What is the formula to calculate profits?

Q: 1. Explain the difference between an implicit cost and an explicit cost, and how both costs relate…

A: 1.  Implicit cost is the cost that has already occurred in the past. However, these are not direct…

Q: q4- Total cost increases from $500 to $600 when output increases from 20 to 30 units. Fixed costs…

A: Answer: option d (Average total cost falls) Explanation: Average total cost=Total costoutputAverage…

Q: QUESTION 4: Cost curves for Outdoor Equipment Cent per unit Number of sleeping bags Figure 8.6…

A: The cost curves are graphical representations that illustrate the relationship between the costs…

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

A: Given: To Find: The short-run total cost if Ike's Bikes is currently producing 600 bikes: The…

Q: 2.7 The concept of economies of scale refers to lower per- unit production costs at higher levels of…

A: Adam Smith is considered the father of economics. He was the first individual to notice that as long…

Q: 1. Show and explain the relationship between total cost, marginal cost and average variable cost

A:

Q: Draw the short run total cost curve (show the total cost, fixed cost, variable cost). Where the…

A: Formulas to be used:TC = VC+FCATC = TC/QAVC = TVC/QAFC = TFC/OMC = TCn - TCn-1

Q: Why does the difference between AVC and ATC get smaller as Q increases? b)  Why does MC intersect…

A: Since you have asked multiple questions we will answer the first three for you. The average cost…

Q: Help answer point C. e-invoice versus printed invoice

A: C. E-invoice refers to the electronic invoice that appears directly on the system whereas printed…

Q: 3. Average Fixed Cost is the a. horizontal distance (at any particular cost level) between ATC and…

A: A company's total cost is divided into fixed and variable costs. A "fixed cost" remains constant…

Q: 3) A music publisher calculated the cost of printing music using an engraved plate technology and…

A: Total cost is an addition of Total Fixed cost and Total Variable cost. Total Fixed cost is that cost…

Q: Define the term rational consumer in economics. Use appropriate examples.

A: A rational consumer is a person who makes purchasing decisions based on maximizing their utility or…

Q: Discuss some of the difficulties encountered in applying these economic concepts in practical…

A: The fixed cost is the cost which remains the same even when the firm produces nothing as output.…

Q: Costs # Refer to the graph above to answer this question. Which curve illustrates marginal cost? A)…

A: Marginal cost will be an extra cost incurred by an entity for producing an additional unit of…

Q: living standards and growth rates

A: The core material components of the standard of living, such as income, gross domestic product…

Q: The difference between variable cost and fxed cost is that Select one: a. fixed cost is paid even…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: 39) If the marginal cost curve is below the average variable cost curve, then A) average variable…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: Hello, I have finished reading chapter6: product costs and have some trouble understanding the short…

A: Average variable cost(AVC), average total cost (ATC), and marginal cost(MC) all these curves are…

Q: 3. Nokia sells a new budget cell phone. Based on information provided by the accounting department,…

A: Given  The average variable cost for Nokia cell phone: AVC=$30+Q           .........(1) Average…

Q: Which of the following statements are true about Marginal Cost (MC) and Average Cost (AC)? 1. MC is…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Other things equal, if the prices of a firm's variable inputs were to fall:

A: Costs are the expenses that firms incur in their production activities.

Q: QUESTION 4 Match each of the following terms and descriptions Average Fixed Cost Average Total Cost…

A: Providinf full. Solution.

Q: Chapter 22 Supply: The Costs of Doing Business Why does the minimum point of the average-total-cont…

A: Fixed costs are the costs that do not change with the number of units produced. These costs are…

Q: 1. Marginal cost is given by MC = 25 + 30Q – 9Q². Fixed cost is 55. Find the (a) total cost, (b)…

A: The firms, and businesses are the entities who are involved in the production process. The firms…

Q: Question: Looking at the average total cost data, at what level of output does the diminishing…

A: The spreading effect is the effect which the increasing output has on the average total cost. As the…

Q: 5. Provide the formula/calculation for the following costs: Average Total Cost, Average Fixed Cost,…

A: Costs, in general, explains the producer’s expenditure in producing a commodity it includes various…

Q: Which average total cost curve has the lowest average total cost of producing 30,000 bushels of…

A: The total cost incurred by a firm operating in a market includes fixed costs and variable costs.…

Q: 43. The marginal cost curve represents: a. Variable costs plus fixed costs. b. Fixed costs only. The…

A: The correct option is c.

Q: QUESTION 3 Match each of the following terms and descriptions Fixed Cost Total Cost A. fixed cost…

A: Fixed cost is that cost which are not changed as output changed its remains constant. That means if…

Q: Costs per unit H Quantity of output 64. Refer to Figure 8-5. Identify the curves in the diagram. a.…

A: Marginal Cost: it refers to the change in total cost due to 1 additional unit of production. As due…

Q: Which of the following best describes total fixed cost?a.The change in total cost when one…

A: Cost in the domain of accounting, the overall costs for a business may be classified into different…

Q: Given the cost information below, answer the following questions. Output 0 Total Cost $ 10.00 19.76…

A: Total cost is the sum of fixed cost and variable cost.=> TC = FC + VC Fixed cost is the cost that…

Q: B. Complete the table below using the given data. Average Variable Cost (RM) Total Average Cost (RM)…

A: Total fixed cost refers to the cost of production that does not change despite the level of output…

Q: Suppose that you and your roommate have started a Doughnut delivery service on campus. List some of…

A: Total Fixed Cost (TFC) : It refers to that part of the total cost that does not depend on output. In…

Q: Can you help me graph that information

A:

Q: Define Minimum Average Cost and Efficient Scale.

A: Minimum Average  Cost :The average cost or average total cost is per unit cost incurred by the firm…

Q: a. Complete the following schedule, if the fixed cost = BD 700. (Note: you will receive full marks…

A: Here, output and total cost is given with the fixed cost of BD 700 and the formulas related to other…