In the figure above, which of the following statements makes sense? Group of answer choices A) Average fixed cost is B, marginal cost is D, average total cost is C and average variable cost is B. B) Average fixed cost is C, marginal cost is B, average total cost is D and average variable cost is A. C) Average fixed cost is A, marginal cost is B, average total cost is C and average variable cost is D. D)Average fixed cost is D, marginal cost is A, average total cost is B and average variable cost is C

Q: The graph that shows the relationship between quantity produced and total costs is called ……………… a)…

A: The quantity of something a human, machine, or industry produces from production or Manufacture is…

Q: You are planning to start a business. When calculating the costs. You have considered the costs of…

A: Opportunity cost refers to the best alternative foregone when choosing the other alternative.

Q: The total cost equation for producing X widgets is given by TC = $1,000 + $6X. The average cost per…

A: Answer - Given in the question - TC = $1,000 + $6X Here  TC = Total cost  X is no. of widget  Need…

Q: 3. The "Sad Student" Company finds that it costs a total of C(q) = 9720+500g-1.59² +0.005q³ Dollars…

A: The average cost (AC) function represents the average cost (AC) per unit of production as the…

Q: When marginal cost exceeds average total cost, which of the following must be true?   Question 14…

A: Costs are the expenses that a firm incurs in the form of the purchase of inputs to produce goods and…

Q: What does fixed cost refer to in economics? a) Costs that vary with the level of production b) Costs…

A: Fixed costs are a key idea in financial matters and business, playing an essential part in the…

Q: If marginal cost is below average total cost, then average total cost    Question 10 options:   a)…

A: Marginal cost is the additional cost incurred when production is increased by one unit.

Q: What is the value of the average total cost when Q=2? Enter your answer as a number below. Do not…

A: Given Total cost at output of 2 = 80 ATC = Total cost / output

Q: If a cost function is C(q) = 2q3 - 6q2 + 20q • what is the fixed cost? What is the variable cost? •…

A: Economies of scale refers that when the cost per additional unit is decreasing due to increasing in…

Q: Which of the following is an example of economies of scope? A) A mountain resort begins running…

A: Economies of scope, refer to the cost savings and efficiencies that can be achieved when a firm is…

Q: Which of the following would be the best starting point on which to focus if an air conditioner…

A:

Q: Which cost concept includes both explicit and implicit costs? a) Total cost b) Variable cost c)…

A: In financial matters, understanding various sorts of costs is significant for dissecting business…

Q: Businesses wanted to reduce their cost to the minimum without compromising the product quality and…

A: Companies benefit from economies of scale when their production gets more efficient. Economies of…

Q: State the relationship between average variable cost (AVC), and marginal cost (MC) when AVC is…

A: 1. AVC (Average variable cost) is decreasing, when the MC (Marginal cost) is less than AVC (Average…

Q: 6)ABC company is using labor and capital to build widgets The last employee produced 20 more widgets…

A: 6. The marginal product of labour = 20     The price of labour = $10     The marginal product of…

Q: If marginal cost is greater than average total cost, then average total cost must be increasing.…

A: The marginal cost curve is downward sloping when it is below ATC. At the same time ATC is also…

Q: Assume the average cost when producing 4 units is 10, the average cost of producing 6 units is 8,…

A: The table shows output and AC:

Q: When ONLY total costs (TC) are known, such as shown in Table 1 below, explain how to calculate each…

A: Since we only answer up to 3 sub-parts we will answer the first 3. Please resubmit the question…

Q: Which of the following is a correct statement about the relationship between average cost (AC) and…

A: The relationship between MC and AC can be stated as under: (i) When AC falls with increase in…

Q: The cost curve for producing widgets passes through the following points and is piecewise linear in…

A: Given Information: Units produced Costs 0 $600 200 $1200 400 $1600 600 $1800 The fixed…

Q: The number of units that minimizes the average cost is

A: The average cost is the cost computed by diving the total cost of production by the total quantity.

Q: What is the marginal cost, if the cost function given is C(Y)=6 a) Y? b) 3Y c) 6Y d) 12Y

A: Marginal cost refers to an additional cost that occurs from producing one more unit of output.

Q: You produce widgets. Currently you produce four widgets at a total cost of $40. What is your average…

A: The average cost is the total cost divided by the quantity of output whereas the marginal cost is…

Q: The marginal-cost (MC) curve cuts through the average-total-cost (ATC) curve and the…

A: Marginal cost is the cost of producing an additional unit. With the increase in production, till a…

Q: Define total cost, average total cost, and marginal cost. How are they related?

A: Production prices ar the expenses incurred by a firm once it manufactures a product or provides a…

Q: Question 4 Copy the table below into your answer booklet and fill in the missing figures: Output…

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

Q: Read Chapter 13 and fill in the grid below. Also add a column to the grid -to the "right" of Average…

A: The table can be filled as follows:

Q: total cost

A: Total Operating Cost (TOC) refers back to the sum of all prices directly associated with the…

Q: Which of the following statements is a reflection of the fact that the average fixed cost falls as…

A: Total cost (TC) is the sum of fixed cost (FC) and variable cost (VC). i.e., TC = FC + VC…

Q: Douglas Fur is a small manufacturer of fake-fur boots in San Francisco. The following table shows…

A: Total cost (TC) at zero level of out is the total fixed at cost at each level of output. Thus, fixed…

Q: Ike's Bikes is a major manufacturer of bicycles. Currently, the company produces bikes using only…

A: The average total cost(ATC) can be defined as the cost per unit of output of a commodity, it is…

Q: 3. What are the differences between the internal and external economies of scale?

A: When it increases its level of output, it often experiences some cost advantage, referred to as…

Q: 2. The relationship between marginal and average costs Consider the following scenario to understand…

A: Given: Game Game Result Total 1 8/10 8/10 2 6/10 14/20 3 1/5 15/25…

Q: Consider an airline's decision about whether to cancel a particular flight that hasn't sold out. The…

A: NOTE: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…

Q: Label each of the following as sunk cost, opportunity cost, or incremental costs and briefly explain…

A: The whole cost of producing a product may be included in a company's financial records as the cost…

Q: Suppose the imaginary company of Panthera is a small, Raleigh-based American apparel manufacturer…

A: From the data and instructions provided in the question statement, let us complete the required…

Q: Which of the following is correct?   a) Total Fixed Cost = Total Cost + Total Variable Cost b)…

A: Total cost is consist of two factors such as fixed cost and variable cost, i.e. Total cost = fixed…

Q: Which of the following is always true?A) When marginal costs are less than average total costs,…

A: Below are the cost curves: (Sorry it’s a free hand diagram so it is not very neat)