To the economist, total cost includes Multiple Choice O O O O explicit and implicit costs. neither implicit nor explicit costs. implicit, but not explicit, costs. explicit, but not implicit, costs.

True or false:  a change in fixed costs will change average total cost. a.True b.False

QUESTION 6 At a total cost of $3,100, a company can produce 4 scooters. It has fixed costs of $1,000. If it produces 5 scooters, the costs of production total $3,800. Which of the following statements is true? O Variable costs of producing 4 scooters total $3096. O The average (or per unit) cost of producing 5 scooters is $800 per scooter The total cost curve for this firm is downward sloping Fixed costs will be higher when it produces 5 scooters The marginal cost of producing the fifth scooter is $700

What is direct cost? What is indirect cost? Provide detailed definitions and  example for both

When marginal-cost curve lies:a. above the ATC curve, ATC risesb. above the AVC curve, ATC risesc. below the AVC curve, total fixed cost increasesd. below the ATC curve, total fixed cost fallsPlease, show your answer graphically.

Don't give inappro

Which of the following describes an implicit cost? U NO opportunity cost is involved. NO outlay of money is required. O Accountants include these costs in total costs. They are an out-of-pocket expense.