Which statement is nottrue regarding the total variable cost curve? Select one A. It shows the variable cost of production given current factor prices. B. It is a horizontal line. C Itincreases as output increases D. It starts at the origin.

Q: Tom leases a farmer's field for $80 a day and grows melons. He pays students $90 a day to pick…

A: Given, Leasing price = $80 per day Payment to students = $90 per day Capital leasing cost = $40 per…

Q: 1. True of False: if false, please explain why a. A firm with a small labor force typically…

A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: What is the relationship between a firm's inputs and output if the firm experiences diseconomies of…

A: "Diseconomies of scale" refers to a situation in which a firm experiences increasing costs per unit…

Q: The total cost of production equals Select one: a. average total cost + average variable cost b.…

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

Q: As output increases, total fixed cost A. increases; decreases B. does not change; decreases C.…

A: total cost is the cost which is incurred by producer for production by using all fixe and variable…

Q: b. Describe the relationship between the marginal product and the total product of a firm

A: Marginal product of of a firm is the additional product when an extra unit of factor of production…

Q: Choose all answers that are correct:  the marginal cost is the slope of the... a. The variable cost…

A: Marginal cost = Change in total cost / Change in quantity of output

Q: When all of a firm's inputs are doubled, input prices do not change, and this results in the firm's…

A: Economies of scale is when there is increasing returns to scale.  Diseconomies of scale is when…

Q: Use the following table to answer the questions:   Output Total Cost 0 24 1 33 2 41 3 48…

A: Fixed costs are those cost that are remain the same throughout all the level of production. Variable…

Q: A period of time in which all factors of production and costs are variable is called Select one: a.…

A: Factors of production are assets that are the structure blocks of the economy; they individuals use…

Q: Graphically illustrate a total product curve. b. Explain why it is shaped as it is.

A: A total product curve explains the the relation between the total amount of labor and total amount…

Q: When the marginal product of labor equals the average product of labor, then a.the mar d. c. the…

A: Average product refers to total product per unit of labour. Marginal product refers to change in…

Q: Explain every point with graph. 1. Economic and business cost . 2. Short run production analysis /…

A: Hi! Thank you for the question, As per the honor code, we are allowed to answer three sub-parts at a…

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

A: No. of factories Q=100 Q=200 Q=300 Q=400 Q=500 Q=600 1 260 200 160 200 280 400 2 330 240 160 160…

Q: Refer to Figure 1. Which of the short-run average cost curves correctly depict economies to scale?…

A: Long-run average cost The long-run average cost is tangent to the falling portion of the short-run…

Q: The long-run average cost curve is tangent to a series of short-run average total cost curves. O a.…

A: The cost is the expenditure of a firm when it utilises its resources for producing goods and…

Q: In the long run, the long-run average cost curve whereas in the very long run, the long-run average…

A: There are four production time periods in microeconomics, they are very short run, short run, long…

Q: Construct Tent's marginal product and average product schedules Complete the table

A: Marginal product measures the change in total product due to a change in one factor, keeping other…

Q: Economies of scale are of two kinds

A: To find : Types of economy scale.

Q: Figure 11-13 Capital (units) 24 20 16 Select one: 10 Refer to Figure 11-13. The lines shown in the…

A: ISO-COST: ISO-COST shows different combinations of capital and labor such that each combination…

Q: Which of the following is NOT a feature of iso-product curve? Iso- product curves

A: An iso-product curve is locus of numerous mixtures of elements of manufacturing giving the identical…

Q: 5. The following are some of the costs of a clothing manufacturer State which among them will you…

A: To find : Which will be fixed cost

Q: which of the following statements about the short-run production is true   A. Total product starts…

A: We have to find true statement of short run production function.

Q: In a short-run production process, a diminishing marginal product of labor explains why marginal cos…

A: The marginal product of labor can be defined as the increase in the output resulting from an…

Q: b. How is a long-run average cost curve different from a short-run average cost curve?  How are they…

A: The LRAC curve represents/depicts the AC(average cost) per unit of output(Q). It is also the…

Q: A fixed input is one: Select one: a. that can never produce more or less in any period. b. that only…

A: In a broad sense, there are two types of inputs (factors) used in the production i.e. fixed input…

Q: Average fixed cost, average total cost a -Why does average fixed cost continuously fall as output…

A: Average fixed cost- It is the cost that is per unit of Total fixed cost. AFC=TFCQ Average total…

Q: QUESTION 2 Match each of the following terms and descriptions Explicit Cost A. the opportunity cost…

A: There are two type of cost- implicit cost and explicit cost. Explicit cost includes payment of money…