is subject to the law of diminishing marginal productivity. The…

A: The law of diminishing marginal productivity suggests that as the number of a variable input is…

Q: How would you derive marginal cost from total cost?

A: Marginal cost is defined as the cost which is incurred by the producer in order to produce one more…

Q: What is sunk cost? Provide an example of a sunk cost.Why are such costs irrelevant in making…

A: A sunk cost is the cost that is already paid and is non-recoverable.  An example is the fixed costs…

Q: Discuss about the concept of marginal cost using your own example?

A: Meaning of Cost: The term cost refers to the situation under which a firm occurs various expenses…

Q: Is fixed cost always smaller than total cost ?

A: The question talks about the two terms i.e., fixed cost and total cost.

Q: What is sunk cost? Provide an example of sunk cost other than one from the book and explain it. Why…

A: Cost is the expenses incurred by a person on acquiring any good or service. It is the payment done…

Q: What are the advantages and disadvantages of Cost benefits?

A: Cost-benefit analysis refers to the system under which the business can try to estimate the profits…

Q: total cost of producing T-shirts can be represented as TC = 50 + 2Q. a) What is the marginal cost of…

A: Total cost represents the entire expenditure that a firm incurs in its daily production and…

Q: If production increases, what happens to average total cost (ATC), does it increase only, decrease…

A:

Q: Amazon's second headquarter coming to town Following up on the in-class discussion about the effect…

A: Given,  Amazon decides to open a second headquarter (HQ2) which would be divided into two locations-…

Q: You have decided that you want to attend a costume party as Black Panther. You estimate that it will…

A: The marginal cost is the additional cost of production when one more unit of quantity is produced.

Q: Every Friday​ night, Gustavo pays $49.99 to eat nothing but crab legs at the​ all-you-can-eat…

A: Average Cost (AC): - it is the average value of total cost incurred on a specific unite of output.…