3. Nancy knits socks and sells them at the farmers market. The table below records the relationship between the number of hours knitting and total pairs of socks produced. She has a fixed cost of $15 and the opportunity cost for her time is $5 per hour. Graph the Nancy's total production and total cost curves below. a. Why isn't the production function linear (a straight line)? b. Why isn't the total cost curve linear? Hours Pairs of Socks 1 5 2 9. 3 12 14 15 4

Q: 2). Discuss the relationship between the law of eventually diminishing marginal returns and the…

A: The law of diminishing marginal returns states that adding an additional factor of production…

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A: (a) Table  Q Total hours Average hours=total hours/Q Marginal hours TVC =8× total hours…

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A: Marginal Opportunity Cost :  Marginal Opportunity Cost may be defined as that amount of a good…

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A: Given table:

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A: Hi Student, thanks for posting the question. As per the guideline, we are providing answer for the…

Q: Explain why using opportunity cost as a measure of the “cost” of something is better than using a…

A: Trade-off:The term trade-off refers to sacrificing one commodity in order to buy the other…

Q: What is marginal cost? Fixed cost?

A: Costs refer to the expenditures which are incurred by the firms in order to purchase various factors…

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A: MPL = Change in Q / Change in L L Q MP 0 0   1 5 5 2 9 4 3 12 3 4 14 2 5 15 1

Q: Diminishing Marginal Returns” is achieved when?

A: The law of diminishing marginal returns states that adding an extra factor of production ends up in…

Q: Why Marginal cost curve is U-shaped?

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

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Q: Economan has been infected by the free enterprise bug. He sets up a firm on extraterrestrial…

A: a. By accountant’s definitions, he will incur loss. Profit = TR-TC TR = 100000 TC = 4000 + 2 x 50000…

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A: Answer and Explanation: A) The MP of every hour spent fishing is provided in the table below. The…

Q: . Why is the Average Total Cost curve U shaped?

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A:

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Q: a. Complete the marginal cost column in the table. Tie-Dyed T-Shirt Production Costs Output…

A: Given,

Q: 2. (Module 55) Use the information in the table below to answer the following questions. Average…

A: a) Total fixed cost = Average fixed cost / output.

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A: The average fixed cost (AFC) decrease only if the production increases.

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A: Total Revenue = $135,000Explicit Costs = Rent on building +Salary to employees + Utilities +…

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A: This depicts a PPF(Production Possibility Frontier). It represents a combination of goods and…

Q: Consider the units of output, TFC, and TVC given in the following table. Units of output Total…

A: Units of output Total fixed cost (TFC) Total variable cost (TVC) Total cost Average fixed…

Q: 4. What is the significance of the point where the marginal cost curve intersects the average total…

A:

Q: The table below shows Crystal’s total cost of producing different quantities of tie-dyed t-shirts…

A: Total cost is the cost of producing a given level of output whereas the marginal cost the cost of…

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A: Given,

Q: The table below shows the cost data of a furniture manufacturer named Cindy’s Custom Made.a)…

A: Hi! thank you for the question but as per the guidelines, we answer only up to three subparts at one…

Q: Discuss about the concept of marginal cost using your own example?

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A: The costs broadly classified into two parts  I) Explicit Costs II) Implicit Costs

Q: * CENGAGE MINDTAP Homework (Ch 07) On the following graph, plot Douglas Fur's average total cost…

A: *ANSWER :-