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

Question 6: For each of the total cost functions, write the expressions for the average cost, average fixed cost, average variable cost, and marginal cost: 1. TC (Q) = 5Q 2. TC (Q) = 120 +6Q 3. TC (Q) = 6Q² 4. TC (Q) = 140 +5Q²

Calculate total costs at 4 units of output.  Do not put a dollar sign in your answer.  (The 6 columns are Quantity, Total Fixed Cost, Total Variable Cost, Total Cost, Average Total Cost, and Marginal Cost.  The Quantity and Total Variable Cost columns have been filled in along with the first row for Total Fixed Cost.  Average Total Costs and Marginal Costs are not calculated at a quantity of 0.) Quantity Total Fixed Cost Total Variable Cost Total Cost Average Total Cost Marginal Cost 0 15 0   XXXXX XXXXX 1   25       2   40       3   50       4   55       5   65       Calculate average total costs at 2 units of output.   Calculate average total cost at 5 units of output.   Calculate marginal cost at 4 units of output (moving from 3 units to 4 units).   Can you tell if this is the short run or long run?    Can you tell at which level of output profits will be maximized?

In Figure 2-a, the average variable cost curve is curve Group of answer choices A D C B

Which of the following is always true?A) When marginal costs are less than average total costs, average total costs will be increasing.B) When average fixed costs are falling, marginal costs must be less than average fixed costs.C) When average fixed costs are rising, marginal costs must be greater than average total costs.D) When marginal costs are greater than average total costs, average total costs will be increasing.

The Santa Clara County increases the property taxes for all fast food restaurants. Which cost curves will be affected as a result of this policy? 1. average total cost and average fixed cost. 2. average variable cost and average total cost. 3. average variable cost and marginal cost. 4. average variable cost and average fixed cost.

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

Businesses wanted to reduce their cost to the minimum without compromising the product quality and violating laws. The total fixed cost decreases if the output increases. Thus the business is left with the variable cost to manage. Notably, the concept of the economies of scale also works for the government, non-profit organizations and individuals. The entity becomes more efficient as it produces more output and reduces cost as a result. The organization can benefit from the economics of scale, consequently, the consumers enjoy lower prices, and the economy expands to increase more demand. For huge businesses, economies of scale provide a competitive advantage over small enterprises. There are two types of economies of scale. The cost that the management can control is internal, while the cause for the cost to decrease attributed to geographic location, government policies, and industry changes are externals. Typically the internal economy of scale is found in large businesses as a…

A. How much is the fixed cost to produce the natural-organic oil? B. How many barrels of natural-organic oil should the firm produce to maximize its profit? C. How much is the price of the natural-organic oil per barrel? D. At what production level would the marginal cost exceed the average cost? E. How many barrels of natural-organic oil reflect the lowest minimum average variable cost?

A book publisher hires editors, designers, and production and marketing managers who help prepare books for publication. Because these employees work on several books simultaneously, the number of people the company hires will neither increase nor decrease with the quantity of books the company publishes during any particular year. The salaries and benefits of people in these job categories will be included in Select one: a. fixed cost and marginal cost but not variable cost. b. fixed cost but not variable cost and total cost. c. marginal cost and total cost but not fixed cost. d. fixed cost and total cost but not variable cost. e. Average variable cost