Costs

Evaluate the factors affecting firm behavior, such as production and costs

Three college students are considering operating a tutoring business in economics. This business would require that they give up their current jobs at the stu- dent recreation center, which pay $6,000 per year. A fully equipped facility can be leased at a cost of $8,000 per year. Additional costs are $1,000 a year a. What are fixed costs?b. What are variable costs? c. What is the marginal cost?

The ratio of total cost to number of units produced defines: a. Incremental cost b. Average cost c. Marginal cost d. Opportunity cost.

Fill in the blanks in the table below. The problem is a "puzzle" so the blanks are not necessarily filled in sequentially. (Hint: Determine the total fixed cost first.) Instructions: Enter your answers rounded to two decimal places. Total Average Fixed Cost Average Total Cost Marginal Cost Output Variable Total Cost Cost 1 $10.00 $9.76 $9.76 $19.76 2 $19.06 $14.53 $9.30 $29.06 3 $3.33 $12.63 $37.90 4 $2.50 $36.31 $11.58 $8.41 $46.31 $2.00 $44.30 $10.86 LO

When you calculate marginal costs, they should include: SELECT THE CORRECT ANSWER  A.the market price of the product. B.only variable costs. C.both the variable and fixed costs. D.only fixed costs.

how does "Economic Profit" differs from the measurement of profit in other fields such as Accounting. How are costs measured in Economics?

What are different types of costs involved in production of goods and services? Analyze the relationship between cost and productivity in the short run.

The difference between economic profit and accounting profit is?   Average cost Direct costs Economic costs Variable costs Marginal costs

Chris The use of fixed cost items to magnify the firm's results Correct! What are some uses for break-even analysis? Select all that apply, then click Submit below To see how much the changes in cost affect variable costs. To see how much the changes in volume affect cost and profit. To determine the magnitude of operations necessary to avoid loss. To figure out the most efficient level of fixed costs for the firm. To figure out the most inefficient way to make profit. To figure out the operating leverage. Submit