20) Economic profits a) are equal to total revenue minus fixed costs b) are equal to the direct costs of hiring all factors of production c) are opportunity cost of each input minus interest charges paid on borrowed funds d) are higher than the normal rate of return

Q: If the marginal revenue product of a (variable) factor of production exceeds its per unit cost, then…

A: Basics:- Profit maximizing firm is price taking i.e. there is perfect competition. Marginal revenue…

Q: What are economic costs? Group of answer choices Any contractual obligation that results in a flow…

A: The economic cost is the mix of misfortunes of any merchandise that has a worth joined to them by…

Q: Which of the following statements is false?     a. The long-run average-total-cost curve does not…

A: Total cost

Q: regarded as costs by accountants but not by economists. B. payments that a firm makes to other firms…

A: Economic profit= total revenue- total cost

Q: Briley Cosmetics manufactures and distributes a wide range of skin care products. A recent order has…

A: Given: The quantity orders received of face cream = 10,000 The quantity orders received of body…

Q: caught with different crew sizes. The results of these experiments follow. Number of Daily Tuna…

A: A production function represents the relationship between inputs and outputs. The law of diminishing…

Q: An increase in land rents a. will lead to an increase in the marginal revenue product of all…

A: d) Will bring some previously zero rent land into productive use.

Q: Cobb-Douglas Production Function  1. Estimate the Cobb-Douglas production function Q ¼ αLβ1Kβ2,…

A:

Q: )A production function:                   (a) Shows the cost of producing any level of output.…

A: Economics is a social science that studies human behavior regarding their unlimited wants in terms…

Q: The manager of Don Teeta Company Limited hires labour (L) and rents capital equipment (K) in a very…

A: Given  wage rate of labor (w) = 2 capital rent (r) = 5 Price of Product (P) = 0.75 Total Cost (TC) =…

Q: Economies of ______ occur when a single firm can produce two products for a lower total cost than…

A: Economies of scale occur when a single firm can produce two goods for a lower total cost than two…

Q: Select ALL advantages of individual franchising |Individual franchising allows the franchisor to…

A: Franchisee refers to the process adopted by the entrepreneur for the expansion and growth of the…

Q: (9) The short run is a time period in which: (a) all resources are fixed. (b) the level of output is…

A: As you have not mentioned the exact question as per our policy I am answering first three questions.

Q: A purely competitive firm has a single variable input  < (labor), with the wage rate.  W0 per…

A: Purely competitive firm

Q: Which of the following is likely to be the least important factor for firms in determining…

A: Production is an activity that employs labor, capital, products, and services as inputs to generate…

Q: The change in the optimal capital-labor ration if both inputs are perfect complements in production…

A: If both inputs are perfect complementary good in productions, it means that both inputs are used in…

Q: A print shop wants to expand production.  It currently has 20 employees and 8 copy machines and…

A: Answer: Given, Number of new employees added = 4 Output produced by 4 new employees = 80,000 Number…

Q: Using organization's existing under-utilized resources or capabilities (technologies, distribution…

A: The organization's existing under utilised resources  or capabilities result in the efficient…

Q: 1. Find contingent demand functions and cost functions for the following production functions: i. q…

A: Since you have posted multiple question, but we are bound to solve only first question. Given…

Q: Implicit costs are Multiple Choice ) the same as economic costs. comprised entirely of actual…

A: When computing the cost associated with a specific task or event, an individual looks into two types…

Q: Economic costs of production differ from accounting costs in that Select one:   a. economic costs…

A: There are many associated costs of production in the process of production. These costs can be of…

Q: Question 3 If a firm is able to double output when it doubles input, it has... Group of answer…

A: "Returns to scale refers to the rate at which output produced changes when all inputs in the…

Q: What are some factors of production which are important for any firm to produce goods. These factors…

A: Factors of production are one of the requirements that would lead to the good or service, in the…

Q: The limitations of the production function include all of the following except? The impact of…

A: When talking about production function in a specific industry, it sometimes may not provide the…

Q: Which of the following is wrong? Select one: a. Economies of scale refer to the production of two or…

A: Long run average cost curve is locus of minimum point of the short run average cost curve.

Q: The manager's job in leading the previously mentioned production process is twofold: (1) to…

A: Managers of the firm has a place with the Middle level of the management. Managers generally goes…

Q: he supply curve overtime is more elastic than the supply curve over the short period of time…

A: Supply curve shows the relationship between price and quantity supplies by the producers. Since…

Q: of the following statements about worker productivity and labor costs are true, EXCEPT:     A.…

A: Worker productivity refers to total output  divided by quantity of labor employed. It is also known…

Q: In the short run, a tool manufacturer has a fixed amount of capital with labor as its primary…

A: A production function illustrates the relationship between the inputs used and the output produced…

Q: The inputs that a manager uses to alter production are referred to as: variable factors. long-run…

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

Q: All of these statements about the production function are true EXCEPT a) the curve features 3…

A: a,b and c apply for production function Difference between firm and market specific risk cannot be…

Q: A copy company wants to expand production. It currently has 20 workers who share eight copiers. Two…

A: Marginal product of labor is the change in in output that arises due to employing an additional…

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

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

Q: Which of the following statements is FALSE? Question 6 options: Marginal cost equals average total…

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

Q: Which of the following results when an increase in all inputs results in a more-than-proportionate…

A: Answer - a) Diseconomics of Scale -  It is the opposite of economics of scale . Diseconomics of…

Q: ALBA Corporation supplies lawn mowers for household needs. Producing this tool requires only five…

A: Labor productivity is defined as quantity of output produced divided by number of labor or workers…

Q: If a cost-minimization firm’s marginal product of labor equals 1 ton of output, while the marginal…

A: Given  Marginal Product of labor(MPL)  = 1 ton of output.  Marginal Product of capital l(MPK) = 7…

Q: Managerial accountants: a. are mainly score-keepers b. are internal consultants C. focus on…

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