Max​ Shreck, an​ accountant, quit his​ $80,000-a-year job and bought an existing tattoo parlor from its previous​ owner, Sylvia Sidney. The lease has five years remaining and requires a monthly payment of​ $4,000.   The lease   A. is part of the marginal cost of operating the tattoo parlor.   B. is an implicit cost of operating the tattoo parlor.   C. is a variable cost of operating the tattoo parlor.   D. is a fixed cost of operating the tattoo parlor.

Q: Suppose that a firm produces 10 units of output. Its Average Variable Cost (AVC) = $25, Average…

A: Q =  10 unitsAverage Variable Cost (AVC) = $25,Average Fixed Cost (AFC) = $5, and Marginal Cost (MC)…

Q: The firm producing 7 units  iPhone in a hour and cost of producing it at $250 What is firm total…

A: Given values: Number of iPhones (Q) = 7 units Cost of producing one iPhone = $250

Q: What would be the value of economic profit if explicit cost is $200, implicit cost is $150 and total…

A: The data presented in the question above is:- Explicit cost of the firm = $200 Implicit cost of firm…

Q: For a supermarket, would the overtime paid to the store's manager be classified as a fixed cost?…

A: In accounting and economics, fixed costs, also known as indirect costs or overhead costs, are…

Q: Fill in the blank! A lyft driver buy a Honda vehicle in order to drive, this is an example of a…

A: We need to calculate average variable cost, marginal cost and average total cost to answer these…

Q: The cost function of producing Q units of good s.t:

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

Q: onsider the production process for a Vending Machine Service. Identify the fixed costs associated…

A: Small business can be described as a partnership, privately-owned company, or sole proprietorship…

Q: Refer to the figure above. Fixed cost for this firm is: A. $66 B. $64 C. $50 D. $14   The…

A: To determine the fixed cost for this firm, we need to understand that fixed costs are expenses that…

Q: 1) Consider an independent pizza shop. List at least 5 explicit costs. 2) Consider an independent…

A: Explicit cost is the one that is actually incurred by a firm. It includes the out-of-pocket…

Q: Quantity (boxes of cakes) Total variable cost (dollars) 0 0 1 20 2 35 3 50 4 75 5 110 6 160 The…

A: Total cost is the sum of fixed cost and variable cost. Fixed cost is independent of quantity.…

Q: If the firm is minimizing cost it must also be maximizing profit. Agree or Disagree? Why?

A: Firms operating in a market incurs fixed costs and variable costs. Fixed costs do not change when…

Q: a) do to adjust scale? Why? b) After 3 years if the demand for your cars starts to increase how…

A: Given that economic crisis have caused the sell to decline .

Q: help please answer in text form with proper workings and explanation for each and every part and…

A: Total fixed costs - will remain the same as $1,500 regardless of the number of outputAverage fixed…

Q: The same firm produces 500 lawnmowers per week. It hires 20 full-time workers (40 hours/week) at an…

A: Given that, Units produced = 500 Here , hiring workers and raw materials are variable cost . Raw…

Q: Question 21.21.   Which would be an implicit cost for a firm?  The cost         of worker wages and…

A: In the market, when an individual makes a decision, he needs to choose one product over another due…

Q: Fixed-Cost Fallacy Describe a decision made by your company that involved costs that should have…

A: A fixed-cost fallacy is when a company assumes that a cost that does not change with the level of…

Q: Given the quantity produced (Q), Total fixed cost (TFC) and Total Cost (TC), (1) calculate Total…

A: Total cost is the total expenditure of the producer in the production process. The cost includes the…

Q: Consider the table below showing the costs for a firm. Quantity Fixed Cost Variable Cost Total Cost…

A: Total cost is the sum of fixed and variable cost. Fixed cost remains same at all level of output.…

Q: A firm analyzes the effects of raising its current level of output and finds that doing so will…

A: The firm average total cost increases if the firm increases its current level of output. The average…

Q: When the average cost is greater than the marginal cost, the firm is producing in which

A: Average cost is the total cost of production divided by the quantity of output produced. It…

Q: Your company sells Beyonce concert DVDS. Total fixed costs for your operation are $10,000 a year.…

A: Shut down When a corporation chooses to shut down, it means that production will be put on hold for…

Q: Which of the following would be considered a fixed cost of Marty Byrde’s Boat Rides & Rental? Group…

A: Total cost is the sum of fixed cost and variable cost. Fixed cost is that cost that does not depends…

Q: Question 21.21. Which would be an implicit cost for a firm?  The cost         of worker wages and…

A: --- Implicit cost is the cost that represents the opportunity cost of consuming resources which are…

Q: A company's marginal cost function is MC(x) (given below), where x is the number of units. Find the…

A: In Economics, marginal cost is the change in the total cost that arises when the quantity produced…

Q: The gap that exists in a graph between total costs and fixed costs represents the variable costs of…

A: Total cost is the sum of variable and fixed costs. TC = TVC + TFC

Q: Fill in the remaining cells of the table. (Note: If a value is a decimal, round to the nearest…

A: MC = Change in TC / Change in Q AFC = TFC / Q AVC = TVC / Q ATC = TC / Q Q TFC TVC TC MC AFC AVC…

Q: “A firm that earns only normal profit is not covering all its costs.” Do you agree or disagree?

A: Economic Cost consists of explicit cost and implicit cost. In other words it consists of sum of…

Q: Naming the components of key costs involved for the restaurant including fixed costs and variable…

A: Cost refers to the total amount of money, time, or assets required to create or secure something. It…

Q: Total cost can be divided into two types. What are those two types? Select one: a. fixed costs and…

A: Costs refers to all type of expenses that incur in the process of production of goods and services .…

Q: List several Fixed and Variable costs, Explicit and Implicit costs associated with owning and…

A: Fixed costs are those costs that a firm has to incur even if it produces no output. Variable costs…

Q: Which would be an implicit cost for a firm?  The cost        of worker wages and salaries for the…

A: In economics, there are two types of cost, the one is explicit cost and other is implicit cost.…

Q: The below table shows the cost of a Pizza shop in Bahrain, Calculate all the missing values in the…

A: "When a firm produce costs are associated with the production process. Total cost (TC) is computed…

Q: Question 21.21. Which would be an implicit cost for a firm? The cost of worker wages and salaries…

A: We know that Implicit cost is the cost that represents the opportunity cost of consuming resources…