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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: The cost function of producing Q units of good: C(Q) = 4Q2 + 16Q + 40 Write down the average cost…

A: Total cost: ‘total cost’ is the amount that includes all the expenses that are paid to produce a…

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: 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: 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: What effect, if any, does diminishing marginal product have on the shape of the marginal cost curve?

A: According to the law of diminishing marginal returns, after a certain level adding additional units…

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: How does fixed cost affect marginal cost? Why is this relationship important?

A: Fixed cost is the cost which does not change with the change in the output.Marginal cost is the…

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: 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: 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: What determines how managers will purchase inputs?

A: Input is the factor of production used in the process of production . And determine the input by the…

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: The cost function of producing Q units of good: C(Q) = 4Q2 + 16Q + 40 Write down the average cost…

A: Cost is the expenditure incurred on inputs to produce given output. Total Cost (TC) consists of…

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: Justify the statement. T/F  Variable cost change with the change in the level of output in a…

A: Cost is the monetary value of the resources that are given up or depleted in order to accomplish a…

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: Using an example , explain the production proces

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