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Q: What is Explicit Cost?

A: The cost of production is the cost incurred in the process of production in the economy by a firm.…

Q: A production process uses two inputs, labor and capital. If the marginal product of labor per dollar…

A: Marginal productivity refers to the additional output produced by using one more unit of input while…

Q: Name the following Refers to the situation in which the increase in the scale of the production give…

A: According to the given question Production in economic means that the process or the step which the…

Q: Among the three stages of production, until what point should one produce considering the law of…

A: The law of diminishing marginal product explains the three stages of production that is applicable…

Q: Write about the production function with two and more than two variables

A: A function is basically a mathematical relationship between the dependent and the independent…

Q: A few sentences for the response please. How does the impact of fixed costs change production…

A: Fixed costs are amount of dollars expended on fixed factors of production such as land, building,…

Q: Labor When the firm uses 40 units of labor, how much output does it produce? 1,600 units B 2,800…

A: The answer is C) none of the above.Without additional information about the firm's production…

Q: What is the slope of an iso-cost line equal to and why? Provide mathematical explanation

A: Iso-cost line are that cocas of bundle of factors of production whereproduction Total cost is…

Q: Epiphany & Co's production function is given by Q = 50VLK. Let w = 25 and r = 100 be the prices of…

A: The money spent to purchase the factor of production to produce the goods and services is termed as…

Q: hy does more inputs not necessarily translate into more output?

A: An input is something placed into a framework or interaction, while an output is produced or created…

Q: What do you mean by 'production function"?

A: A production function is an economic concept that represents the relationship between inputs and…

Q: Explain the difference between total cost, average cost, and marginal cost.

A: Economic cost: The economic cost is different from the accounting cost. Economics cost involves…

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: If the marginal cost of production is greater than the average variable cost, what does this tell…

A: Variable costs are the ones which change with the change in the level of output, i.e., it is output…

Q: Select all that apply A production function can include many inputs. Which of the following are the…

A: The inputs such as capital, labor and land are used to produce and output in the market is known as…

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: 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: A manufacturer can produce 5,130 cell phones when a dollars is spent on labor and y dollars is spent…

A: Cost refers to all types of expenses that incur in the production process. It can be variable cost,…

Q: The minimum average cost occurs when the average cost is equal to the marginal cost.

A: The total cost incurred by a firm includes fixed cost and variable cost. Fixed costs are the costs…

Q: True or False The slope of the total cost curve is equal to marginal cost, or the change in…

A: Total cost It refers to all the cost or expense that is incur in a production process.It is given by…

Q: Define the term Manufacturing Costs?

A: Cost is the monetary value expended by a company to produce goods and services and to carry out its…

Q: What are the different type of costs incurred in the short run and in the long run?

A: In the short run there are two types of costs, fixed and variable costs. Since there are fixed and…

Q: How is the optimum point of production for a firm determined?

A: Point of optimum production is that in which the plant is operated at its full capacity. When the…

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

A: # We know that total cost is the sum of total fixed cost and total variable cost.

Q: Yennefer's current production level, a extra bunch of herbs adds 24 extra spells. Each bunch of…

A: In financial matters, the marginal expense of production is the adjustment of aggregate production…

Q: What is economies of scale? What are differences between internal and external economies of scale?

A: Economies of Scale: When a company expands its production then usually the cost per unit falls.…